According to a study from Redfin, a real-estate brokerage company, Cincinnati asking rents have undergone the highest jump in the nation.
Rent rose 39% year over year in the Queen City, the largest jump in rent among the 50 most populous U.S. cities, according to Redfin.
That puts Cincinnati at the top of the list of cities with the fastest rising rents year over year. Second-highest was Seattle, which experienced a 33% rise, and third highest was New York, which saw a 27% rise.
According to the company, the median asking rent in Cincinnati is now $1,815. Median gross rent in Cincinnati at the time of the 2020 census was $760.
Asking rents nationwide rose 14% from 2021, but Redfin reports that rises have tapered off through May and June this year. Average monthly rent nationwide sits at around $2,016.
A similar rental report from Redfin issued in June showed Cincinnati as the fourth-highest city with rising rent rates in the U.S. In that list, Cincinnati ranked below Austin, Nashville and Seattle. The July report shows Cincinnati surpassing all three in just one month.
In June, Redfin reported that, as of May, Cincinnati had a 32% rent increase over a one-year period. Seattle and Nashville both saw a 32% increase and Austin was up to 48%.In January, Cincinnati's rent was at a 28.4% increase — in that report, Cincinnati didn't make the top 10 list at all.
The top 10 list is currently as follows, according to Redfin:
- Cincinnati, OH (39%)
- Seattle, WA (33%)
- Austin, TX (32%)
- Nashville, TN (31%)
- New York, NY (27%)
- Nassau County, NY (27%)
- New Brunswick, NJ (27%)
- Newark, NJ (27%)
- Portland, OR (24%)
- San Antonio, TX (23%)
The soaring rent rates in Cincinnati have had a significant impact on families across the region, particularly for families who settled in the city when rents were among the most affordable in the country.
In March, a report compiled by commercial real estate group CBRE showed the average rent for a market-rate apartment in Cincinnati increased 17% from 2020 to 2021.