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Cincinnati

2025 Q2 Multifamily Market Overview

 

In this report:

Cincinnati is one of Ohio’s largest metro areas, with an MSA population of 2,302,815. The MSA spans 15 counties across southwest Ohio, Kentucky, and Indiana. Major company headquarters include TriHealth, Fifth Third Bank, Proctor & Gamble, GE Aerospace, and Kroger. University of Cincinnati is the region’s largest university with an enrollment of 53,235, and Cincinnati is home to two major sports franchises – the Cincinnati Bengals (NFL) and the Cincinnati Reds (MLB). Other Cincinnati attractions like local restaurant favorite Skyline Chili and the city’s riverfront location along the Ohio River contribute to Cincinnati’s uniqueness. The MSA’s apartment market consists of 860 properties and 134,487 units.

Cincinnati Economy

Cincinnati boasts a robust and diversified economy, underpinned by key industries such as healthcare, manufacturing, finance, and professional services. As of 2024, the region’s gross domestic product (GDP) reached $198 billion, surpassing Columbus and Cleveland and marking it as the largest metro economy in Ohio. ​

Major industries in the area include:

Healthcare: This sector is a significant contributor to Cincinnati’s economy. Cincinnati Children’s Hospital Medical Center stands out as the largest employer in the region, with 19,568 employees. Other notable healthcare employers include TriHealth and UC Health. ​

Manufacturing: Cincinnati has a strong manufacturing base, encompassing industries such as automotive, aerospace, chemical production, and food manufacturing. Prominent companies in this sector include GE Aerospace (Corporate HQ / 9,000 jobs), Bosch, and Ford. ​

Finance and Insurance: The city is home to major financial institutions like Fifth Third Bank (Corporate HQ / 6,140 jobs) and American Financial Group, both of which play pivotal roles in the local economy. ​

Retail: The Kroger Company, headquartered in Cincinnati, is a leading employer with approximately 9,000 local employees. ​

Procter & Gamble, a global leader in consumer goods., is also headquartered in Cincinnati.

Additionally, the region’s transportation and warehousing industry has experienced significant growth, adding over 16,000 jobs in the past decade, making it the fastest-growing industry in the area.

Overall, Cincinnati’s diverse economic landscape, bolstered by leading employers and thriving industries, positions it as a key economic center in the Midwest.

Population Analysis

 

Cincinnati MSA Population

The Cincinnati MSA has a current population of 2,302,815. The most populous county is Hamilton County (837,359). Overall, the MSA has grown by 2.25% from 2020-24, and 3 suburban counties lead the way in population growth during that same time period: Boone County KY (5.61%), Warren County OH (5.27%), and Kenton County KY (3.30%).

Demographics

Total Population (MSA)
2,302,815
Population Growth (2020-24)
2.25%
Unemployment Rate (January 2025)
5.1%
#1
Best Cities for Young Professionals (Forbes)
#1
Largest Economy in OH
#2
Top 10 Cities for Rental Activity (April 2025, RentCafe)

Multifamily Highlights

Apartment Market Overview:

860
Apartment Communities (50+ units)
134,487
Total Units (50+ units)
$1,312
Avg. Asking Rent
2.6%
Rent Growth (Previous 12 Months)
92.5%
Occupancy

12-Month Sales:

$333M
12-month Sales Volume ($)
3,912
12-month Sales (Units)
30
12-month Sales (# of transactions)

Development Pipeline:

19
Properties
4,796
Units

Cincinnati Multifamily Analysis

 

The Cincinnati MSA has 860 apartments of over 50+ units, for a total of 134,487 units. 3,969 units were delivered in the last 12 months (CoStar), with roughly 4,800 units under construction. Vacancy has risen from 6.6% in 2023 to a projected 7.5% in 2025 but is expected to remain fairly consistent over the next several years. The Average Rent in Cincinnati is $1,312 with a 12-Month rent growth of 2.6% (CoStar). Based on an analysis of multifamily properties in Cincinnati, Average Expenses are $6,024 per unit (TKC’s Expense Averager Tool).

 

Economic Development

Cincinnati, Ohio, is experiencing significant economic growth, marked by major business expansions and development projects. Givaudan, a leading food and fragrance company, plans to construct a $130 million, 100,000-square-foot facility at the former Dow Chemical plant in Reading, which is expected to create hundreds of jobs in the area. ​

Oats Overnight, an Arizona-based company, is set to triple its presence in Greater Cincinnati by leasing 130,000 square feet in West Chester, aiming to create 179 new jobs by 2025. Additionally, Cincinnati Children’s Hospital Medical Center is expanding its research capabilities by purchasing the 180,000-square-foot Digital Futures 2 building in the Cincinnati Innovation District, which will house over 200 researchers and generate 100 new research positions. ​

In the automotive sector, Pacific Manufacturing, the U.S. subsidiary of Pacific Industrial, plans to expand its operations in Fairfield, Ohio, by creating 96 new full-time roles and adding $4.7 million in annual payroll. Moreover, Core Specialty Insurance Holdings Inc. is expanding its headquarters at PNC Center, hiring 45 new employees with an average annual salary of $95,000. ​

The city is also witnessing substantial mixed-use development projects. FC Cincinnati has unveiled plans for a $332.8 million mixed-use district, featuring office space, residential units, a hotel, and an entertainment venue. The development is planned in two phases, with demolition for the first phase potentially starting in December. Similarly, a $129 million development in Blue Ash, known as The Blue, is expected to include 248 market-rate apartments, office space, retail and restaurant areas, and significant green space. Additionally, Morelia Group plans to build Madison Parke, a $20 million mixed-use development in Cincinnati, featuring a childcare center, potential First Watch restaurant, and various retail tenants, with an anticipated opening in 2025. ​

In the sports arena, Cincinnati has been named a finalist for a National Women’s Soccer League (NWSL) expansion team. Julie Calvert, President and CEO of Visit Cincy, stated that a professional women’s soccer team would attract new visitors, boost the local economy, and strengthen the city’s position as a leader in sports.

