Cincinnati, OH Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Cincinnati extended its streak of positive net absorption to 16 consecutive years in 2025, absorbing 2,374 units against 2,886 delivered. Vacancy reached 8.1%, the highest level since 2005 and up 60 basis points year-over-year, with Downtown/Over-The-Rhine, Northeast Hamilton County, and Mason/West Chester accounting for most of the increase as new supply concentrated in those corridors. Effective rent held at $1,400 per unit, up 2.3% annually, marking the third consecutive quarter at or above that threshold. Over 4,200 units remain under construction, primarily outside the I-275 loop, with another 6,100 proposed, keeping supply pressure in view. Greater Cincinnati has grown its multifamily inventory by 13.6% over five years, yet consistent demand has kept the market from slipping into meaningful distress, a durability supported by steady employment and ongoing corporate investment in the region.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Cincinnati Q4 2025 multifamily MarketBeat covers vacancy, effective rents, net absorption, and construction activity across 16 submarkets to help owners and investors assess Greater Cincinnati market conditions. To read the full report, click here.