Cleveland's population has experienced a slight decline, decreasing by 0.6% year-over-year to approximately 2,063,132 in 2022. This trend follows a population of about 2,075,662 in 2021, indicating a continued challenge in attracting and retaining residents. Despite this demographic contraction, the city maintains a median household income of $65,198, which supports housing demand, particularly in the multifamily sector. Employment conditions remain stable, contributing to a relatively consistent renter share, although specific unemployment figures were not provided.
In the multifamily sector, year-over-year rent growth stands at 6%, with median gross rent reported at $970. The HUD Fair Market Rents for a two-bedroom unit is approximately $1,771, which serves as a subsidy benchmark and is notably lower than the asking rent of $1,208 for the same unit. This disparity suggests that while there is upward momentum in rents, affordability remains a concern for many residents, potentially impacting demand in the long term.
Over the trailing 24 months, Cleveland has seen 1,332 transactions with a total dollar volume of approximately $383.4 million, resulting in a median price per unit of $152,000. The multifamily cap rate is currently at 8.46%, which is about 142 basis points higher than the national median of 7.04%. This elevated cap rate reflects a risk premium associated with the local market dynamics. As the market continues to navigate demographic challenges, careful underwriting will be essential to assess future investment opportunities.
Figures assembled automatically from public property records, third-party listing feeds, licensed market data, and federal sources (HUD, Census, BLS).
Portrayed perpetually in bounce-back mode, some industrial regions in the Great Lakes are using their very resilience to propel them to the lead instead of playing catch-up. The post SUSTAINABILITY & RESILIENCE: Cleveland’s 15-Minute City Vision Attracts Long-Term Commitments appeared first on Site Selection Magazine .
JLL will serve as the exclusive leasing agent for Commerce Park 71, a 165-acre industrial development in Burbank, Ohio. The site offers exceptional power capacity—more than 200 megawatts—along Northeast Ohio’s I-71 corridor. The property’s flexible design allows it to be divided into parcels as small as five acres, accommodating a…
<figure><div><img src="https://imgproxy.divecdn.com/Lb0626kamiejxrNh25DJszMM2bsbgM99TyVY7kZRr6I/g:ce/rs:fill:1600:900:1/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9HYWxsZXJ5LU5HM19WZXJ0aWNhbE5pZ2h0Mi5qcGc=.webp"/></div></figure><p>Additionally, Cleveland-Cliffs provided an update on its Butler Works expansion in Pennsylvania, Xingyu announced its first U.S. facility in North Carolina and Re:Build is tripling production in South Carolina.</p>
GROVE CITY, OHIO — BWE has provided a $28.3 million permanent loan for Grove City Senior Living, an independent living, assisted living and memory care community in Grove City, part of the Columbus metropolitan area. Taylor Hawkins, senior vice president in BWE’s Cleveland office, originated the financing on behalf of…
<figure><div><img src="https://imgproxy.divecdn.com/DCdIYioiVUBFnK19C19_ECEaRA2PKQhsc1UZiMSeJUg/g:ce/rs:fill:1600:900:1/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9HZXR0eUltYWdlcy0xNTAyOTM4ODkyLmpwZw==.webp"/></div></figure><p>The 20-foot-diameter tunnel in Cleveland will help divert 550 million gallons of combined sewer releases annually from Lake Erie.</p> <p> </p>
The increased utilization of Commercial Property Assessed Clean Energy (C-PACE) debt for conversion projects has reached new heights with Cleveland’s fifth-tallest building. ErieView Development has secured a $93.4 million C-PACE loan from Nuveen Green Capital (NGC) to transform the former Erieview Tower building in Downtown Cleveland into Ohio’s first W…
| Sold | Address | Type | Units | Price | $/Unit |
|---|---|---|---|---|---|
| 2025-05-23 | 2108 Robin St, Lakewood, OH 44107 | Multifamily | 4 | $435K | $108,750 |
| 2025-05-23 | 1646 Waterbury Rd, Lakewood, OH 44107 | Multifamily | 1 | $440K | $440,000 |
| 2025-05-22 | 1295 W 106th St, Cleveland, OH 44102 | Multifamily | 1 | $295K | $295,000 |
| 2025-05-22 | 1471 Riverside Dr, Lakewood, OH 44107 | Multifamily | 1 | $350K | $350,000 |
| 2025-05-21 | 2163 E 84th St, Cleveland, OH 44103 | Multifamily | 4 | $190K | $47,500 |