Furthermore, Ohio has been recognized as the sixth best state to start a small business, based on metrics such as small business lending, cost of living, real estate data, and state-level incentives. ​

 

Major Employers

  1. Cincinnati Children's Hospital

    19,568 jobs / 670 beds  | Learn More

  2. TriHealth HQ

    12,831 jobs / 1,306 beds  | Learn More

  3. University of Cincinnati

    11,470 jobs / 53,235 students  | Learn More

  4. St. Elizabeth Healthcare HQ

    11,147 jobs / 1,485 beds  | Learn More

  5. Proctor & Gamble HQ

    11,000 jobs  | Learn More

  6. UC Health

    10,470 jobs / 884 beds  | Learn More

  7. Mercy Health - Cincinnati

    10,000 jobs / 1,141 beds  | Learn More

  8. GE Aerospace HQ

    9,000 jobs  | Learn More

  9. Kroger HQ

    9,000 jobs  | Learn More

  10. Christ Hospital

    6,862 jobs / 555 beds  | Learn More

  11. Fifth Third Bank HQ

    6,140 jobs  | Learn More

  12. Skyline Chili HQ

    4,000 jobs  | Learn More

  13. Miami University

    3,760 jobs / 16,478 enrollment  | Learn More

  14. Cincinnati Financial Corporation

    3,428 jobs  | Learn More

  15. U.S. Bank

    3,000 jobs  | Learn More

  16. Cleveland-Cliffs

    2,900 jobs  | Learn More

  17. Total Quality Logistics HQ

    2,900 jobs  | Learn More

  18. Northern Kentucky University

    1,834 jobs / 16,000 enrollment  | Learn More

  19. Larosa's HQ

    1,700 jobs  | Learn More

  20. Frisch's Restaurants

    1,689 jobs  | Learn More

  21. Belcan HQ

    1,200 jobs  | Learn More

Other Demand Drivers

  1. Paycor Stadium

    Home of the Cincinnati Bengals (NFL); Capacity - 65,515  | Learn More

  2. Great American Ball Park

    Home of the Cincinnati Reds (MLB); Capacity: 45,814  | Learn More

  3. Kenwood Towne Centre

    1.1M Square Feet; 130+ stores; Nordstrom, Anthropologie, Apple, Cheesecake Factory  | Learn More

  4. Cincinnati & Northern Kentucky International Airport (CVG)

    9.2 million passengers in 2024; 12 airlines; 57 nonstop destinations  | Learn More

  5. Cincinnati Premium Outlets

    400,000 SF; Adidas, American Eagle, Columbia, NikeFactory, Gap Outlet, Under Armour  | Learn More

  6. EastGate Mall

    1.1 million SF; Dillard's, JCPenney, Kohl's  | Learn More

  7. Cincinnati Zoo & Botanical Garden

    #5-Ranked Zoo in U.S.  | Learn More

Our Deal Team

Brian Devlin
KY | IN | OH
Brian Devlin
KY | IN | OH
Phone: (404) 456-7288

Originally from Pennsylvania, Brian moved south to pursue a degree in Business Administration at Northwest Florida State College. With 26 years of experience in the commercial real estate industry, he has been a dedicated Broker with TKC since 2017. Brian loves the dynamic nature of his role, working both within the TKC office and in the field across Kentucky, Indiana, and Ohio.

Brandon Wilson
KY | IN
Brandon Wilson
KY | IN
Phone: (502) 837-4100

Brandon is originally from Owensboro, KY and attended the University of Kentucky with a major in Marketing. He has been a Broker with The Kirkland Company since 2012 and loves the art and tact involved in putting a deal together.

McCall Shipp
Ohio
McCall Shipp
Ohio
Phone: 615-948-5885

McCall grew up in Nashville, TN and attended the University of Alabama. McCall enjoys the creative problem-solving required to navigate the ever-changing industry landscape and the unique cross-market collaboration that TKC fosters.

Matt Cogen
Indiana
Matt Cogen
Indiana
Phone: (317) 667-0989

Matt is originally from Franklin, TN and attended Belmont University in Nashville where he studied Business Management. He loves the opportunities he gets to help clients achieve their goals and improve communities.

Sources & Comments

1. The Cincinnati-Middletown KY/IN/OH Metropolitan Statistical Area includes 15 total counties from across the three states: (1) Dearborn IN (2) Franklin IN (3) Ohio IN (4) Boone KY (5) Bracken KY (6) Campbell KY (7) Gallatin KY (8) Grant KY (9) Kenton KY (10) Pendleton KY (11) Brown OH (12) Butler OH (13) Clermont OH (14) Hamilton OH (15) Warren OH

2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) CoStar (3) MSCI Real Capital Analytics

3. Sales Comps are from 02/2024 – 02/2025

4. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy

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