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Market Report

Cincinnati Multifamily Market Report

3Q 2023

The Impact of Record-High Construction Will Be
Mitigated by a Tight Local Housing Market

In-migration and home inventory backstop apartment demand. Since 2020, the estimated for-sale Cincinnati housing stock has not surpassed 3,000 active listings in any given month. Limited home inventory, paired with a high mortgage rate, has encouraged many metro residents to stay in the renter pool and to wait for a more opportune time to purchase a home. For-sale inventory is likely to remain limited — at least near term — while at the same time Cincinnati expects to add over 7,000 new residents through in-migration for the second consecutive year during 2023. The metro’s ongoing population growth will supplement multifamily demand long term. 
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