Rents in Cincinnati, Ohio rise 26% in August

As lease prices hit record highs in August, renters are facing higher costs. The national median asking rent rose 11% year-over-year, though some areas saw increases more than double that.

According to data from real estate brokerage Redfin, asking rents in Cincinnati, Ohio rose 26% in August year-over-year. That was the largest jump among the most populous U.S. metropolitan areas tracked by Redfin.

All the top ten markets with the fastest rising rent year-over-year saw increases of at least 17%. Rents in Nashville, Indianapolis and Pittsburgh jumped more than 20% last month, according to Redfin.

August was the smallest annual increase in the national median asking rent. Last month, the asking rent had the slowest growth month since December 2021.

Rent growth is going to slow down as the Federal Reserve continues to raise interest rates, which is putting a damper on spending power in the economy as a whole, including renters budgets, according to Taylor Marr, Redfin Deputy Chief Economist. Nearly a million rental units are projected to hit the market in the coming months and years, which will boost supply and slow rent growth, according to Marr.

Four of the top 50 most populous metro areas saw a fall in August year-over-year rents, up from three in July.

Many renters around the country are facing a lot of increases.

The top 10 metro areas with the fastest rising rents over the past year:

The top four metros saw rents fall from a year ago: