Cincinnati MSA - Q1 2024.


This newsletter is a collection of meaningful events, statistics, ideas and a laugh (or two) pertaining to the Cincy area multifamily market. The intent is to inform in a way that aids you with your multifamily investment decisions. The newsletter is divided in to four sections, and in the following order:



10 sales (20+ units) comprised of 1,318 units transferred in the first quarter of 2024.  During the same time last year, 12 sales were completed involving 1,181 total units.

Gilreath, S. (2024, March 31). Compiled using Auditor/PVA sites, CoStar, Yardi Matrix, etc.

Get the latest annual multifamily permits data for the largest 150 U.S. apartment markets.

RealPage Staff. (2024, March 29). RealPage.


Evictions are up 6.72% over Q1 2023.

Gilreath, S. (2024, March 31). Compiled using public court documents.

8 of the projects include a multifamily component, potentially adding 1,421 apartment units.

Courier Staff (2024, January 5). Retrieved from Cincinnati Business Courier.

Apartment List’s April 2024 Rent Report for Cincinnati, OH. • Year-over-year rent growth in Cincinnati now stands at +0.1%, down from +5.3% one year ago. (Follow link above for more statistics).

Apartment List Content Team. (2024, March 28). Retrieved from Rob Warnock at Apartment List.

#1 – Miami-Dade, FL

#8 – Cincinnati, OH

#20 – Silicon Valley, CA

Grecu, V. (2024, March 12). Retrieved from RentCafe (Yardi)

National: $415,500 – +0.27%

Kentucky: $299,450 – +4.08% Y-o-Y

Ohio: $249,900 – +9.37% Y-o-Y

Cincinnati MSA: $336,850 – -6.45% Y-o-Y

Realtor® Economic Research. (2024, March 13). Retrieved from

#1 – Oklahoma City, OK

#7 – Cincinnati, OH

#10 – Pittsburgh, PA

Burrows, D. (2024, February 15). Retrieved from Kiplinger.

35% of renters looking for apartments in Cincinnati are searching from out-of-town. The greatest search interest is coming from Columbus, Chicago, and Dayton.

Apartment List Research Team (2024, January 22). Retrieved from Apartment List

In 2023, property values rose 28% in Hamilton County, including 27% inside the city and 29% in suburban Hamilton County. Tax bills went up 11.74% in the county, 16% in the city and 9.6% in suburban Hamilton County.

Wartman, S. & Glynn, E. (2024, January 30). Retrieved from Cincinnati Enquirer.

A vacant former school building in Arlington Heights will become 15 apartments. Diversified Capital Management is planning the $4 million residential conversion. Project has received $785,000 from the Ohio Historic Preservation Tax Credit program.

Planalp, B. (2024, January 3). Retrieved from Cincinnati Business Courier.

$65 million mixed-use project will add 276 apartment units in Over-the-Rhine.

Miller, A. (2024, January 5). Retrieved from Cincinnati Business Courier.

Eight-year, 50% tax abatement for $36 million conversion of a suburban office building to 205 apartments.

Wetterich, C. (2024, January 18). Retrieved from Cincinnati Business Courier.

The $21 million, 50-70-apartment, Northside Gateway project will rehabilitate the Stagecraft building and construct a new building at 3919-3927 Old Ludlow Ave.

Wetterich, C. (2024, January 22). Retrieved from Cincinnati Business Courier.

The Residences at Montgomery Quarter, featuring more than 100 units with townhome and garden-style floor plans, is already 70-80% leased, as punch list items wrap up.

Miller, A. (2024, February 5). Retrieved from Cincinnati Business Courier.

Given its proximity to area hospitals, downtown and more, the Alto has so far curated a diverse tenant mix, said Property Manager Jessica Docter…

Miller, A. (2024, February 5). Retrieved from Cincinnati Business Courier.

Construction is expected to begin in 2024 and be complete by early 2026. CIG declined to disclose a total cost figure or estimated final unit count.

Planalp, B. (2024, March 12). Retrieved from WKRC Local 12.

The $60 million, Peoples Church project will include 18 market rate apartments ranging from studios to 2-Bed units.

