In the third quarter of 2023, Cincinnati’s annual change in average rent stood at an elevated 4.5%, a rate that is significantly above the pre-COVID historical norm of roughly 2% annual growth, ranking it second highest among the nation’s 50 largest markets, just behind Newark, NJ. Diverging performance among asset classes was evident, as Class B and Class C units substantially outperformed their long-term averages with annual growth rates of 5.8% and 6.5%, respectively. In contrast, Class A units underperformed, with a 1.6% growth rate compared to a long-term average of 2.9%. Among the city’s nine submarkets, four exceeded a 5% annual rent growth, led by North Cincinnati at 7.1%, while Central Cincinnati trailed with the weakest annual growth at 1.9%. This highlights both Cincinnati’s robust overall rent growth and areas that warrant closer attention.