The coronavirus pandemic just keeps on giving.
Median rental prices in Cincinnati continue to increase, with big year-over-year raises occurring in June, a new report from Realtor.com says. This comes after additional increases in May, which gave Cincinnati one of the highest rent escalations in the nation at the time.
In its July 15 report, Realtor.com notes that the Greater Cincinnati rental market is No. 6 in the nation for year-over-year increases, up three spots from May. The overall median rent here is $1,200 per month, a 17.1% increase over June 2020 and a 4.4% increase since May.
As they did in May, local rents increased for studios, one-bedroom apartments and two-bedroom apartments in June, the report says. Last month, people in Greater Cincinnati paid $1,025 per month for a studio, $1,155 for one bedroom and $1,275 for two bedrooms. That equates to studios going up by 2.5% over the last year, single bedrooms by 12.7%, and doubles by a whopping 21.4%.
Realtor.com's report says that in June, the median rent increased over the last year in 44 of the 50 largest metro areas. The national median currently sits at $1,575 per month, an 8.1% increase since June 2020. Nationally, the price of a two-bedroom apartment rose 10.2% over last year.
In May, Realtor.com hypothesized that as the COVID-19 pandemic ebbs, both the rental and single-family housing markets are finding their footing and making up for lost time.
As the company put it last month:
"Rising rents are likely the result of multiple factors. As home prices hit record highs and affordability becomes an issue for potential homebuyers, the appetite for rentals may rise as would-be buyers opt for renting. Further, increasing vaccination rates may be boosting confidence in the safety of moving, which drives up demand, and prices."
But the situation likely will continue, harming lower-income residents the most, as Realtor.com now says:
"The surge we're seeing in rental prices is likely to exacerbate the K-shaped, or uneven, nature of the pandemic recovery in the U.S. Rents are rising at a faster pace than income, which is adding to the challenges faced by lower-income Americans as they struggle to recover from job losses and other hardships brought about by COVID," said Realtor.com Chief Economist Danielle Hale. "Looking forward, rents aren't expected to slow unless we see a fundamental shift in the number of homes for sale and for rent."
For its report, Realtor.com looked at rental data for apartment communities as well as private rentals in the country's 50 largest metropolitan regions.
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