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.
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