Cincinnati Multifamily Market Report

Metro sustaining strong footing through 2025. Renter demand continued to improve across most of the market in the first quarter, with vacancy falling by over 100 basis points year over year in seven of nine submarkets. Northeast and Southeast Cincinnati, in particular, registered the largest compressions, placing vacancy at 3.0 percent. These metro-low levels reflect demand across classes and correlate with local median household income levels that are above other areas of the market. Even in Northeast Cincinnati, where new supply is more prevalent, vacancy remained tight as projects were still fairly dispersed. While lower paces of job and population growth will temper metrowide net absorption in the coming quarters, the number of occupied rentals is still expected to climb this year.