{"id":9595,"date":"2025-05-02T07:17:00","date_gmt":"2025-05-02T07:17:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=9595"},"modified":"2025-11-13T07:25:13","modified_gmt":"2025-11-13T07:25:13","slug":"cleveland-multifamily-market-report-april-2025","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-april-2025\/","title":{"rendered":"Cleveland\u00a0Multifamily Market Report \u2013 April 2025"},"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>Rent Growth Outpaces Nation<\/h2>\n<p>Cleveland\u2019s multifamily market recorded uneven fundamentals at the start of the year. Rent growth was 0.3% on a trailing three-month basis through February, while the U.S. average remained flat, according to the latest Yardi Matrix Cleveland multifamily market report. On a year-over-year basis, the metro\u2019s average advertised asking rate increased 4.4%, to $1,216, while the U.S. average rose 1.2%, to $1,751. Cleveland\u2019s occupancy rate settled at 94.7% as of January, just above the U.S. average of 94.5%, as per the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily market report<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-QYmrq\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cleveland vs. National Rent Growth   \" src=\"https:\/\/datawrapper.dwcdn.net\/QYmrq\/1\/\" height=\"329\" 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,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();<br \/>\n<\/script><\/p>\n<p>In January, Cleveland\u2019s unemployment rate was 4.6% and Akron\u2019s stood at 5.6%, according to preliminary data from the Bureau of Labor Statistics. In 2024, the metro added 2,900 net jobs. The education and health services sector led gains, with 6,300 positions added. Bedrock\u2019s masterplan for a $3.5 billion transit-oriented project that would transform the eastern Cuyahoga riverfront is one step closer to development. The City Planning Commission approved the masterplan for the project, which is expected to deliver more than 2,000 residential units as well as 12 acres of green space, such as parks and trails.<\/p>\n<p><iframe id=\"datawrapper-chart-bekei\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cleveland Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/bekei\/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,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();<br \/>\n<\/script><\/p>\n<p>Cleveland had 2,771 units under construction as of February. While no deliveries have been recorded yet this year, Yardi Matrix expects the metro\u2019s inventory to grow by approximately 1,600 units by the end of the year. Last year marked a decade-high for completions, with 2,330 units, or 1.4% of existing stock, added.<\/p>\n<p>Read the full Yardi Matrix Cleveland Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/7094-MatrixMultifamilyClevelandReport-April2025\"><strong>April 2025<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Outpaces Nation Cleveland\u2019s multifamily market recorded uneven fundamentals at the start of the year. Rent growth was 0.3% on a trailing three-month basis through February, while the U.S. average remained flat, according to the latest Yardi Matrix Cleveland multifamily market report. On a year-over-year basis, the metro\u2019s average advertised asking rate increased 4.4%, [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[106,513],"class_list":["post-9595","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-2025"],"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 2025 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Cleveland\u2019s advertised asking rents climbed 0.3 percent on a T3 basis through February, while the national average was flat.\" \/>\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-2025\/\" \/>\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 2025\" \/>\n<meta property=\"og:description\" content=\"Cleveland\u2019s advertised asking rents climbed 0.3 percent on a T3 basis through February, while the national average was flat.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/cleveland-multifamily-market-report-april-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-02T07:17:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-13T07:25:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/10\/Cleveland-iStock-2180615759-MHN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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 2025 - 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