Market Report
Cincinnati Multifamily Market Report
1Q 2026
Evolving Submarket Conditions Sustain
Class-Cut Bifurcation as Value-Add Opportunities Emerge
Short-term divergence amid slower hiring. Net absorption exceeded deliveries in Cincinnati over the past two years, yet Class A concession usage held relatively steady in 2025, compared to drops in the lower tiers. Vacancy also tightened across all segments, falling below the prior 10-year average in each sector. Leasing momentum at Class A properties, however, may slow in the near term, particularly in submarkets that are expected to see the bulk of new supply, such as Northeast Cincinnati-Warren County and Southeast Cincinnati. Softer labor conditions, especially in traditional office-using sectors, may also temper Class A demand before a sharp drop in the development pipeline beginning in the fourth quarter of 2026 helps rebalance the upper end of the market. Concurrently, another year of pronounced rent growth across mid- and low-tier properties is likely, supported by sub-4 percent vacancy.
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