Cincinnati Apartment Market Report
Cincinnati—2013 was a good year for the Cincinnati apartment market , as the city experienced an increase in demand thanks to improving employment , income growth and a swelling millennial population . According to Marcus & Millichap, 600 apartments were delivered last year, vacancies dropped to 4.5 percent—the lowest year-end level in years—and average rents were fast approaching $800 per month. And the commercial real estate brokerage firm expects Cincinnati ’s apartment market to perform the same this year. Forbes recently reported that Cincinnati is the third most affordable city in the United States. Although the median price for a new home in the area was set at around $133,000, the rental market was still the top performer last year. And apartment rents are expected to continue to increase in 2014, for the fifth consecutive year. All of this is thanks to the growing population of young professionals. Cincinnati’s 20- to 34-year-old population, with its live-work-play lifes...