CINCINNATI — Rent is rising in Cincinnati at a faster rate than any other city in the country, according to one real estate company.
Zillow reported that the Queen City saw the highest year-over-year rent growth in the U.S. with a 7.9% rent increase as of May 2023. Boston, Providence, Kansas City and nearby Louisville rounded out the top five.
Something just about all of the top cities have in common is their location. Zillow reported that annual rent growth remains the fastest in both the Midwest and Northeast. San Diego is the only city outside of those regions in the top 10 with 6.2% year-over-year rent growth.
While rent nationwide is up about 4.8% from one year ago, Zillow said the year-to-date rent growth is below the average growth the U.S. saw pre-pandemic.
Similarly, Columbus is listed as one of the five cities with the highest monthly rent growths as rent rose 1.2% this month vs. last month — the same amount as San Diego, New York City and Chicago. While the two cities are seeing higher rent increases, they don't touch the most expensive major markets in terms of price. The most expensive market is San Jose, where average monthly rent is typically $3,355, closely followed by New York, San Francisco, San Diego and Boston.
Looking for places with weak year-over-year rent growth? Head west. Rent is down 1.4% in Las Vegas, according to Zillow. Phoenix and Austin also have less than a 1% increase.
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