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Market Report

Cincinnati Multifamily Market Report

2025 Investment Forecast

Growing Suburbs and New CBD
Development Boost Cincinnati’s Rental Appeal

Suburban rent growth uplifts market; Covington project a mixed blessing. In 2024, Cincinnati rose into the top 10 markets for year-over-year rent growth, one of the few Midwest metros to achieve this ranking. These gains were mainly driven by rising rents in the suburbs. Deliveries in areas such as Southeast Cincinnati and Butler County are expected to rise in 2025, leading rent increases to align closer with pre-pandemic norms over the short-term. New supply will also impact Cincinnati’s CBD, with the Covington Central Riverfront project being one of the hardest hitters. The redevelopment of the former IRS site into a mixed-use development — including offices, housing and educational institutions — is set to add over 250 residential units to the market, roughly 2 percent of the CBD’s total stock. This project’s near-term construction phase is unlikely to substantially affect local fundamentals in 2025, however. It may also stimulate demand long-term as it contributes to urban revitalization.
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