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Market Report

Cincinnati Multifamily Market

3Q 2023

The Impact of Record-High Construction Will Be
Mitigated by a Tight Local Housing Market

In-migration and home inventory backstop apartment demand. Since 2020, the estimated for-sale Cincinnati single-family housing stock has not surpassed 3,000 active listings in any given month. Limited home inventory, paired with high mortgage rates, has encouraged many metro residents to stay in the renter pool, and to wait for a more opportune time to purchase a home. For-sale inventory is likely to remain limited — at least near term — while at the same time, Cincinnati expects to add over 7,000 new residents through in-migration for the second consecutive year during 2023. The metro’s ongoing population growth will supplement multifamily demand long term. 

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