Wetterich, C. (2024, March 15). Retrieved from Cincinnati Business Courier.

Towne Properties plans to build a five-story apartment building with 100 units, 122 garage spaces and another 77 surface spaces near two other apartment buildings. It asked for the city’s approval of the parking but got ensnared in new regulations restricting surface lots downtown and had to jump through the planning commission hoop.

Wetterich, C. (2024, March 18). Retrieved from Cincinnati Business Courier.

Six-story, 65-unit building at 2505 Kemper Lane. Mostly market rate with some units income-restricted. It will be the final building in Paramount Square, which, when complete, will include 365 apartment units. Model Group is working through permitting, city abatements and approvals and community engagement as it moves into the financing stage in the second half of 2024.

Planalp, B. (2024, March 19). Retrieved from Cincinnati Business Courier.

Located on Kemper Lane in East Walnut Hills, the project will include two four-story buildings with 48 total units – half being two-bedrooms. The buildings will be tiered, one above the other, on the development site. The vertical drop is around 50 feet from the top of the site to the bottom and will feature views of the Ohio River.

Planalp, B. (2024, March 20). Retrieved from Cincinnati Business Courier.

$80 million project at 11604 Grooms Road. It will include eight 3- and 4-story buildings and a clubhouse. The units will range from 500 SF studios to more than 1,300 SF for a 3-bedroom.

Planalp, B. (2024, March 21). Retrieved from Cincinnati Business Courier.

Vermont-based Acabay Inc. is looking to build 205 new residential units as part of a $47 million investment. The city is taking advantage of a rare financing mechanism that may be allowed under state law because it was once in the chain of title for the property where Atrium Two is located in 1982 when it was built.

Wetterich, C. (2024, March 25). Retrieved from Cincinnati Business Courier.

Kingsley + Co. plans to build the Mingo, a 240-unit, two-building mixed-income apartment project at 3060 Durrell Ave. 10% of the units will be rent-restricted.

Wetterich, C. (2024, March 28). Retrieved from Cincinnati Business Courier.

The developer behind the RED apartments in Madisonville expects to begin construction on a fourth building by the end of 2024. It will add around 100 apartments and possibly space for restaurants. This phase will bring the total unit count to 398.  

Planalp, B. (2024, March 29). Retrieved from Cincinnati Business Courier.


It’s the worst part of the game!!

Unknown source via MACONA Channel. (2019, August 1). Retrieved from YouTube.

Cincinnati City Council voted…to keep the property tax rates…for 2025, which means bills will increase…because of increased property values.

Wetterich, C. (2023, December 13). Retrieved from Cincinnati Business Courier.

#1 – Maine – 5.21%

#26 – Ohio – 2.72%

#45 – Kentucky – 1.91%

#50 – Tennessee – 1.61%

Census Bureau/Bureau of Economic Analysis (2023, December 27). Retrieved from Visual Capitalist.

To determine if an expense can be counted as a repair versus a capital improvement, we first want to check to see if we can use (one of) three safe harbors…

The Real Estate CPA Content Team. (Date N/A). Retrieved from The Real Estate CPA.


Traditional 1031 Exchange thought is that a contract sale will not work in an exchange; this is not true.

Unknown source via MACONA Channel. (2019, August 1). Retrieved from YouTube.

You should always try to get the best price for any property you are trying to buy (this goes without saying), but most buyers and sellers tend to focus too heavily on price.

Ham, B. (2022, January 2). Retrieved from Real Estate Raw.

“I would not go so far as to give any advice to borrowers, but, based on our data and my own view of the market, I see the sun peeking out from behind the clouds. The Mortgage Bankers Association and others expect market volume to be up significantly in 2024, and our Freddie Mac Multifamily Outlook predicts a return to pre-pandemic levels.”

Serlin, C. (2024, March 25). Retrieved from MFE (Multifamily Executive).

Stay up to date with the latest probabilities of FOMC rate moves.

CME Group. (Date N/A). Retrieved from CME Group.

Rates and Spreads are currently very volatile and are changing daily. Please treat these indications accordingly and call (Bellwether) for specific quotes.

