{"id":810,"date":"2021-04-29T06:10:36","date_gmt":"2021-04-29T06:10:36","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=810"},"modified":"2023-03-10T08:12:42","modified_gmt":"2023-03-10T08:12:42","slug":"cleveland-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-spring-2021\/","title":{"rendered":"Cleveland Multifamily Market Report &#8211; Spring 2021"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Northeast Ohio Prepares for Recovery<\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/tag\/cleveland-housing-trends\/\" target=\"_blank\" rel=\"noreferrer noopener\">Cleveland\u2019s multifamily market<\/a><\/strong> has been resilient in the face of adversity. Although the metro\u2019s overall population has been declining over the past decade, urban areas of the city are still experiencing gains. Millennials are increasingly choosing this Midwest metro because of its affordability, which has mainly been supporting rent growth since the onset of the pandemic. On a trailing three-month basis through February, rents rose 0.2% to $980, while the national figure inched up 0.1% to $1,399.<\/p>\n\n\n\n<p>As of January, Cleveland had the highest unemployment rate among major Ohio markets\u20147.3%. The rate in Columbus and Cincinnati was 200 basis points lower. With 115,900 jobs lost in 2020 across the metro, several philanthropic, corporate and civic organizations launched a rapid response fund to support those dealing with the ongoing effects of the health crisis in Cuyahoga, Lake and Geauga counties. Some $1.3 million in grants was given to 88 downtown businesses to help them stay afloat and retain employees as foot traffic decreased significantly in the urban core.<\/p>\n\n\n\n<p>Bucking national trends, transaction activity endured throughout 2020 and the beginning of this year, with $50 million in multifamily assets changing hands in January and February combined. The affordability of Cleveland\u2019s housing market prompted Forbes to include the metro on its Top Housing Markets to Watch in 2021 list.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1238-MatrixMultifamilyClevelandReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\" target=\"_blank\" rel=\"noreferrer noopener\">Matrix Multifamily Cleveland Report-Spring 2021<\/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>Northeast Ohio Prepares for Recovery Cleveland\u2019s multifamily market has been resilient in the face of adversity. Although the metro\u2019s overall population has been declining over the past decade, urban areas of the city are still experiencing gains. Millennials are increasingly choosing this Midwest metro because of its affordability, which has mainly been supporting rent growth [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[106,221],"class_list":["post-810","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-2021"],"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 - Spring 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Cleveland\u2019s multifamily market has been resilient in the face of adversity. Although the metro\u2019s overall population has been declining over the past decade, urban areas of the city are still experiencing gains.\" \/>\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-spring-2021\/\" \/>\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 - Spring 2021\" \/>\n<meta property=\"og:description\" content=\"Cleveland\u2019s multifamily market has been resilient in the face of adversity. Although the metro\u2019s overall population has been declining over the past decade, urban areas of the city are still experiencing gains.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-29T06:10:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:12:42+00:00\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/Cleveland-Matrix-Report-iStock-1269195003.jpg\" \/>\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=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Cleveland Multifamily Market Report - Spring 2021 - Yardi Matrix Blog","description":"Cleveland\u2019s multifamily market has been resilient in the face of adversity. 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