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Market Report

Cleveland Multifamily Market

3Q 2022

Regionally Low Rents and Few Deliveries Preserve
Limited Suburban Vacancy

Availability stays nationally tight. Cleveland ended the second quarter with the least costly mean effective rent of any major Midwest market, and the second lowest in the nation. Additionally, the second quarter vacancy rate of 2.5 percent landed 370 basis points below the metro's long-term average, and is expected to remain one of the tightest in the nation at year-end. This signals a meaningful tailwind for rentals as local residents face rising barriers to homeownership. The mean monthly mortgage payment is growing faster than the average effective rent, a trend that is likely to continue as growing concerns surrounding inflation place upward pressure on mortgage rates.

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