Cleveland Multifamily Market Report
Relocations Contribute to Record-Low Vacancy, Lifting Investor Confidence
Vacancy hovers below similar-size markets. Attracted to the metro’s discounted housing costs, a collection of individuals and households relocated to Cleveland during the health crisis, bolstering local demand for available apartments. According to a LinkedIn study, the market ranked fifth nationally for net resident arrivals during the 11-month period ending in February 2021. This growth reflected positively on multifamily performance as the metro entered the second half of this year with its lowest vacancy rate in more than two decades. Demand has been strongest in the suburbs, where more than 1,700 units were absorbed over the past 12 months ended in June. This is in stark contrast to the negative absorption recorded during the prior yearlong span.