{"id":7980,"date":"2024-05-07T08:05:00","date_gmt":"2024-05-07T08:05:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7980"},"modified":"2024-11-07T10:01:05","modified_gmt":"2024-11-07T10:01:05","slug":"cleveland-multifamily-market-report-april-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-april-2024\/","title":{"rendered":"Cleveland\u00a0Multifamily Market Report \u2013 April 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/cleveland-multifamily-market-report\/\">Cleveland\u00a0Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Cleveland Rents Buck Nation\u2019s Downward Trend<\/h2>\n<p>The metro&#8217;s multifamily market reflected an oscillating performance, according to the latest Yardi Matrix Cleveland multifamily market report. Rent growth was 0.1% on a trailing three-month basis through February, while the U.S. rate posted a decline, as per the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>. Year-over-year, the metro\u2019s average rate was up 3.5%, settling at $1,159, still well below the U.S. average. Cleveland\u2019s occupancy rate neared the national level, clocking in at 94.5% as of January.<\/p>\n<p><iframe id=\"datawrapper-chart-uql8i\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cleveland vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/uql8i\/2\/\" height=\"399\" 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>In February, the unemployment rate was at 4.3%, according to preliminary data from the Bureau of Labor Statistics. The figure was 60 basis points higher than the U.S. average. The metro closed 2023 with 29,000 jobs added, amounting to a 1.6% expansion. The education and health services sector led job gains. Work was underway on the Case Western Reserve University\u2019s new, $300 million Interdisciplinary Science and Engineering Building. The 189,000-square-foot building will replace Yost Hall and is expected to come online in the fall of 2026.<\/p>\n<p><iframe id=\"datawrapper-chart-rOlbZ\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cleveland Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/rOlbZ\/1\/\" height=\"423\" 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 4,488 units under construction as of February and an additional 16,200 units in the planning and permitting stages. Yardi Matrix expects the metro\u2019s footprint to increase by 1,371 units by the end of the year. During the first two months of the year, only three RBN properties traded for a combined $60 million. If this trend continues, this year\u2019s transaction volume will likely surpass 2023\u2019s $129 million.<\/p>\n<p>Read the full Yardi Matrix Cleveland Multifamily Market Report: <a href=\"\/publications\/download\/file\/5487-MatrixMultifamilyClevelandReport-April2024\"><strong>April 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Cleveland Rents Buck Nation\u2019s Downward Trend The metro&#8217;s multifamily market reflected an oscillating performance, according to the latest Yardi Matrix Cleveland multifamily market report. Rent growth was 0.1% on a trailing three-month basis through February, while the U.S. rate posted a decline, as per the U.S. multifamily market report. Year-over-year, the metro\u2019s average rate was [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[106,511],"class_list":["post-7980","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-2024"],"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\u00a0Multifamily Market Report \u2013 April 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Cleveland rates increased 0.1% on a T3 basis through February, in direct opposition to the national trend, Yardi Matrix data shows.\" \/>\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-april-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cleveland\u00a0Multifamily Market Report \u2013 April 2024\" \/>\n<meta property=\"og:description\" content=\"Cleveland rates increased 0.1% on a T3 basis through February, in direct opposition to the national trend, Yardi Matrix data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-april-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-07T08:05:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T10:01:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Cleveland-iStock-1743072684.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=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Agota Felhazi\" \/>\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\u00a0Multifamily Market Report \u2013 April 2024 - 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