{"id":5018,"date":"2022-11-15T14:11:50","date_gmt":"2022-11-15T14:11:50","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5018"},"modified":"2023-09-13T05:02:02","modified_gmt":"2023-09-13T05:02:02","slug":"cleveland-multifamily-market-report-september-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-september-2022\/","title":{"rendered":"Cleveland Multifamily Market Report &#8211; October 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Jobs Slowly Recovering, Investment Activity Up<\/h2>\n\n\n\n<p>Cleveland\u2019s multifamily market has <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/cleveland-ohio-housing-market-april-2022\/\">experienced mixed results<\/a> <\/strong>in 2022.<strong> Rents were up by 0.9%<\/strong> on a trailing three-month (T3) basis through August\u2014to $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\u2019s rents increased by 9.5%, below the national 10.9% rate.<\/p>\n\n\n\n<p><strong>Unemployment clocked in at 4.7%<\/strong> 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\u2014a 2.4% expansion\u2014behind 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\u2019s mayor announced new economic initiatives that will rely on the city\u2019s 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.<\/p>\n\n\n\n<p>Cleveland had 3,898 units under construction as of August. <strong>Deliveries totaled 856 units<\/strong>, 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\u2019s total investment volume.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2936-MatrixMultifamilyClevelandReport-October2022\">Matrix Multifamily Cleveland Report-October 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Jobs Slowly Recovering, Investment Activity Up Cleveland\u2019s multifamily market has experienced mixed results in 2022. Rents were up by 0.9% on a trailing three-month (T3) basis through August\u2014to $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\u2019s rents [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":5019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[106,444],"class_list":["post-5018","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-2022"],"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 Multifamily Market Report - October 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Cleveland rents grew 0.9% on a T3 basis through August, 30 basis points above the U.S. rate, although its overall average rent is still among the most affordable in the U.S.\" \/>\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-multifamily-market-report-september-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cleveland Multifamily Market Report - October 2022\" \/>\n<meta property=\"og:description\" content=\"Cleveland rents grew 0.9% on a T3 basis through August, 30 basis points above the U.S. rate, although its overall average rent is still among the most affordable in the U.S.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-september-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-15T14:11:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T05:02:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/11\/Cleveland-iStock-1386899130.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=\"Tudor Scolca-Seusan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Cleveland Multifamily Market Report - October 2022 - Yardi Matrix Blog","description":"Cleveland rents grew 0.9% on a T3 basis through August, 30 basis points above the U.S. rate, although its overall average rent is still among the most affordable in the U.S.","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-multifamily-market-report-september-2022\/","og_locale":"en_US","og_type":"article","og_title":"Cleveland Multifamily Market Report - October 2022","og_description":"Cleveland rents grew 0.9% on a T3 basis through August, 30 basis points above the U.S. rate, although its overall average rent is still among the most affordable in the U.S.","og_url":"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-september-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-11-15T14:11:50+00:00","article_modified_time":"2023-09-13T05:02:02+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/11\/Cleveland-iStock-1386899130.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tudor Scolca-Seusan","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-september-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-september-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Cleveland Multifamily Market Report &#8211; 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