The rate of rents in Cincinnati continues to rise. A recent report shows, Rents are rising in the Cincinnati metro area at the fastest pace of any major metro area in the Midwest. According to Zillow’s list of the biggest projected rent increases, Cincinnati came in fourth with an anticipated 5.2% increase in 2018. This is surprising considering that rent rates have been declining in some of the country’s biggest rental markets such as New York City.
More people are renting than at any other point in the past 50 years, according to CNBC. Increasing student debt has made it difficult for some households headed by young adults to become homeowners. Lingering student debts and credit card debt makes renting appealing to many and has created the perfect environment for life long tenants. Millennials continue to dominate the rental market and as Generation X begins to make their way into the rental market the increase need for rental properties will continue to grow.
Recent studies project that homeownership is set to decline over the next seven years as more and more households turn to the rental market. According to John Burns Real Estate consulting, studies report that 12.5 million net new households are expected to form over the next decade, and more than half (7.3 million) will rent, benefiting investors and landlords who own rental properties.
If you are looking to establish passive income there are many opportunities out there for every level of investor. Rental rates and the demand for rental properties are increasing at an impressive rate here in Cincinnati. Now is the time to Invest in Cincinnati Real Estate!
Kristen Heap
kristenheap.plumtree@gmail.com
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