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The Rent Is Too High In Cincinnati. Or Is It?

Apartment For Rent

Rents are rising in the Cincinnati metro area faster than in other major metros in the Midwest, according to a recent report by real estate analytics firm RealPage Inc. High demand among renters is one reason — so is a wave of new upscale apartments with prices to match, the Cincinnati Enquirer reports.

Rents for new resident leases climbed 5.4% during the 12 months ending in July in greater Cincinnati, outpacing increases of 5% in the Minneapolis-St. Paul metro area, and 4.7% in the Detroit metro, RealPage reported. 

Unlike some larger markets, development in Cincinnati has not been brisk enough to keep up with demand, though some market-rate developments have come online recently. 

Greater Cincinnati is still considered a bargain compared to many other markets. Monthly rents averaged $935 in August in Cincinnati, about 30% below the national average, according to Rent Cafe, a nationwide apartment search website.

Related Topics: rising rent, renters, Realpage, Rent Cafe