{"id":225,"date":"2021-01-06T09:54:52","date_gmt":"2021-01-06T09:54:52","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=225"},"modified":"2023-03-10T08:15:14","modified_gmt":"2023-03-10T08:15:14","slug":"cleveland-real-estate-market-trends-fall-2020","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/","title":{"rendered":"Cleveland Real Estate Market Trends &#8211; Fall 2020"},"content":{"rendered":"<h2>Steady Demand Keeps Rent Growth Afloat<\/h2>\n<p>The Cleveland multifamily market remained fairly stable going into the fourth quarter, taking into account the magnitude of job losses and the contraction in economic activity. On a trailing three-month basis, the average rent was up 0.3% to $971 through October, while the national average stayed flat at $1,464.<\/p>\n<p>Employment gains started to decelerate last year, with the rate turning negative in February 2020. By September, economic volatility had cost the metro 129,600 jobs, accounting for a 12.6% year-over-year contraction. However, Cleveland\u2019s favorable cost of living and diversifying economy has helped it rebound and avoid more acute effects. As in most parts of the country, industrial and data centers were less impacted. General Motors continued work on its $2.3 billion battery cell plant in Lordstown. Additionally, large projects in the health-care sector have also advanced. In September, MetroHealth topped off its 11-story new hospital, which is part of a $1 billion campus transformation.<\/p>\n<p>As of October, 2,899 units were under construction across the metro and developers had added more than 1,200 units to inventory year-to-date. Some $116 million in multifamily properties changed hands in the first 10 months of the year, marking a 56% decline compared to the same interval in 2019.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1161-MatrixMultifamilyClevelandReport-Fall2020?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Matrix Multifamily Cleveland Report-Fall 2020<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Steady Demand Keeps Rent Growth Afloat The Cleveland multifamily market remained fairly stable going into the fourth quarter, taking into account the magnitude of job losses and the contraction in economic activity. On a trailing three-month basis, the average rent was up 0.3% to $971 through October, while the national average stayed flat at $1,464. [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[106,16],"class_list":["post-225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-cleveland","tag-multifamily-outlook"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cleveland Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"The Cleveland multifamily market remained fairly stable going into the fourth quarter, taking into account the magnitude of job losses and the contraction in economic activity.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cleveland Real Estate Market Trends - Fall 2020\" \/>\n<meta property=\"og:description\" content=\"The Cleveland multifamily market remained fairly stable going into the fourth quarter, taking into account the magnitude of job losses and the contraction in economic activity.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-06T09:54:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:15:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Cleveland-iStock-1263845908.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Laura Calugar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Cleveland Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog","description":"The Cleveland multifamily market remained fairly stable going into the fourth quarter, taking into account the magnitude of job losses and the contraction in economic activity.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/","og_locale":"en_US","og_type":"article","og_title":"Cleveland Real Estate Market Trends - Fall 2020","og_description":"The Cleveland multifamily market remained fairly stable going into the fourth quarter, taking into account the magnitude of job losses and the contraction in economic activity.","og_url":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-01-06T09:54:52+00:00","article_modified_time":"2023-03-10T08:15:14+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Cleveland-iStock-1263845908.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Laura Calugar","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Cleveland Real Estate Market Trends &#8211; Fall 2020","datePublished":"2021-01-06T09:54:52+00:00","dateModified":"2023-03-10T08:15:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/"},"wordCount":210,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Cleveland-iStock-1263845908.jpg","keywords":["Cleveland","Multifamily Outlook"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/","url":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/","name":"Cleveland Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Cleveland-iStock-1263845908.jpg","datePublished":"2021-01-06T09:54:52+00:00","dateModified":"2023-03-10T08:15:14+00:00","description":"The Cleveland multifamily market remained fairly stable going into the fourth quarter, taking into account the magnitude of job losses and the contraction in economic activity.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Cleveland-iStock-1263845908.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Cleveland-iStock-1263845908.jpg","width":1200,"height":628,"caption":"Image by Francis Angelone\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-real-estate-market-trends-fall-2020\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Cleveland Real Estate Market Trends &#8211; Fall 2020"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0","name":"lilianam","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","caption":"lilianam"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Cleveland-iStock-1263845908.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/650"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=225"}],"version-history":[{"count":3,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/225\/revisions"}],"predecessor-version":[{"id":2085,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/225\/revisions\/2085"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/275"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}