{"id":100432,"date":"2020-02-15T03:28:26","date_gmt":"2020-02-15T11:28:26","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=100432"},"modified":"2020-02-21T07:30:23","modified_gmt":"2020-02-21T15:30:23","slug":"ohio-rent-report-january-2020","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/ohio-rent-report-january-2020\/","title":{"rendered":"Ohio Rent Report &#8211; January 2020"},"content":{"rendered":"<ul>\n<li><em>The average monthly rent in Columbus, Cleveland and Cincinnati was $944, $1,105 and $1,008, respectively, in January, $25, $31 and $42 more than on year prior. <\/em><\/li>\n<li><em>Beachwood apartments are the most expensive in the state, renting for $1,803, while apartments in Lorain have the cheapest rents, $626 per month.\u00a0<\/em><\/li>\n<li><em>The national average rent in January 2020 was $1,463, up 3% compared to the same time last year according to data from <a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"external noopener noreferrer\" data-wpel-link=\"external\">Yardi Matrix<\/a>.<\/em><\/li>\n<\/ul>\n<h3>Renting in the largest cities in Ohio<\/h3>\n<p><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/columbus-oh\/\">Apartments in Columbus<\/a>, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/cleveland-oh\/\">Cleveland<\/a>, and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/cincinnati-oh\/\">Cincinnati<\/a> rented for $944, $1,105 and $1,008 on average, respectively, in January. Rents in the largest Ohio city saw a year-over-year increase of 2.7%, or $25, compared to this time last year and a month-over-month decrease of 0.2% ($2) compared to December. Cleveland saw an annual increase of 2.9%, $31, compared to last January and an increase of 0.4% ($4) compared to last month. Cincinnati saw a yearly increase of 4.3%, $42, and a monthly increase of 0.4%, $4.<\/p>\n<h3>Renting in Ohio in January 2020<\/h3>\n<p>The average rent in Ohio cities is generally lower than the national average rent. The fastest growing rents in January were in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/beachwood-oh\/\">Beachwood<\/a>, where rental apartment\u00a0prices increased by 1.7% month over month, or $30. <strong>Warren apartments<\/strong>\u00a0saw the second highest monthly increase, jumping by 1.4%, making them $9 more expensive than last month. In\u00a0<strong>Worthington<\/strong>\u00a0prices dropped by 1.2% ($13) compared to December.<\/p>\n<div style=\"max-width: 700px; margin: 0 auto;\"><script id=\"infogram_0_8117c8bb-2142-4fcc-97bf-da4739c22ad3\" title=\"RentCafe_Ohio-RentReport-January2020\" src=\"https:\/\/e.infogram.com\/js\/dist\/embed.js?h5D\" type=\"text\/javascript\"><\/script><\/div>\n<p><strong>Beachwood apartments<\/strong>\u00a0are the state&#8217;s most expensive for renters, with an average rent of $1,803, followed by apartments in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/oxford-oh\/\">Oxford<\/a>, where the average monthly rent is $1,601. On the other hand, the cheapest city to rent an apartment of the cities analyzed is <strong>Lorain<\/strong>, with an average apartment rent of $626.<\/p>\n<h3>The January national average rent went up by 3% year-over-year<\/h3>\n<p>The average apartment rent reached $1,463 in January, up $43 since last year, according to apartment data from <a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"noopener\">Yardi Matrix<\/a>. Rents grew moderately into the new year, increasing by 3% year-over-year, the slowest pace we&#8217;ve seen in 18 months, as the seasonal winddown wears on through the winter.<\/p>\n<p>Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S. The demand for apartments is high, including among those renting by choice. 157% more Americans who earn over $150K per year began <a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/renting-america-housing-changed-past-decade\/\" target=\"_blank\" rel=\"noopener\">renting this past decade<\/a>, shifting from homeownership to a more flexible and comfort-driven lifestyle.<\/p>\n<p>To compare the rental market in Ohio with other cities in the U.S., you can also check our <a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rent-report\/january-2020-national-rent-report\/\">national January rent report<\/a>.<\/p>\n<h3>Methodology<\/h3>\n<p><em><a href=\"https:\/\/www.rentcafe.com\/\">RentCafe.com<\/a>\u00a0is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.<\/em><\/p>\n<p><em>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 <\/em><em><a href=\"https:\/\/www.yardimatrix.com\/\">Yardi Matrix<\/a><\/em><em>, 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.<\/em><\/p>\n<div class=\"usagerights\">\n<div class=\"fairuse\">\n<h3>Fair use and redistribution<\/h3>\n<p>We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to <a href=\"https:\/\/www.rentcafe.com\">RentCafe.com<\/a> or this page, so that your readers can learn more about this project, the research behind it and its methodology.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The average monthly rent in Columbus, Cleveland and Cincinnati was $944, $1,105 and $1,008, respectively, in January, $25, $31 and $42 more than on year prior. Beachwood apartments are the most expensive in the state, renting for $1,803, while apartments in Lorain have the cheapest rents, $626 per month.\u00a0 The national average rent in January&hellip;<\/p>\n","protected":false},"author":157,"featured_media":102124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16366,3660],"tags":[],"class_list":["post-100432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-rent-reports","category-real-estate-news","gallery-content-unit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ohio Rent Report - January 2020 - RentCafe rental blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/ohio-rent-report-january-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ohio Rent Report - January 2020\" \/>\n<meta property=\"og:description\" content=\"The average monthly rent in Columbus, Cleveland and Cincinnati was $944, $1,105 and $1,008, respectively, in January, $25, $31 and $42 more than on year prior. 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