Downtown Cincinnati is Ohio's Most Expensive Rental Market, Study Finds

Cincinnati's 45202 ZIP code is the most expensive rental market in the Buckeye State, with the average rent clocking in at $1,603 a month.

Oct 10, 2019 at 11:46 am
click to enlarge Downtown Cincinnati - Nick Swartsell
Nick Swartsell
Downtown Cincinnati

What's the swankiest spot for apartments in the Buckeye State? If you're going by rent prices, it's right here in the heart of Cincinnati.

At $1,608, Cincinnati's 45202 ZIP code has the highest average rent of anywhere in Ohio, according to a new report by real-estate website RENTCafe. That's a 1.3-percent increase from last year. The ZIP code encompassing Downtown, Over-the-Rhine and Mount Adams only narrowly beat out Cleveland's 44113 ZIP code, where rents averaged $1,599 a month, up almost 6 percent from last year.

Somewhat surprisingly, another Queen City ZIP code, 45219, clocked in at fourth on the list of expensive in Ohio. That ZIP includes the area around the University of Cincinnati and Walnut Hills' Eden Park. The ZIP averaged $1,523 a month, up 1.5 percent from last year.

All those prices pale in comparison to the Midwest's highest rent — in Chicago's 60606 ZIP code, where the average apartment will cost you $2,770 a month. But even that seems quaint compared to the nation's highest-rent ZIP code — 10282 in Manhattan — where an apartment costs an average of $6,211 a month. Manhattan had the country's top three highest rental ZIP codes, and 26 of the nation's top 50.

The lowest rent in the nation on average is in Wichita, Kansas, where you can get the average apartment for $423 a month. Pretty good deal, really. 

Now, one thing you should know about the data used in the study — it only counted apartment buildings with 50 or more rental units. So neighborhoods with a lot of smaller apartment buildings might not be accurately represented. Still, the study considers data from 130 rental markets and 15 million total units collected by RENTcafe-affiliated Yardi Matrix.