Summary
- • Average rent for a 1-bedroom apartment in Cincinnati is $1,095
- • Average rent for a 2-bedroom apartment in Cincinnati is $1,345
- • Average rent for a studio apartment in Cincinnati is $945
- • Average rent for a 3-bedroom apartment in Cincinnati is $1,595
- • Average rent for a 4-bedroom apartment in Cincinnati is $1,895
- • The average apartment size in Cincinnati is 850 sq.ft.
- • 56% of households in Cincinnati are renter-occupied
- • The average rent in Cincinnati increased by 5% in 2022
- • Cincinnati's average rent is 37% lower than the national average
- • The median rent in Cincinnati is $915
- • 44% of apartments in Cincinnati rent for between $701-$1,000 per month
- • Only 4% of apartments in Cincinnati rent for more than $2,000 per month
- • The average rent in Downtown Cincinnati is $1,464
- • The average rent in Over-the-Rhine is $1,385
- • The average rent in Clifton is $1,195
Buckle up, Cincinnati renters, because were about to break down the numbers behind the citys rental scene faster than you can say Skyline Chili. With an average rent in Cincinnati thats as varied as the citys chili recipes, from the spicy studios at $945 to the extra-large 4-bedroom apartments at $1,895, its clear that Cincys real estate market is serving up a mixed bag. So, whether youre crunching the stats on an 850 sq.ft. 2-bedroom in Over-the-Rhine or eyeing a budget-friendly 1-bedroom in Northside, weve got the scoop on what it takes to pay the rent in the Queen City!
Affordability
- 33% of Cincinnati renters spend more than 30% of their income on rent
- Cincinnati's rent affordability index is 0.19
- Cincinnati's rent affordability ratio (rent to income) is 0.21
- 28% of Cincinnati renters spend more than 50% of their income on rent
- 41% of Cincinnati renters are cost-burdened (spending over 30% of income on rent)
Interpretation
Cincinnati renters are caught in a precarious tango with their wallets as they pirouette through the city's rental landscape. With a quarter of them performing financial acrobatics by spending over half their income on rent and a significant portion tightening their belts to afford a roof over their heads, the rent affordability numbers paint a somber picture of the city's rental market. Their wallets may be doing a balancing act, but it seems the scales are tipping heavily in favor of landlords, leaving many Cincinnatians one unexpected bill away from hitting a financial flat note.
Apartment Characteristics
- The average apartment size in Cincinnati is 850 sq.ft.
- The average rent for a luxury apartment in Cincinnati is $1,750
- The average rent for pet-friendly apartments in Cincinnati is $1,225
- The average rent for apartments with utilities included is $1,375 in Cincinnati
- The average rent for furnished apartments in Cincinnati is $1,495
- The average rent for apartments with in-unit laundry in Cincinnati is $1,275
- The average rent for apartments with a fitness center in Cincinnati is $1,350
- The average rent for apartments with a pool in Cincinnati is $1,395
- The average rent for apartments with covered parking in Cincinnati is $1,295
- The average rent for apartments with hardwood floors in Cincinnati is $1,225
- The average rent for apartments with a balcony in Cincinnati is $1,275
- The average rent for apartments with stainless steel appliances in Cincinnati is $1,395
- The average rent for apartments with central air conditioning in Cincinnati is $1,250
Interpretation
In Cincinnati, it seems like every feature in an apartment comes with its own price tag. Want luxury? That'll be $1,750. Need a pet-friendly pad? That'll be $1,225. Looking for a place with utilities included? Fork over $1,375. It's a veritable real estate menu, where hardwood floors and stainless steel appliances are the pricey specials, while central air conditioning is the sensible side dish. So, whether you're doing laps in the pool or sweating it out in the fitness center, just remember, in this rental market, every amenity has a cost—may your budget be ever in your favor.
Apartment Sizes
- Average rent for a 1-bedroom apartment in Cincinnati is $1,095
- Average rent for a 2-bedroom apartment in Cincinnati is $1,345
- Average rent for a studio apartment in Cincinnati is $945
- Average rent for a 3-bedroom apartment in Cincinnati is $1,595
- Average rent for a 4-bedroom apartment in Cincinnati is $1,895
Interpretation
The average rent prices in Cincinnati reveal a city that caters to every size of household, from cozy studios to sprawling 4-bedroom homes. It seems that in Cincinnati, whether you’re a lone wolf looking for a studio escape or a family of five in need of extra space, there's a place for everyone – as long as your wallet can handle the swanky address. It appears the Queen City is open for residents of all sizes, as long as they come prepared with a hefty rent check.
Comparative Statistics
- Cincinnati's average rent is 37% lower than the national average
- Cincinnati's rent is 25% lower than the Ohio state average
- Cincinnati's rent is 45% lower than nearby Columbus
- Cincinnati's rent is 18% higher than the average for Ohio
- Cincinnati's rent is 52% lower than San Francisco's
- Cincinnati's rent is 30% lower than the average for major U.S. cities
- Cincinnati's rent is 15% lower than the average for Midwest cities
- Cincinnati's rent is 40% lower than Chicago's
- Cincinnati's rent is 22% lower than the national median
- Cincinnati's rent is 35% lower than New York City's
Interpretation
Cincinnati's rent statistics are like a rollercoaster ride through the ups and downs of the housing market. With prices that are lower than a hotdog at a baseball game compared to the national average, Cincinnati seems to be the savvy shopper's dream. But hey, watch out Chicago, because the Queen City isn't messing around with a 40% rent discount either. So whether you're counting pennies or just want to escape the sky-high rent of places like San Francisco and New York City, Cincinnati might just be the place to hang your hat.
