CINCINNATI — The median cost of new properties for rent in Cincinnati grew more than any other major metro in the United States in May, according to a study by real estate company Redfin.
Redfin says the median asking price of rent in the Cincinnati metro area (which includes the entirety of the Tri-State) grew 7.4% in May compared to the same time period last year. That median price was $1,460, according to Redfin.
That increase was larger than any of the 44 major metropolitan areas that Redfin examined.
Rent in Cincinnati costs more than its peer cities of the region in Cleveland ($1,283), Columbus ($1,427), Indianapolis ($1,399) and Louisvile ($1,268), according to Redfin's data. Pittsburgh slightly eclipses Cincinnati's rent with $1,495, but only had a 3.5% increase year over year. Tampa (4.2%) and St. Louis (4%) were also among the markets with the highest increase in median rent prices.
Cincinnati's increase was despite a nationwide trend of media rent prices dropping 1% year over year.
On the flipside of this study, Austin, Texas shrank the most, with an 8.8% decrease in rent cost to a median price of $1,385.
Redfin says that asking rent prices may go up nationwide as multifamily construction projects slow after reaching record highs in the wake of the pandemic.
This study was calculated using newly listed units in apartment buildings with five or more units, Redfin said.
