MARKET SNAPSHOT

Cincinnati q2 2026

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AVERAGE RENT

$1,348 Q2 2026

OCCUPANCY RATE

92.7% Q2 2026

NET ABSORPTION

1,324 T4Q

ANNUAL RENT CHANGE

1.2% Q2 2026

ANNUAL OCCUPANCY CHANGE

-115 BPS

COMPLETIONS

4,078 T4Q

KEY TAKEAWAYS

Demand accelerated meaningfully in Q2, marking the strongest quarterly performance in over a year, though trailing absorption still trails deliveries by a wide margin. Cincinnati's diverse economy has helped sustain demand even as the metro works through an elevated delivery cycle.

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The construction pipeline has contracted sharply, with the pullback driven more by completions burning through backlog than a sharp reduction in new groundbreakings, signaling a more manageable supply outlook as the pipeline continues to thin through 2027.

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Rents returned to positive annual growth, a mid-pack result within a broadly healthy Midwest region, while occupancy similarly sits in the middle of its peer group despite a modest annual decline, underscoring that Cincinnati's fundamentals remain comparable to markets absorbing similar supply.

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MARKET OUTLOOK

Cincinnati's multifamily market is positioned at an early-cycle transition. The construction pipeline has contracted 32% over four quarters, and as remaining projects deliver through late 2026 and into 2027, supply-side pressure should ease materially...