{"id":8793,"date":"2024-10-28T07:27:00","date_gmt":"2024-10-28T07:27:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8793"},"modified":"2025-05-22T08:10:16","modified_gmt":"2025-05-22T08:10:16","slug":"cleveland-multifamily-market-report-october-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-october-2024\/","title":{"rendered":"Cleveland\u00a0Multifamily Market Report \u2013 October 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>Rents Solid Despite Slowing Economy<\/h2>\n<p>Cleveland advertised asking rents increased by 0.2% on a trailing three-month basis through August, outperforming the national average, according to the latest Yardi Matrix Cleveland multifamily market report. Rates were up 3.0% year-over-year, to $1,196, well above the 0.8% national rate of growth, which brought the U.S. average to $1,741. The metro\u2019s occupancy rate decreased by 40 basis points year-over-year, to 94.5% as of July, just below the 94.7% U.S. figure, as per the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily market report<\/strong><\/a>.\u00a0<\/p>\n<p><iframe id=\"datawrapper-chart-cwKZa\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cleveland vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/cwKZa\/1\/\" height=\"328\" 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 June, Cleveland\u2019s unemployment rate was 4.3%, while Akron settled at 5.3%, according to data from the Bureau of Labor Statistics. Both figures were higher than the national average of 4.1%. Cleveland employment gains were meagre, with only 2,600 net jobs added in the 12 months ending in June, for a 0.4% expansion. Ahead of groundbreaking, the Interdisciplinary Science and Engineering Building at Case Western Reserve University received more than $100 million in private donations. The 189,000-square-foot building is scheduled to open in the fall of 2026.<\/p>\n<p><iframe id=\"datawrapper-chart-t0Bzk\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cleveland Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/t0Bzk\/1\/\" height=\"417\" 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>The metro had 4,152 units under construction as of August and an additional 15,000 units in the planning and permitting stages. Transactions during the first eight months of the year consisted mostly of Renter-by-Necessity properties, which accounted for $200 million of total volume. Meanwhile, this year\u2019s sales have already outpaced 2023\u2019s sluggish transaction volume of $170 million.<\/p>\n<p>Read the full Yardi Matrix Cleveland Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6358-MatrixMultifamilyClevelandReport-October2024\"><strong>October 2024<\/strong><\/a><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rents Solid Despite Slowing Economy Cleveland advertised asking rents increased by 0.2% on a trailing three-month basis through August, outperforming the national average, according to the latest Yardi Matrix Cleveland multifamily market report. Rates were up 3.0% year-over-year, to $1,196, well above the 0.8% national rate of growth, which brought the U.S. average to $1,741. [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7982,"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-8793","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 October 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Cleveland advertised asking rents increased 0.2 percent on a T3 basis through August to $1,196, while the national average rose only 10 bps.\" \/>\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-october-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 October 2024\" \/>\n<meta property=\"og:description\" content=\"Cleveland advertised asking rents increased 0.2 percent on a T3 basis through August to $1,196, while the national average rose only 10 bps.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-october-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-28T07:27:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-22T08:10:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/Matrix-Multifamily-Metro-October-2024-Cleveland.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 October 2024 - 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