Ohio Rent Report – February 2020

• The average monthly rent in Columbus, Cleveland and Cincinnati was $959, $1,123 and $1,007, respectively, in February, $35, $32 and $40 more than on year prior.
• Beachwood apartments are the most expensive in the state, renting for $1,780, while apartments in Lorain have the cheapest rents, $637 per month. 
• The national average rent in February 2020 was $1,468, up 3.2% compared to the same time last year according to data from Yardi Matrix.

Renting in the largest cities in Ohio

Apartments in Columbus, Cleveland, and Cincinnati rented for $959, $1,123 and $1,007 on average, respectively, in February. Rents in Columbus saw a year-over-year increase of 3.8%, or $35, compared to this time last year and a month-over-month increase of 0.4% ($4) compared to January. Cleveland saw an annual increase of 2.9%, $32, compared to last February and an increase of 0.3% ($3) compared to last month. Cincinnati saw a yearly increase of 4.1%, $40, and no monthly change.

Renting in Ohio in February 2020

The average rent in Ohio cities is generally lower than the national average rent. The fastest growing rents in February were in Oregon, where rental apartment prices increased by 29.3% year-over-year, or $167. Trotwood apartments saw the second highest annual increase, jumping by 18.8%, making them $122 more expensive than this time last year. In New Albany prices dropped by 1.3% ($17) compared to last February.

Beachwood apartments are the state’s most expensive for renters, with an average rent of $1,780, followed by apartments in Oxford, where the average monthly rent is $1,644. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Lorain, with an average apartment rent of $637.

The February national average rent went up by 3.2% year-over-year

The average apartment rent was $1,468 in February, up $46 since last year, according to apartment data from Yardi Matrix. February apartment rents maintained the same pace as in January, rising by 3.2% year-over-year. Overall, rents are growing a bit slower than the same time last year, when they were rising at a 3.5% yearly rate.

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

Methodology

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

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company 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. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.