Cleveland Multifamily Market
Return to Office a Catalyst for Vacancy
Compression and High Rent Growth
Net absorption surpasses deliveries for a fifth straight year. Almost 2,000 households will form in Cleveland this year, the highest increase since 2013. This growth, paired with elevated home prices, will expand the local renter pool and allow net absorption during 2022 to surpass completions volume by around 400 units. Recently, renter demand has substantially improved in Central Cleveland and adjacent East Cleveland, with each submarket recording vacancy compression of at least 400 basis points over the past year ended in March. This trend shows signs of carrying into this year, with strong renter demand potentially compressing local vacancy rates to record lows.