How Does the Rental Market in Cincinnati Look?

How Does the Rental Market in Cincinnati Look?

 

It depends on who you ask! A recent survey conducted by HomeUnion, a real estate investment and management firm, named Cincinnati as the second most expensive rental market in the country. Only Oakland ranked higher. But a report from personal finance tech company SmartAsset named the Queen City the most affordable rental market out of 100 major US cities. Which is right? Let’s find out!

 

How did the Cincinnati rental market come out as a frontrunner on lists of both the most expensive and most affordable rental markets in the country? The answer is in the type of data that was analyzed by HomeUnion and SmartAsset.

 

HomeUnion looked at average rental rates to income ratios and single-family rentals. With an average rent of $15,768 per year and average income of $32,100, that’s a 49.1% ratio. Pretty pricey to say the least!

 

But SmartAsset examined studio and one-bedroom units: Cincinnati’s median monthly rent for these dwellings is about $574.50. According to their analysis, the average full time worker made $42,271 (HomeUnion’s numbers looked at full and part time folks), for a rent to income ratio of just 16.31% for renters who live alone.

 

Now, what does this mean for real estate investors? It depends. There is opportunity on both sides of the equation. If you want to build a portfolio with properties that attract high-income tenants, the Queen City is a great location. If, on the other hand, you want to market to individuals looking for a studio or one-bedroom, and would like a stable, steady supply of prospects, Cincinnati delivers that as well.

 

Take a look at your investment strategy: we can help you determine if Cincinnati rental market is the place for you. If so, we’ll assist you in locating and securing turnkey properties that will enable you to reach your goals.

 

Sources:

https://www.bizjournals.com/cincinnati/news/2018/01/31/cincinnati-rental-market-ranks-among-nation-s-most.html

https://www.bizjournals.com/cincinnati/news/2018/06/07/cincinnati-named-most-affordable-rental-market.html

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