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Market Report

Cleveland Multifamily Market

2Q 2023

Cleveland Records the Midwest’s Third-Lowest
Vacancy for Second Straight Year

Metro availability’s upward climb begins to moderate. Vacancy continued to rise through March 2023 from extreme lows recorded in the first half of 2022. Availability this year, however, is expected to reach a more sustainable rate that is still 130 basis points below Cleveland’s long-term average of 6.2 percent. Rising barriers to homeownership are likely to keep vacancy lower than historical norms long-term. Additionally, in February 2023, the local unemployment rate fell to 4.2 percent — its lowest point since the end of 2019. The professional and business services sector has accounted for the largest volume of positions added so far in 2023. Higher-paying job creation may generate additional demand for Class A properties. 

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