Cincinnati, OH Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Cincinnati's multifamily market ended Q4 2025 with supply running ahead of demand. Approximately 3,150 units were delivered over the past year while net absorption totaled 2,248 units, pushing vacancy up to 7.76%. Rent growth decelerated to the low-2% range, and concessions rose, particularly for downtown assets. Northern Kentucky and northeast suburban submarkets held up best on the demand side. On the other hand, vacancy remains below the national average, units under construction fell to 5,186 from 6,042 a year prior, and cap rates stabilized at 7.46%. A thinner delivery pipeline ahead points toward gradual restabilization.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Cincinnati Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.