CINCINNATI — Cincinnati is now the fourth highest metropolitan area with rising rent rates in the U.S., per a rental report from Redfin.
Ranked below Austin, Nashville and Seattle, the Queen City took the fourth spot for May with a 32% rent increase over a year period. While Seattle and Nashville also saw a 32% increase, Austin saw a staggering 48% increase.
Similarly, the median monthly asking rent for the U.S. increased as well — surpassing $2,000. In May 2021, the median monthly asking rent for the U.S. was $1,738.
In Cincinnati specifically, the median asking rent is $1,713, which makes Cincinnati the most expensive metropolitan area in Ohio. Columbus' median price is $1,627 and Cleveland sits at $1,477.
“More people are opting to live alone, and rising mortgage-interest rates are forcing would-be homebuyers to keep renting,” said Redfin deputy chief economist Taylor Marr. “These are among the demand-side pressures keeping rents sky-high. While renting has become more expensive, it is now more attractive than buying for many Americans this year as mortgage payments have surpassed rents on many homes. Although we expect rent-price growth to continue to slow in the coming months, it will likely remain high, causing ongoing affordability issues for renters.”
While Cincinnati's rent increased, according to Redfin, three U.S. cities did see decreases: Milwaukee, Kansas City and Minneapolis all saw downturns in their rent. Those cities also saw decreases in the prior month.
Rent rose nearly $300 in a month for some Cincinnatians
Tenants stunned by apartment rent hikes as high as 30%