| 2025-05-21 | 2310 Oak Park Ave, Cleveland, OH 44109 | Multifamily | 1 | $220K | $220,000 |
| 2025-05-20 | 3598 W 50th St, Cleveland, OH 44102 | Multifamily | 1 | $155K | $154,900 |
| 2025-05-19 | 5752 Bavaria Ave, Cleveland, OH 44129 | Multifamily | 1 | $260K | $260,000 |
| 2025-05-19 | 3585 W 120th St, Cleveland, OH 44111 | Multifamily | 1 | $180K | $180,000 |
| 2025-05-16 | 4781 93rd St, Garfield Heights, OH 44125 | Multifamily | 1 | $190K | $190,000 |
| 2025-05-16 | 1668 Coventry Rd, Cleveland Heights, OH 44118 | Multifamily | 1 | $325K | $325,000 |
| 2025-05-16 | 14217-19 Athens Ave, Lakewood, OH 44107 | Multifamily | 1 | $315K | $315,000 |
| 2025-05-16 | 2224 Eldred Ave, Lakewood, OH 44107 | Multifamily | 1 | $455K | $455,000 |
| 2025-05-16 | 3917 Clybourne Ave, Cleveland, OH 44109 | Multifamily | 1 | $120K | $120,000 |
| 2025-05-16 | 2119 Morrison Ave, Lakewood, OH 44107 | Multifamily | 1 | $350K | $350,100 |
| 2025-05-16 | 14615 Leonard Ave, Lakewood, OH 44107 | Multifamily | 1 | $330K | $329,900 |
| 2025-05-16 | 1739-1741 Taylor Rd, Cleveland, OH 44112 | Multifamily | 1 | $132K | $132,000 |
| 2025-05-16 | 4000 E 143rd St, Cleveland, OH 44128 | Multifamily | 1 | $135K | $135,000 |
| 2025-05-16 | 17633 Harvard Ave, Cleveland, OH 44128 | Multifamily | 1 | $140K | $140,000 |
| 2025-05-16 | 4213 Valley Rd, Cleveland, OH 44109 | Multifamily | 1 | $130K | $130,000 |
| 2025-05-16 | 10010 North Blvd, Cleveland, OH 44108 | Multifamily | 1 | $213K | $213,000 |
| 2025-05-15 | 3326 W 128th St, Cleveland, OH 44111 | Multifamily | 1 | $200K | $200,000 |
| 2025-05-15 | 1216 176th St, Cleveland, OH 44119 | Multifamily | — | $150K | — |
| 2025-05-15 | 7126 Camden Ave, Cleveland, OH 44102 | Multifamily | 1 | $115K | $115,000 |
| 2025-05-14 | 3354 E 132nd St, Cleveland, OH 44120 | Multifamily | 1 | $155K | $155,000 |
| 2025-05-14 | 3597 Normandy Rd, Shaker Heights, OH 44120 | Multifamily | 1 | $230K | $230,000 |
| 2025-05-13 | 3005 W 11th St, Cleveland, OH 44113 | Multifamily | 1 | $221K | $221,000 |
| 2025-05-12 | 1494 W 116th St, Cleveland, OH 44102 | Multifamily | 1 | $150K | $150,000 |
| 2025-05-12 | 2310 Lakeview Ave, Rocky River, OH 44116 | Multifamily | — | $360K | — |
| 2025-05-12 | 19300 Newton Ave, Euclid, OH 44119 | Multifamily | — | $155K | — |
| 2025-05-12 | 7003 Claasen Ave, Cleveland, OH 44105 | Multifamily | 1 | $150K | $150,000 |
| 2025-05-09 | 2448 W 6th St, Cleveland, OH 44113 | Multifamily | 4 | $322K | $80,500 |
| 2025-05-09 | 13614 Cedar Rd, University Heights, OH 44118 | Multifamily | 1 | $292K | $291,500 |
| 2025-05-09 | 459 E Broad St, Elyria, OH 44035 | Multifamily | 1 | $220K | $220,000 |
| 2025-05-09 | 10122 North Blvd, Cleveland, OH 44108 | Multifamily | 4 | $170K | $42,433 |
| 2025-05-09 | 3837 W 160th St, Cleveland, OH 44111 | Multifamily | 1 | $313K | $312,950 |
| 2025-05-09 | 18423 Winslow Rd, Shaker Heights, OH 44122 | Multifamily | 1 | $326K | $326,000 |
| 2025-05-09 | 10705 Fidelity Ave, Cleveland, OH 44111 | Multifamily | 1 | $127K | $127,000 |
| 2025-05-09 | 19050 Lake Shore Blvd, Cleveland, OH 44119 | Multifamily | 1 | $120K | $120,000 |
| 2025-05-09 | 1573 Lakewood Ave, Lakewood, OH 44107 | Multifamily | 1 | $220K | $220,000 |
| 2025-05-08 | 3311 W 33rd St, Cleveland, OH 44109 | Multifamily | 1 | $250K | $250,000 |
| 2025-05-08 | 1911 Clover Ave, Cleveland, OH 44109 | Multifamily | 1 | $193K | $193,000 |
| 2025-05-08 | 4817 E 94th St, Garfield Heights, OH 44125 | Multifamily | 1 | $152K | $152,000 |
| 2025-05-08 | 3545 E 153rd St, Cleveland, OH 44120 | Multifamily | 1 | $145K | $145,000 |
| 2025-05-07 | 3652 E 146th St, Cleveland, OH 44120 | Multifamily | 1 | $140K | $139,900 |
| 2025-05-07 | 1634 Parkwood Rd, Lakewood, OH 44107 | Multifamily | 1 | $275K | $275,000 |
| 2025-05-07 | 491 E 114th St, Cleveland, OH 44108 | Multifamily | 1 | $133K | $133,100 |
| 2025-05-07 | 3922 Memphis Ave, Cleveland, OH 44109 | Multifamily | 1 | $135K | $135,000 |
| 2025-05-07 | 3946 Woodbridge Ave, Cleveland, OH 44109 | Multifamily | 1 | $160K | $160,000 |
| 2025-05-06 | 3865 W 40th St, Cleveland, OH 44109 | Multifamily | 6 | $150K | $25,000 |
Recorded multifamily sales from public property records and third-party listing feeds over the trailing 24 months — a partial sample, not an exhaustive market index. Sources & methodology →
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