By John Schenk and Parker Gilmore, CBRE For two decades, Cincinnati did not see many new apartment projects built compared with its peer cities, with annual deliveries trickling along at roughly 965 units between 2000 and 2020, while merchant builders showed a preference to Columbus or Indianapolis for their predictability. But 2021 marked the beginning of a breakout period as a favorable macroeconomic backdrop, along with surging national and regional appetite, conditioned a thunderstorm of new development at the record-breaking tune of over 3,000 units per year. A combination of economic growth, demographic shifts, refreshed renter expectations and institutional capital interest has positioned Cincinnati as one of the Midwest’s most compelling multifamily investment stories as of late. The numbers tell a story of Midwestern confidence. Cincinnati recorded nearly $943 million in multifamily sales volume for 2025, representing 7,381 units traded — a dramatic increase from 2024’s $517 million and 2023’s $314 million. Blended pricing reached approximately $122,834 per unit with transaction counts on the rise as investors sought exposure to the fundamentals Cincinnati offered so well. Behind the surge in transaction activity is a fundamental shift in how developers, investors and residents are viewing the Queen City’s investment potential. A …
