Cincinnati lands among best cities for renters

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Cincinnati is known for being an affordable market for home owners, but it also ranks among the nation’s best for renters, as well.

Forbes magazine has a new ranking of the best and worst cities for renters, and the Queen City came in at No. 6 on the list of the best.

Forbes took a look at the 50 largest metropolitan regions in the U.S. and calculated the average cost of monthly rent and compared it to the average monthly mortgage payment, as well as the percentage increase in rent per year and median household income.

The magazine noted that the average monthly rent in Cincinnati was $812 in the fourth quarter of 2014, and the average rent as share of household income stands at 18 percent.

Rents are on the rise here, though, with prices notching a 3.4 percent jump year-over-year. That’s likely due in part to a boom in luxury apartment development across the region.

Columbus was the top-ranked Ohio city at No. 5 on the list, while Cleveland is No. 9. The top market for renters is Indianapolis, while San Francisco scored the worst. See the full report here.

Source:  Bizjournals.com