Ohio Rent Report – April 2019

• The national average rent reached $1,436 in April 2019, up by 3% ($42) year over year, and by 0.3% ($5) month over month, according to Yardi Matrix data.
• The average rent in Columbus, OH is $924 per month, a 3.6% year-over-year increase.
• Out of Ohio’s largest cities, Cleveland rent is the most expensive, reaching an average of $1,081, $42 more than last year.

Rents see a 3% annual increase in April, the lowest annual increase in 11 months

Nationally, average rent prices rose by 3% year-over-year, according to the latest Yardi Matrix data on apartment market trends. Rents averaged $1,436 this April — the second month in a row to witness a 0.3% m-o-m growth. Compared to last April, renters pay $42 more on average per month following relatively flat m-o-m rent increases during the off-season.

Renting in Ohio’s largest cities in April 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 state’s most expensive for renters, with an average rent of $1,081 per month, followed by apartments in Cincinnati, where the average monthly rent is $975, still below the $1,000 mark. At $924 per month, Columbus boasts the third most expensive average rent among the state’s largest cities.

On the flipside, the cheapest cities to rent an apartment in are Toledo ($714 per month) and Dayton ($765 per month). However, Dayton is picking up speed as the city experienced the fastest growing rents, with apartment prices increasing by 4.7% y-o-y. Renters here pay $34 more per month than they did in April 2018. Cleveland apartments saw the second highest annual increase in the state, jumping by 4% (and 18.3% over the last 5 years), which is $42 more expensive than the same month last year.

The slowest rising rents were in Akron, where prices grew by only 2.1%, and in Toledo, where rents rose by 2.3% y-o-y.

The fastest and highest rent increases in smaller Ohio cities

Following the national trend, the most significant year-over-year changes in April 2019 were experienced in some of Ohio’s smaller cities. In terms of annual rent increases, Centerville, OH boasts the sharpest two-digit rent growth of 12.5% and an increase of 24.2% over the past 5 years. This means renters have to pay $96 more than 12 months ago. Next up are New Albany (8.6% y-o-y rent growth) and Brunswick (7.9% y-o-y rent increase). Brunswick also boasts the most spectacular 5-year change in average rents, as renters here pay 30.3% more (or $216 more each month) than in 2015.

Beachwood apartments are the most expensive in the entire state of Ohio ($1,738), $21 less than a year ago, followed by New Albany and Mason rentals, which boast average rents of $1,282 per month and $1,245 per month, respectively.

The most affordable cities are Springfield ($675 per month), Euclid ($685), and Elyria ($685).

Methodology

RentCafe is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

To prepare the state rent report, we analyzed only cities with a rental stock of at least 2,000 apartments in 50+ unit buildings. To compile the national rent report, RentCafe’s research team analyzed rent data across the 253 largest cities in the U.S., in large-scale apartment buildings with 50 or more units.

Rent data was provided by Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in the Yardi Matrix rental surveys and are not reported in rental rate averages.