Cleveland Multifamily Market Report
Sharp Drop in Deliveries, Employment Growth Brighten Outlook for Cleveland Apartments
Suburban rentals outperform as preferences shift. Tenants moving out of apartments in dense urban neighborhoods for more spacious and lower-cost units farther from the city center during the pandemic benefited suburban rentals. At the end of 2020, suburban vacancy rested at 3.6 percent, less than half of the rate reached in the urban core. In addition, five of the metro’s nine suburban submarkets posted vacancy below 3 percent at year end. Low availability allowed for a suburban rent gain of 1.9 percent last year, compared with a slight decline in the urban core. During 2021, a third year of minimal deliveries in the suburbs amid an expanding employment base metrowide is expected to hold vacancy tight.