Cincinnati, OH Multifamily Market Report Q3 2026
Demand Trails New Supply; Cap Rates Expand for 19 Quarters
Demand
Cincinnati absorbed 901 units in Q3 2026, against -623 in the same quarter last year. Vacancy is 4.0%, 41 bps looser than Q3 2025. Southeast Cincinnati is the tightest submarket at 3.4% vacancy; Campbell/Kenton Counties leads rent growth at +5.2%. Trailing-12-month absorption of 1,794 units is down from 3,936 a year earlier. Rent of $1,505 is up 1.6% year over year and a record.
Supply
Cincinnati recorded 987 units of completions in Q3 and 2,756 over the trailing twelve months (+21% versus the prior TTM period). Units under construction equal 2.3% of inventory, concentrated in Campbell/Kenton Counties at 6.7% of its stock. Annual completions peaked at 3,133 units in 2024. Q3 deliveries were 66% above last year’s 595. The 4,047-unit pipeline equals about nine quarters of absorption at the trailing pace.
Investment Market
Cincinnati recorded $0.8B in sales over the trailing twelve months, +30% against the prior TTM period; Q3 accounted for $164M. The high-water mark in this series is $0.8B in 2021.
Cincinnati cap rates average 6.90%, up for 19 straight quarters. Pricing sits at $113k per unit, higher for 2 consecutive years. The cap rate is 73 bps above the Q4 2021 low of 6.17%. Price per unit is at a record.
Volume
- $0.8B TTM volume (+30% YoY)
- Q3 2026: $164M
- Series peak $0.8B (2021)
Pricing
- Cap rate 6.90%
- Price per unit $113k
- Caps expanding 19 quarters running
