The median rent in Cleveland, OH is now $1,049. It's gone up by 2.7% from last month and last year1. This shows that the rental market in Cleveland is strong. While most places in the U.S. are seeing rents go down by 0.7%, Cleveland's rents are on the rise1. It's important to realize that Cleveland's rent is increasing faster than most of the country. This makes Cleveland the 97th priciest big city in the U.S1..
A one-bedroom apartment in Cleveland goes for $857. If you need more room, a two-bedroom place will cost about $1,0681. For a deeper look, you can check the complete Cleveland rent report.
Key Takeaways
- The median rent in Cleveland stands at $1,049, reflecting a 2.7% increase month-over-month and year-over-year1.
- Cleveland rental prices continue to grow faster than the national rent trends, which have seen a recent decline1.
- Median rent for a one-bedroom in Cleveland is $857, while a two-bedroom averages at $1,0681.
- Ranked as the 97th most expensive large city in the U.S., Cleveland’s rental market is robust and competitive1.
- This rising trend in Cleveland's rental market underscores the importance of keeping track of the cost of living in Cleveland1.
Overview of Cleveland's Rental Market
Cleveland's rental market has seen big changes in 2024, with loads of new trends. The city's rental prices went up by 8.5% from January to June this year. That's faster than last year. Cleveland is doing better than big cities like Des Moines and New York City when it comes to how fast rents are rising.
The Impact of Rent Growth
Rental prices in Cleveland are going up steadily. Since May 2021, the average median rent in Greater Cleveland jumped by 19.3%. For example, some areas in Cleveland, like Fairview Park, saw rents skyrocket by 122.9% to $1,725. And Mayfield's rents went up by 110.9% to $1,3502.
But not everywhere saw increases. Bratenahl ZIP code 44108 in Cleveland dropped by 25.7% to $6502. This shows that Cleveland's rental market is varied.
Also, parking costs can add to living expenses in Cleveland. The fancier apartments might charge up to $150 a month for parking3.
Comparing Rents with National Trends
When we look at Cleveland compared to the rest of the country, it's quite affordable. Cleveland's median rent is about $1,100. That's 25.7% lower than the national average2. This affordability attracts a lot of renters, making Cleveland a standout choice.
Living in Cleveland costs about 6% less than the U.S. average. It's only 2% more than the Ohio average. Housing costs are also about 17% cheaper than the national average4.
For detailed information about renting in Cleveland, check out this in-depth renting guide.
Current Median Rent Prices
Cleveland, OH has a variety of rent prices for different homes. The city's median rent shows a market that's both diverse and changing.
1-Bedroom Apartments
Those looking for a small place find one-bedroom rent in Cleveland at about $6151. This is much less than the U.S. average of $1,2395 for similar apartments. In the first half of 2024, rent for 1-bedroom places in Cleveland went up by 8.5%5.
2-Bedroom Apartments
Two-bedroom apartments in Cleveland are in high demand. They go for $7861 on average. The national average for these is $1,3965, making Cleveland a less expensive option for more space.
Studio Apartments
Studio apartments hold a special spot in Cleveland's rental scene. They're perfect for those who want a small, efficient home in the city. Prices for studios change a lot based on location and what's included. Still, it's a good market for anyone looking for a compact space.
Factors Influencing Rent in Cleveland
Various elements shape the Cleveland housing market, significantly affecting rent factors. Economic conditions, supply and demand, and neighborhood appeal all play a part. Together, they define the rental market scenario.
Economic Conditions
The economy of Cleveland is key in setting rental prices. It has a stable job market and reasonable costs of living. This attracts new people, raising the demand for housing in Cleveland's housing market6. Also, economic growth efforts increase the need for rental places, pushing rents up.
Housing Supply and Demand
Changes in housing supply majorly affect rent costs. In November 2023, the average U.S. rent dropped by over 2%. Yet, Cleveland saw rent rise due to steady supply and demand6. The city's rent for different apartments went up, showing a strong housing demand in Cleveland7.
Neighborhood Desirability
How much people want to live in certain neighborhoods affects rents. Some areas in Cleveland are sought-after for their facilities, schools, and culture. This pushes rents higher. For instance, studio rents in Cleveland went up by 5.37% from 2019 to 20207. Popular areas boost housing demand, impacting the market.
Historical Rent Trends in Cleveland
In 2019, Cleveland's median monthly gross rent was $813, and the average rent was $8368. The same year also saw a rental vacancy rate of 5.80%8. Moreover, 35.81% of Cleveland households were renting, showing many people rely on rental homes8.
Over the years, Cleveland's rent trends have been up and down. The percentage of income needed for rent dropped from 18.60% in 2011 to 17.05% in 20198. This suggests renting became a bit more affordable despite economic shifts.
The median rent in Cleveland jumped to $1,049 in 2024. That's an increase of 8.5% from the year before5. It was a bigger jump compared to the 2.8% growth in 20235.
