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Market Report

Cleveland Multifamily Market
Report

2024 Investment Forecast

Suburbs Capture Leasing Competition
From Budget-Conscious Renters

A limited pipeline and lower rents aid close-in suburbs. Although this year’s completion total marks a 24-year high for the market, deliveries will be highly concentrated in and around Central Cleveland. This will limit the impact on outlying areas. Long-term demand drivers in the urban core, such as Sherwin-Williams’ new global headquarters slated for 2025 completion, indicate that these new units will be leased over time. Near-term, the overall elevated pace of rent growth in Cleveland has begun to direct renter demand into lower-cost suburban units. This year’s slight downward adjustment in the overall average effective rent will not be enough to offset this growing cost disparity. The metro’s suburban vacancy rate entered 2024 roughly 100 basis points below its long-term average. Close-in neighborhoods, in particular, have appealed to renters looking to lower their mean monthly rent payment while staying near downtown. Westlake-North Olmsted-Lorain County is one such submarket as the area entered this year with a vacancy rate approximately 200 basis points below the local 23-year average. Limited proposed or underway projects here will likely keep this rate as one of the lowest in Cleveland.

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