CINCINNATI — Year-to-year asking prices for rent skyrocketed in Cincinnati by 28.4% in January, one of the largest increases in the country, according to a report by RedFin.com, which said asking prices jumped 15% across the country overall.
Cincinnati's increase was the 13th highest in the country and larger than several more populated metro markets like Phoenix, Dallas, Las Vegas, Boston, Philadelphia and San Francisco. It was the highest in the Midwest and Ohio by a large margin.
Despite the massive increase year-to-year, Cincinnati's average rent price of $1,520 was still lower than the national average of $1,891.
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"Moving right now is expensive - whether you're renting or buying," RedFin economist Daryl Fairweather said in the report. "Rising mortgage rates are squeezing more Americans out of the for-sale market, which will likely put increasing pressure on rents in the coming months."
The highest rent increase in the country was in Portland at 39%. The lowest was Milwaukee, which dropped 3.6% and was one of only two markets in the U.S. to see a decrease along with Kansas City, Mo.