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Market Report

Cleveland Multifamily Market Report

3Q 2023

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

Class A units encountering 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 average monthly home mortgage payment 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. Meanwhile, the Class C segment has remained tight. In the second quarter, lower-tier vacancy was 130 basis points below the national average at 3.7 percent. 
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