BWE Staff (Date N/A). Retrieved from Bellwether.

By leveraging strong, long-term relationships with institutional providers of capital—including life insurance companies, Freddie Mac, Fannie Mae, FHA/HUD, Wall Street and local, regional and national banks—real estate investors experience better results for any real estate financing challenge through (Northmarq’s) innovative solutions. 

Northmarq Staff (Date N/A). Retrieved from Northmarq.

“…Alternative risk transfer vehicles such as self-insurance, tenant default captives, spot captives, deductible aggregates and contingent capital arrangements can help owners and operators cope with rising rates.”

Stuart, J. (2024, January 10). Retrieved from Multi-Housing News.

At Driehaus Insurance, we understand the tools used by insurers to remotely evaluate roof conditions. This allows us to help our clients use these reports
to improve their property insurance program. Helping our clients understand the importance of roof inspection and maintenance positions our clients for success in the property insurance marketplace. Call us at 513-977-6860 or contact us on the internet at

Driehaus Staff (2021, May). Retrieved from Driehaus Insurance.

The cost increase will vary from 3.5% to 6% depending on the city.

Rembisz, K. (2024, February 21). Retrieved from ALM|

The national average is $350/SF.

Hamann, J. (2024, February 13). Retrieved from Multifamily Loans, a Janover company.

Material National Average Change (Y-o-Y): -2.4%

Labor National Average Change (Y-o-Y): 2.8%

Courier Staff (2024, January 5). Retrieved from Cincinnati Business Courier.

If passed, (it) would make it unlawful for rental companies to use services that coordinate rental housing prices and unit supply information. It would also prohibit price coordination between two or more owners.

Salmonsen, M. (2024, February 7). Retrieved from Multifamily Dive.

20 states and 106 localities have passed bans on discriminating against source of income (usually, but not limited to, Section 8) as well as a myriad of other restrictions.

Courier Staff (2024, January 5). Retrieved from Cincinnati Business Courier.

According to the U.S. Bureau of Labor Statistics, the Consumer Price Index for Electricity rose by 11.9% in 2023, while natural gas prices saw an even sharper 13.1% increase.

Livable Content Team. (2024, January 29). Retrieved from Livable.

The National Multifamily Housing Council (NMHC) has released their Pulse Survey on Operational Impact of Rental Application Fraud and Bad Debt…Over 80% of respondents stated they had experienced applicants misrepresenting information on applications…

AAOA Contributor Unknown. (2024, March). Retrieved from American Apartment Owners Association.

Some of the renovations with the best ROI involve maximizing outdoor space, making tech upgrades…

JP Morgan Chase Unknown Contributor. (2024, January 18) Retrieved from JP Morgan Chase.

FREE sample from Qwikkit. (We are not compensated for sharing this article).

Qwikkit Marketing Team. (2024, February 22) retrieved from email sent by Multifamily Dive.

#3 – Covered Parking

#4 – Controlled Property/Amenity Access

#5 – Fitness Center

Yaussi, S. (2024, February edition). Retrieved from Midwest Real Estate News.

Participating renters who already had a credit score and saw an improvement had an average increase of up to 40 points during the pilot.

Fannie Mae. (N.D.). Retrieved from Fannie Mae on 2/6/2024.

As a landlord or property manager, understanding the intricacies of smoking policies in rental properties is crucial. This comprehensive guide dives into the multifaceted aspects of managing smoking tenants, including legal considerations, tenant rights, and practical enforcement strategies.

AAOA Content Contributor. (2024, March 29). Retrieved from AAOA.



With many years of experience as both an APPRAISER and a BROKER, I can provide you with an opinion of FAIR MARKET VALUE.

Shawn Gilreath, MAI. Managing Broker of SVVRE.


Contact me. I’m a licensed appraiser (and broker) in Ohio and Kentucky. I may be able to help you with a rebuttal.

Shawn Gilreath, MAI. Managing Broker of SVVRE.


It’s a bit frightening how often we meet buyers who can’t answer this question. Can you? Let’s talk about it so you can win more good deals and avoid bad ones.   

J.D. Schmerge. Director of Multifamily. SVVRE.

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