Cleveland Multifamily Market Report

Limited suburban development sustains rent growth. In the second quarter, Cleveland’s suburbs recorded a 5.5 percent vacancy rate, ranking the fourth-lowest among major U.S. metros. In Lake County, minimal new inventory over the past five years has led to steady rent growth, climbing 7.9 percent year over year in June to $1,242 per month. With fewer than 200 units in the pipeline here, development remains limited. In contrast, the CBD’s steadier inventory growth contributed to higher vacancy, reaching 9.2 percent in June — well above the historical average. Still, CBD rents have risen by 23 percent since 2019. While increasing demand supports rent growth, additional Class A developments in central and east sides of Cleveland are expected to raise local vacancy in the near term.