Tony Dejak – AP Photo
Apartment prices in Cleveland rose faster than the national average last year, with a rent growth of 3.8 percent.
The average rent of apartments in Cleveland is $1,065 per month and they’re the most expensive in the state, according to a January report from RENTCafé and Yardi Matrix data.
All six of the largest cities in the state — Akron, Dayton, Cincinnati, Cleveland, Columbus and Toledo — experienced some increase in apartment rates.
"The overall growth trend for rental apartments in Ohio mirrors the national trend — which shows a 3.1 percent year-over-year increase," the report stated, based on Yardi Matrix data.
Euclid and Westlake were shown as having similar rate increases (around 2 percent) from 2017 to 2018. Euclid’s average rent last year was $691 and Westlake’s was $1,180.
Although the state was consistent with the national trend in rent increases, actual prices have remained lower.
"Rent prices in Ohio are generally well below the national average," the report stated.
Rates increased the most in Toledo at 6 percent over 2018, but the city still has the lowest rent price in Ohio.
"Toledo’s economic development outpaced that of Columbus, Cleveland, and Cincinnati in 2017," the report stated, "and its impact was felt in 2018 in the price of rents ($709 in Toledo), among other things. As more jobs are created, the demand for housing rises as well, and with that prices grow."
The national rent price was reported at $1,419. Throughout 2018, the greatest rent fluctuation was seen in small cities, which are defined as having a population less than 300,000.
According to U.S. Census data, the amount of renter-occupied households in Cleveland has increased by 17 percent since 2010.
"Healthy job creation, a robust economy, and positive demographic trends are promoting the formation of new households and stimulating demand for rentals," stated Doug Ressler, Yardi Matrix director of business intelligence. "Vacancies are likely to remain low and declining in most markets, particularly among Class B and C multifamily buildings."
To view the Ohio report and full, nationwide report, visit https://bit.ly/2CMWOkS.