MARKET UPDATE AS OF RECENT,

As seen in many markets around the country, the Cincinnati apartment market gave back much of the absorption gains achieved in 2021 following the COVID-19 pandemic lockdowns. In the first two quarters of 2022, Cincinnati recorded basically no demand, followed by net move outs in 3rd quarter and 4th quarter. Net move-outs totaled 1,253 units in 2022, driven down by 764 net move-outs recorded in the October to December time period. Although down from doubledigit growth in the previous three quarters, annual rent growth has been at record highs for the past six quarters. Class B led the market with an 11.0% year-overyear increase in effective asking rents, followed by a 9.2% bump in Class A rents and a 9.1% increase (a record high) in Class C units. Every submarket continued to post hefty rent hikes, ranging from 7.0% in West Cincinnati to 11.9% in North Cincinnati. Completions in Cincinnati totaled 2,249 units in 2022, and with 176 units removed from stock, inventory grew 1.3%, on net.