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Market Report

Ohio Multifamily Market Report

Second Quarter, 2019

Tight Vacancy in Lowest Tier Across the State Indicates Housing Shortage

Ohio apartment markets among the most consistent in the nation. Nearly all supply and demand fundamentals are tempered, creating predictable market performance. Measured supply growth results in strong rent gains in both Cincinnati and Columbus, while gains in Cleveland are trending closer to the inflationary rate. These trends should continue over the next several quarters as vacancy in all three markets remains below the 5 percent threshold. Upside potential exists in the Class C sector, where a housing shortage persists across all three markets. Vacancy is consistently lowest in the segment, while rent hikes are below market averages. In the Cincinnati and Columbus markets, where population continues to grow near or above the national average, the upward pressure on rents will remain greatest.

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