Cleveland Multifamily Market Report

Tailwinds begin to materialize in the core. Cleveland’s CBD-suburban vacancy gap reached one of the widest nationally in 2025, tying Columbus at 390 basis points after averaging above 300 basis points for the past 11 quarters. Migration trends favor outer suburbs, especially around Lorain County, helping keep vacancy below 4 percent in Westlake-Lorain and Strongsville-Medina. Core vacancy remained elevated around 7.6 percent, though recent population stabilization in Cleveland proper offers upside as CBD deliveries fall to a decade-low in 2026.