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Market Report

Cleveland Multifamily Market

3Q 2023

Urban Upper-Tier Units Face Challenges as Suburban and
Mid-Tier Buildings Remain Steady

Class A units encounter some housing market competition. Unlike many other major U.S. metros, most submarkets in Cleveland do not face substantial pressure from incoming supply. However, the typical monthly mortgage payment on a median priced house in Cleveland continues to remain below the mean effective Class A rent, creating headwinds for top-tier apartments. As some renters transition into homeownership, additional upward pressure may be placed specifically on downtown Class A vacancy, but low for-sale home inventory in the metro will likely mitigate this effect. Even though homes are relatively affordable in Cleveland, the majority of houses on the lower end of the price spectrum are often located outside the city, while many Class A rentals offer proximity to urban amenities. 

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