Cincinnati, OH Multifamily Market Report | Lee & Associates | Q2 2026

Market Overview

Cincinnati’s multifamily market remained active in the second quarter, though elevated supply continued to test leasing momentum. Twelve-month net absorption totaled 1,289 units, while vacancy reached 9.02%, reflecting ongoing competition across the market. Average asking rent held at $1,377.99 per unit, indicating modest pricing resilience despite higher availability. The construction pipeline included 3,971 units against an inventory of 152,350 units, suggesting supply pressures will remain a key market influence. Investment conditions were measured, with the average sales price at $120,625.90 per unit and the market cap rate at 7.61%, as buyers remained selective amid softer rent growth and elevated vacancy.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q2 2026 Cincinnati multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.