Metro Reports Multifamily Market Real Estate Trends

Cleveland Multifamily Market Report – October 2022

Cleveland Multifamily Market Report September 2022
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Jobs Slowly Recovering, Investment Activity Up

Cleveland’s multifamily market has experienced mixed results in 2022. Rents were up by 0.9% on a trailing three-month (T3) basis through August—to $1,131, lagging the U.S. average of $1,718. Rate development slowed nationwide, but Cleveland maintained 30 basis points above the national T3 figure. Year-over-year, however, the metro’s rents increased by 9.5%, below the national 10.9% rate.

Unemployment clocked in at 4.7% as of August, down 130 basis points from January, according to preliminary data from the Bureau of Labor Statistics. Over the 12 months ending in June, Cleveland added 35,200 jobs—a 2.4% expansion—behind the U.S. rate by 230 basis points. Gains were led by leisure and hospitality (up 17,300 jobs, or 14.0%), followed by other services (up 4,900 jobs, or 9.9%) and manufacturing (3,600 jobs, or 2.4%). Cleveland’s mayor announced new economic initiatives that will rely on the city’s remaining $310 million in ARPA funding. The first batch of spending will use 33% of these funds across 15 key proposals, of which $50 million will be used for housing initiatives.

Cleveland had 3,898 units under construction as of August. Deliveries totaled 856 units, representing 0.5% of total stock and 80 basis points below the national average. Multifamily investment amped up, with transaction volume through August at $369 million, just shy of 2021’s total investment volume.

Read the full Matrix Multifamily Cleveland Report-October 2022

About the author

Tudor Scolca-Seusan

Tudor Scolca-Seusan has worked as an Associate Editor with Yardi for a combined four years. He is focused on writing Yardi Matrix multifamily market reports, in-depth articles and interviews/Q&As for Commercial Property Executive, specializing in industrial real estate and data centers.

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