|Specialty||# of Agencies|
|Single House or Condo||4|
|Home Owners Association||6|
|Total Local Companies||10|
The average rent for a 3 bedroom house in Cincinnati, OH is $1,086.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Cincinnati, OH Rental Market Overview
Low New Apartment Inventory Keeps Pace with Slow Job Growth
Cincinnati ranked 34 out of 44 in the Marcus & Millichap 2013 National Apartment Report (NAR) a detailed summary of economic forecasts along with apartment supply and demand conditions. This year the NAR recognized Cincinnati as one of the ten markets in their index with the lowest expected non-farm employment growth year over year (1.7%). While Cincinnati's slow growth is slightly below the projected national average, it's only fair to point out that the city was 10 out of 10 on the list (Chicago ranked first on this list with a paltry 1% projected employment growth). If there is a silver lining to the slow growth, it might be the fact that for the last two years only 2,000 new apartment units were completed, so while the vacancy rate edged upward to 4.5%, the increase was slight compared to markets with excess apartment surplus.
Local Investors May Find Opportunities in Distressed Class C Apartments Soon
The 2013 NAR remained optimistic about Cincinnati's rental market, pointing out that increased enrollments at the University of Cincinnati could increase demand even if job growth remains slow. Small rental property owners may find value-add properties in the area that could be marketed to students. The NAR predicted that distressed rental assets in the region should continue to wane, creating opportunities for individual investors to purchase and renovate stabilized Class C properties for significant profits. Because large institutional investors continue to focus on Class A and Class B properties, a number of Class C assets remain unrecognized. If you're contemplating additions to your rental property portfolio, consider taking a moment to discuss your strategy with a Cincinnati property manager. While property management companies are often associated with maintenance services or tenant relations, most of these businesses staff real estate professionals who rely on interactions with property owners to gain insights on the local market. Review our profile list of Cincinnati property management companies and then request your free information today.