Cleveland, Ohio Vs. Cincinnati, OH

8 Replies

Does anyone have any opinion about these markets? Whether that is one over the other or just staying out of both of them? We are interested in expanding to other markets that may have good ROI. All comments welcome.

I'm a big fan of Cincinnati, OH. I have friends that live there and I visit all the time. We really enjoy the Over-The-Rhine/ West-End neighborhood and every time I go I see improvement. The FC Cinci team is now MLS, the fan base is growing like crazy, and the city is building a huge stadium. The breweries are fantastic and walk ability is good. Those neighborhoods had crime but I don't see it as downside anymore. If I lived in that market I'd try to JV on an apartment deal, and skip the SFR's I'm currently doing.

Updated over 2 years ago

MLS (Major League Soccer) , not mulit listing service. haha

@Brian Boyd Cincinnati and Dayton for sure. I've invested all over Ohio and find that I prefer this part of the state over any other. It's the part I know best, though, so that's a big reason why! There are still a lot of great deals to be had here if you know where and how to look.

We just sold several 4-units and we're getting ready to sell several more. Solid returns for MidWest prices. As @Jaron Walling mentioned, Cincinnati is on a great, steady upward trend. Downtown has luxury apartments by the river that are surrounded by fantastic restaurants, and there's a LOT to do. Dayton has been undervalued for quite a while, and it seems like people are finally taking notice of it. There are pockets of opportunity all over around here, so as long as you have someone you can trust on the ground, overall great place to invest! :)

Originally posted by @Brian Boyd :

Does anyone have any opinion about these markets? Whether that is one over the other or just staying out of both of them? We are interested in expanding to other markets that may have good ROI. All comments welcome.

For some more info on Cleveland I recommend you check out The Ultimate Guide to Grading Cleveland Neighborhoods.

Cleveland has been a weak-performing market price-wise in the state of Ohio this market cycle - flat since 2006 'fair valuation' prices. It is also strongly undervalued right now at -20% based on deviation from historical price-income relationship. 

Cincinnati has been a stronger-performing market 18% above its 2009 'fair valuation' level. It is also undervalued at -17% though its price performance has been much healthier.

Cleveland is, generally, a higher cap rate market than Cincinnati (reference reitnotes.com)


We have been active real estate investors in the Cleveland market since 1995.  In the past 3 years or so, we have seen a significant rise in pricing.  While I generally discount appreciation in the Cleveland market as negligible or, at the very least, secondary, the cash flow in this market is excellent.  We work with investors from all over the country who own property in multiple states and they are very fond of the Cleveland market.

I invest in MFproperties in the Cincinnati/Dayton area. There are "better/cheaper" deals in Dayton, but there is less appreciation and competition in Dayton, so you have to consider that when planning your exit strategy.