MARKET SNAPSHOT

Cincinnati q3 2025

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AVERAGE RENT

$1,321 Q3 2025

OCCUPANCY RATE

94.0% Q3 2025

NET ABSORPTION

1,963 YTD Q3 2025

ANNUAL RENT CHANGE

1.8% Q3 2025

ANNUAL OCCUPANCY CHANGE

-30 BPS Q3 2025

COMPLETIONS

2,375 YTD Q3 2025

KEY TAKEAWAYS

Q3 net absorption of 453 units tracked close to typical seasonal levels, while the 12-month total of 2,331 units sits above the 10-year average. Stabilized occupancy held around 94.0%, down 0.3% year over year due to elevated deliveries, with fundamentals expected to firm as lease-ups progress and concessions normalize.

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Developers delivered 591 units in Q3 and 3,210 over the past year. About 4,600 units are under construction, with the pipeline receding from late 2024 highs.

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Rents rose 1.8% year over year to $1,321, outperforming the U.S. while remaining more affordable than national levels.

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MARKET OUTLOOK

Cincinnati’s multifamily fundamentals are set to remain stable into 2026. Demand has normalized near long-run patterns, and deliveries are expected to step down from 2025...