Neighborhood Variations
- The average rent in Downtown Cincinnati is $1,464
- The average rent in Over-the-Rhine is $1,385
- The average rent in Clifton is $1,195
- The average rent in Hyde Park is $1,275
- The average rent in Oakley is $1,185
- The average rent in Cincinnati's suburbs is $1,050
- The average rent in Northside, Cincinnati is $995
- The average rent in Mount Adams, Cincinnati is $1,525
- The average rent in Walnut Hills, Cincinnati is $1,075
- The average rent in East Walnut Hills, Cincinnati is $1,195
- The average rent in Pleasant Ridge, Cincinnati is $985
- The average rent in Westwood, Cincinnati is $875
- The average rent in College Hill, Cincinnati is $925
Interpretation
In the quirky real estate dance of Cincinnati, neighborhoods flaunt their rent prices like fashion designers showcasing their latest collections. Downtown struts in at $1,464, exuding sophistication, while Over-the-Rhine confidently flaunts $1,385, embodying an artistic edge. Clifton and Hyde Park shimmer in their own unique ways at $1,195 and $1,275, appealing to the trendy and the traditional. Meanwhile, the suburbs play it safe at $1,050, a classic choice for those seeking a quieter scene. Northside and Mount Adams bring their bohemian flair at $995 and $1,525, respectively, while Walnut Hills and East Walnut Hills strike a balance at $1,075 and $1,195. Pleasant Ridge, Westwood, College Hill - the underdogs of the Cincinnati rent runway - make their mark with charm and affordability at $985, $875, and $925. The rent prices may vary, but each neighborhood in this eclectic city has a personality all its own.
Rent Distribution
- 44% of apartments in Cincinnati rent for between $701-$1,000 per month
- Only 4% of apartments in Cincinnati rent for more than $2,000 per month
- 62% of Cincinnati apartments are priced between $701-$1,500 per month
- 22% of Cincinnati apartments are priced under $700 per month
Interpretation
The statistics on average rent in Cincinnati paint a colorful picture of the city's housing landscape. With 44% of apartments falling within the $701-$1,000 range, it seems Cincinnati is a place where mid-range budgets can thrive. However, the mere 4% of apartments commanding more than $2,000 per month might suggest a rarefied air of luxury in the Queen City. With the majority of apartments (62%) priced between $701-$1,500, it appears Cincinnati strikes a delicate balance between affordability and premium living. And for those on a tighter budget, the 22% of apartments priced under $700 offer a glimmer of hope in a sea of rising rents.
Rent Trends
- The average rent in Cincinnati increased by 5% in 2022
- Cincinnati's rent increased by 16% from 2017 to 2022
- The average annual rental increase in Cincinnati over the past 5 years is 3.8%
- Cincinnati's rent increased by 1.2% from January 2022 to January 2023
- Cincinnati's rent increased by 0.8% month-over-month in March 2023
- Cincinnati's year-over-year rent growth was 3.5% in 2022
- Cincinnati's rent increased by 2.1% in the first quarter of 2023
- Cincinnati's rent increased by 4.2% in 2021
- Cincinnati's rent increased by 0.5% month-over-month in April 2023
Interpretation
Cincinnati's rental market seems to be experiencing more ups and downs than a roller coaster at this point. With rent increases jumping around like a game of musical chairs, tenants are left wondering when the music will stop and they'll end up paying the highest price to sit down. From a 5% increase in 2022 to a 0.8% bump month-over-month in March 2023, it's clear that finding stable ground in the Queen City's rental scene might require balancing skills worthy of a circus performer.
Rental Market
- 56% of households in Cincinnati are renter-occupied
- The median rent in Cincinnati is $915
- The average rent in Cincinnati for all apartment types is $1,151
- The vacancy rate for rentals in Cincinnati is 7.2%
- 18% of Cincinnati apartments offer move-in specials
- The average security deposit for Cincinnati rentals is $950
Interpretation
In a city where renting is as popular as chili on spaghetti, Cincinnati's housing market serves up a spicy mix of statistics. With over half of households choosing to rent, it seems Cincinnatians are embracing the nomadic lifestyle with gusto. While the median rent may seem like a relative steal at $915, the average rent of $1,151 suggests that some renters are adding a few extra toppings to their housing options. Despite a vacancy rate of 7.2%, landlords are sweetening the deal with move-in specials offered by nearly a fifth of apartments, making it easier for newcomers to slide right into the Queen City scene. And with an average security deposit of $950, it seems Cincinnati landlords are putting a bit of extra ketchup on their financial security. So whether you're looking to dip your toes or dive headfirst into Cincinnati's rental market, just make sure to hold onto your wallet – and maybe leave the chili out of the lease agreement.