Rent Evolution Among Nation’s Best
Cleveland advertised asking rents increased 0.4% on a trailing three-month basis through August, to $1,243, outpacing the national average, which recorded a more modest 0.1% uptick, to $1,755, according to the latest Yardi Matrix Cleveland multifamily market report. With little supply and stable fundamentals, the market continues to see steady Midwestern growth. Year-over-year, asking rents were up 3.7% as of August, while the national figure was up 0.7%, as per the U.S. multifamily market report.
Cleveland employment improved 0.6% as of June, 20 basis points below the national rate. Education and health services led gains over the 12 months ending in, accounting for 7,300 of the 17,400 net positions added and marking a 2.4% yearly expansion. The area’s unemployment rate stood at 5.2% as of July, according to data from the Bureau of Labor Statistics, above the 4.2% national figure. Plans are underway for a $2.4 billion stadium and a $1 billion mixed-use development in Brook Park, Ohio. The city council has approved the rezoning of 176 acres, with the groundbreaking ceremony scheduled for spring 2026.
A total of 905 units, or 0.5% of stock, came online this year through August, 140 basis points behind the national rate of completions. The metro’s five-year average clocked in at 1,960 apartments delivered yearly. Transaction activity remained slow, with just $96.1 million in deals recorded year-to-date through August, marking the slowest pace in Cleveland in a decade.
Read the full Yardi Matrix Cleveland Multifamily Market Report: October 2025
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