{"id":5942,"date":"2023-05-15T07:21:41","date_gmt":"2023-05-15T07:21:41","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5942"},"modified":"2023-09-12T17:07:07","modified_gmt":"2023-09-12T17:07:07","slug":"cleveland-multifamily-market-report-april-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-april-2023\/","title":{"rendered":"Cleveland Multifamily Market Report \u2013 April 2023"},"content":{"rendered":"<h2>Multifamily Performance Shifting<\/h2>\n<p>Cleveland\u2019s multifamily market started 2023 at a slower pace, with several metrics following a downward trend. Still, rent growth on a trailing three-month basis through February was 0.1%, above the U.S. rate by 20 basis points. The overall average was $1,115, up 6.2% year-over-year, outpacing the U.S. figure by 140 basis points.<\/p>\n<p><iframe id=\"datawrapper-chart-7aDId\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cleveland vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/7aDId\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Unemployment was 4.9% as of February, according to preliminary data from the Bureau of Labor Statistics, 130 basis points higher than the U.S. rate. The job market expanded by 2.0% in 2022, with the metro adding 23,500 jobs. More than half of the new positions were in the leisure and hospitality sector, which expanded by 10.8%. The other sectors that recorded significant gains were manufacturing (up 5,300 jobs, or 3.4%) and education and health services (up 5,200 jobs, or 2.1%). MetroHealth, one of the city\u2019s largest health-care employers, announced it is on track to complete a $1 billion transformation of its 52-acre campus on the West Side. Last year, the company opened a $767 million inpatient center, a major milestone for the project.<\/p>\n<p><iframe id=\"datawrapper-chart-9nx4Y\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cleveland Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/9nx4Y\/1\/\" height=\"583\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Cleveland had 3,952 units under construction as of February, and an additional 17,800 units in the planning and permitting stages. In 2022, the market\u2019s inventory expanded by 1.2%, with 1,958 units added\u2014more than double the volume in 2021.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3777-MatrixMultifamilyClevelandReport-April2023\" rel=\"nofollow\"><strong>Matrix Multifamily Cleveland Report-April 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Performance Shifting Cleveland\u2019s multifamily market started 2023 at a slower pace, with several metrics following a downward trend. Still, rent growth on a trailing three-month basis through February was 0.1%, above the U.S. rate by 20 basis points. The overall average was $1,115, up 6.2% year-over-year, outpacing the U.S. figure by 140 basis points. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[106,475],"class_list":["post-5942","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-2023"],"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 \u2013 April 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"As with the nation overall, Cleveland\u2019s rent growth slowed in February, to just 0.1% on a T3 basis, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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