Ohio Mid-Year Rent Report – June 2019

• The U.S. average rent increased by 3.2% ($45) year over year and reached $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.
• Columbus, OH remains the second most budget-friendly renter mega-hub in the U.S., reaching $940 per month in June.
• Dayton saw the highest annual rent increase out of the state’s largest cities.
• Cleveland apartments are the most expensive among Ohio’s largest cities, while apartments in Toledo have the cheapest rents. 

Mid-year the national average rent sees a spike as peak rental season is in full effect

In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month — the highest monthly jump since May 2018.  Compared to last June, renters pay $45 more on average according to the latest rent survey from Yardi Matrix.

Since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months. Rent increases during the first half of the year are typically more accelerated, whereas during the second half of the year they’re expected to slow down, a typical pattern confirmed by rent evolution in the past years.

Renting in Ohio’s largest cities in June 2019

The average rent in Ohio is generally lower than the national average rent. Among the state’s largest cities, apartments in Cleveland are the most expensive for renters, with an average rent of $1,093 per month, followed by apartments in Cincinnati and Columbus, where the average rent reached $995 and $940, respectively. On the flipside, the most affordable large cities for renters in Ohio are Toledo ($721 per month) and Dayton ($772 per month).

Dayton apartment prices are picking up speed, experiencing a 4.6% y-o-y spike, the highest rent increase over the year out of Ohio’s largest cities. Renters here pay $34 more per month than they did in June 2018. Cincinnati apartments saw the second-highest annual increase in the state, up by 4.3% ($41), followed closely by Cleveland with a 3.9% y-o-y increase ($41).

The slowest rising rents were in Akron where prices grew by a modest 0.8% y-o-y ($7).

The fastest and highest rent increases in smaller Ohio cities

Following the national trend, the most significant year-over-year changes in June 2019 were experienced in some of Ohio’s smaller cities. Beachwood apartments are the most expensive in the entire state ($1,763/month), followed by apartments in Oxford ($1,587) and New Albany ($1,263). The most affordable among mid-size and small cities in Ohio are Lorain ($621), Warren ($636), and Trotwood ($639).

In terms of annual rent increases, Oregon boasts the sharpest rent growth with 16.2% ($90). Next up are Streetsboro, with a spike in average rents of 15.4% ($150), and Centerville, up by 13.8% ($108).

Mid-year rent changes in Ohio

Since the beginning of the year, there has been an increase in average rent in almost all of the cities in Ohio. The highest increase in rent can be seen in Centerville, where average rent went up by 15.3%, or $118. Following closely behind is Oregon, with a 15% increase in the first semester, which translates into a value amount of $84. Rents decreased most in the first half of the year in Worthington and Mason, down by 3.1% ($26) and 2.1% ($26), respectively.

To compare the rental market in Ohio with other cities in the U.S., you can also check our 2019 Mid-Year National Rent Report.

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