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Market Report

Cincinnati Multifamily Market Report

2Q 2023

Supply Wave Places Pressure on Vacancy, but
Cincinnati Maintains Regionally Low Availability

Vacancy rises to a more historically consistent rate. At the end of March 2023, Cincinnati had the second-lowest vacancy rate among major Midwest markets. This ranking corresponded with the metro recording the region’s fastest pace of rent growth over the past 12 months. Despite conditions being regionally tight, unit availability is still higher than 12 months ago as recessionary fears, along with the rising cost of renting, have encouraged many individuals to split costs with roommates. These factors lifted vacancy to levels typically observed before the pandemic. However, in the first quarter of 2023, some areas still logged sub-3 percent vacancy. This list included West Cincinnati, the metro’s largest submarket by inventory, and Southeast Cincinnati, a locale of locally discounted rent. 
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