Ohio Rent Growth – This content is from Rent Cafe, please click the link to learn more about the author.
- The national average rent reached $1,469 in July, up by 3.4% ($48) year-over-year, and 0.2% ($3) month-over-month, according to data from Yardi Matrix.
- Rocky River, OH renters saw the highest monthly rent increase in July, reaching $1,021 per month.
- Beachwood apartments are the most expensive among the state’s largest cities, while apartments in Lorain have the cheapest rents.
The national average rent inches up another $3 in July, reaching $1,469 per month
Nationally, the average rent went up by 3.4% year-over-year, reaching $1,469 in July. Overall, renters had to pay $48 more than they did at the same time last year, according to the latest rent survey from Yardi Matrix. However, July also displayed the slowest month-over-month increase since February, which at 0.2% is a clear signal that peak rental season is nearing its end. The trend is in line with last year’s data – once the busy late spring to early summer period winds down, rents are expected to slow their growth throughout the rest of the year.
Renting in Ohio in July 2019
The average rent in Ohio cities is generally lower than the national average rent. The fastest growing rents in July were in Rocky River where rental apartment prices increased by 1.2% month over month, $12 more per month. Mason, Perrysburg, and Twinsburg apartments saw the second highest monthly increase, jumping by 1.1%, $14, $11, and $10 respectively, more expensive than last month, while in Copley prices dropped by 1.3% ($13) compared to June.
Beachwood apartments are the state’s most expensive for renters, with an average rent of $1,769, followed by apartments in New Albany, where the average monthly rent is $1,266. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Lorain, with an average apartment rent of $620.
To compare the rental market in Ohio with other cities in the U.S., you can also check our national July rent report.
RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.
The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.
Posted by Nathan D. Fisher