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Market Report

Cincinnati Multifamily Investment Forecast

2020 Outlook

Entertainment Drives Renters Downtown; Lack of Listings Holding Back Transactions

 

Thriving apartment demand in city’s cultural hub. Households are expected to rise by 7,700 this year, building on 2019’s similar gain. This trend is creating strong leasing momentum in downtown Cincinnati, as the area’s amenities appeal to renters. Arts events at Music Hall, cultural programs at Washington Park, and new trendy restaurants aid in the livability of downtown, as residents can efficiently access these retail and entertainment venues. Just south, in northern Kentucky, Newport on the Levy will be getting millions of dollars in renovation this year to its 360,000-square-foot mixed-use entertainment district. An upgrade to this area will also appeal to renters seeking living accommodations in Cincinnati’s metro core. In 2020, apartment demand overall continues to grow, supporting the need for the 2,000-unit construction pipeline in Cincinnati this year. The influx of inventory will tick up vacancy though the rate will remain tight in the mid-3 percent area, allowing the average effective rent to rise to a new high.

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