Uncle Mo’s Cafe, a Greek restaurant that served up gyros and shawarma downtown, has closed its doors for good.
A sign taped to the front of the restaurant, located at 203 E. 7th St., says that the cafe has closed due to the building being sold and the rent tripling.
“We thank you for all the years of support and will truly miss you!” read the note signed by Uncle Mo and Aunt Carrie.
Rent has been going up all over the city. According to a report from Redfin published in May, Cincinnati is experiencing a 32% year-over-year rent increase.
As CityBeat previously reported, outside investors gobbled up houses in metropolitan areas across the country — including in Greater Cincinnati — at an alarming rate in 2021, The Washington Post found after analyzing data from Redfin.
According to the analysis, investors bought nearly one in seven homes sold in America's top metro areas, the most in at least two decades. The analysis considers real estate investors to be large corporations, local companies, or wealthy individuals who generally don’t live in the properties they are buying, who either look to flip the properties to new buyers or rent them.