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Market Report

Cleveland Multifamily Market Report

2Q 2023

Cleveland Records Third-Lowest Vacancy Rate in the
Midwest for the Second Straight Year

Metro availability’s upward climb begins to moderate. Vacancy continued to rise through March 2023 from unsustainable lows recorded in the first half of 2022. Availability this year, however, is expected to reach a more reasonable 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 the historical norm long-term. Additionally, in February 2023, unemployment fell to 4.2 percent — its lowest rate since the end of 2019. The professional and business services sector has accounted for the highest volume of positions added so far in 2023. Higher-paying job creation may generate some additional demand for Class A properties. 
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