One of Cincinnati’s most controversial landlords is shaking up its business practices as it struggles to reduce a $2.5 billion debt load that’s seven times larger than its annual revenue.
VineBrook Homes has sold more than 500 Cincinnati-area homes in the last three years, about 15% of its local portfolio, while replacing its property management division with a new third-party vendor focused on “portfolio optimization, revenue and expense oversight.”
Its Cincinnati rents, already the highest among 24 cities where VineBrook competes, increased 10% to $1,378 since January 2023. And its new property management approach with Evergreen Residential eliminated 500 jobs nationwide, including about 60 people who worked in the Cincinnati area…