Ohio Rent Report – May 2019

• The U.S. average rent increased by 2.5% ($35) year over year and reached $1,442 in May 2019, up by 0.3% ($5) month over month, according to Yardi Matrix data.
• The average rent in Columbus, OH hits $925 per month, a 2.5% year-over-year increase, on par with the national rent increase.
• Among Ohio’s largest cities, Cleveland apartments are the most expensive, reaching an average of $1,085, $37 more than last year.

Apartment rents increase by 2.5% as the prime rental season kicks off

Average rent prices went up by 2.5% year-over-year in May and reached a $1,442 monthly average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we’ve seen in 18 months.

Residential rents are rising steadily across cities, with the third month in a row sprouting a 0.3% month-over-month jump. Compared to last May, renters pay $35 more on average, according to the latest Yardi Matrix data on apartment market trends

Renting in Ohio’s largest cities in May 2019

The average rent in Ohio’s cities is generally lower than the national average rent. Among the state’s largest cities, Cleveland apartments are the most expensive for renters, with an average rent of $1,085 per month, followed by apartments in Cincinnati, where the average rent reached $983 this May, still below the $1,000 mark. At $925 per month, Columbus boasts the third most expensive prices among the state’s largest cities.

On the flipside, the most affordable large cities for renters in Ohio are Toledo ($715 per month) and Dayton ($772 per month).

However, Dayton is picking up speed, experiencing a 4.5% y-o-y spike in apartment prices, the highest rent increase over the year. Renters here pay $33 more per month than they did in May 2018. Cleveland apartments saw the second highest annual increase in the state, 3.5%, which is $37 more expensive than last year. In Cincinnati, rents grew by 3.1% y-o-y, while in Columbus they saw a moderate 2.5% increase.

The slowest rising rents were in Akron, where prices grew by 1.5% y-o-y, and in Toledo, where rents increased by 2.1% y-o-y.

If we look at 5-year changes, Cleveland and Columbus saw the sharpest rent increases. In Cleveland, rents rose by 18.32%, which translates into renters paying $168 more each month on average. Columbus renters pay $141 more now than 5 years ago (17.98% rent growth).

The fastest and highest rent increases in smaller Ohio cities

Following the national trend, the most significant year-over-year changes in May 2019 were experienced in some of Ohio’s smaller cities. Beachwood apartments are the most expensive in the entire state of Ohio ($1,759/month), followed by apartments in Oxford and Powell, boasting an average rent of $1,604 per month and $1,325 per month, respectively.

The most affordable cities are Oregon ($577 per month), Trotwood ($631), and Niles ($663).

In terms of annual rent increases, Powell boasts the sharpest two-digit rent growth of 12.8%, with renters having to pay $150 more each month than in 2018. Next up are Centerville (12% y-o-y rent increase) and Springboro (11.6% y-o-y growth).

To compare the rental market in Ohio with other cities in the U.S., you can also check our national rent report.

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