Indeed, Cleveland's rent has been climbing, with a 2.7% rise in June 2024 alone5. It's now among the cities with the fastest-growing rent in the US5. These numbers help predict future rental market trends.
If you're looking into Cleveland's rent changes, the Dept of Numbers offers deep insights8. It's a resource that sheds light on past and current rental trends, helping to guess what might happen next in the market.
Rental Market Comparisons with Nearby Cities
Looking at rental prices in Cleveland, we also check prices in places like Cuyahoga Falls and Mentor. This lets us see how Cleveland's rents stack up. It helps people looking to rent make smart choices.
Cleveland vs. Cuyahoga Falls
Cuyahoga Falls shows some different rental trends compared to Cleveland. In Cleveland, rent can be anywhere from $770 to $3,840 a month. But Cuyahoga Falls usually has lower rent prices9.
The differences in prices come from the amenities offered, the areas' vibes, and how the local economies are doing. Looking into these things gives renters a clear view of what Cuyahoga Falls offers.
Cleveland vs. Mentor
Mentor's rent is generally higher than Cleveland's. It points to Mentor's suburban charm, better facilities, and its popularity with families9. Cleveland, on the other hand, has a wide variety of rents, fitting many budgets.
To pick the best option for their needs and wallets, renters should understand these differences. Also, for more information on Cleveland's rents and what you can get, check out Realtor.com9.
How Cleveland Ranks Among Major U.S. Cities
In assessing how Cleveland compares to other U.S. cities, many factors are looked at. It ranks as the 97th most expensive city for renters. This places it below cities like San Francisco and New York. Yet, it's more costly than Huntsville and Tulsa.
Cleveland's Position in the Top 100
Rent in Cleveland has gone up, making its mark on a national level. It jumped 16% in Greater Cleveland last year, according to recent reports10. This increase ranks it fifth among larger cities for rent hikes.
In some neighborhoods, the rise is even sharper. For example, Shaker Heights saw a 32% jump in the rent for a one-bedroom last year10.
A Closer Look at Cost Differences
Even with rising rents, living in Cleveland can be more affordable than in other places. Someone living in the Cleveland-Elyria area needs to earn $19.19 an hour. This is to afford a two-bedroom apartment while keeping housing costs below 30% of their income11.
This hourly wage is a bit higher than Ohio's average of $18.4711. While Ohio is cheaper than Illinois and Michigan, it's key to look at wages. Especially in cities like Cleveland, to make sure renting remains affordable as the city grows.
Living Costs in Cleveland Beyond Rent
Cleveland's living costs offer a complete view of what you'll spend, besides rent. It includes the price of essentials like health care and getting around the city. Knowing these expenses is key for anyone thinking of moving to Cleveland.
Goods & Services
In Cleveland, things you buy and services cost 6% less than in other places. This means you get more for your money and living day-to-day is easier on your wallet12. There’s lots of fun stuff to do and a strong sense of community, making life here rich and full12.
Groceries
Food costs a bit more here, about 4% more than average. But, the overall cost to live in Cleveland is still appealing, especially because renting is cheaper12. This mix of slightly higher food prices and low rent attracts both investors and people looking for a new12.
Health
Healthcare is 4% cheaper in Cleveland compared to the national average. With over 32,000 people working in healthcare here, the city offers excellent medical services at good prices13. This not only helps people living here but also adds lots of jobs, boosting the local economy13.
Transportation
Getting around is 3% cheaper in Cleveland than elsewhere. Lower transport costs, along with cheap housing and affordable daily needs, lower the overall cost of living12. The city's good public transit and roads make getting around easier and cheaper for everyone13.
Cleveland is a place where you can live well without spending too much. It has lower costs for groceries, health care, and transport. Cleveland makes sure its residents have a good life without breaking the bank12
Rental Market Predictions for Cleveland
Cleveland's rental market looks set to adjust rent prices due to economic trends. History shows rents in Cleveland have climbed a lot recently. They might grow slower in the future. Cleveland's rent went up by 16% since last year, placing it fifth among big U.S. cities10. The median rent here has hit $1,049, a 2.7% increase from last year5.
April 2024 data revealed an 8.5% rent rise in six months, compared to a 2.8% rise last year5. This suggests future rent changes in Cleveland will follow past patterns. Average apartment rents are now $1,235 a month. Houses cost a bit more, averaging $1,287 monthly14.
Downtown Cleveland and Shaker Heights saw big rent jumps. Downtown averages $1,692, while Shaker Heights rents soared 32% in a year1014. This could keep happening as demand stays strong and places to live are hard to find.,p>
Cleveland's market is unique on the national scene. While the national average rent dropped nearly 1% last year, Cleveland's went up. This shows Cleveland's housing market is different10. Both renters and investors need to keep up with these changes.
Programs like the Flex Fund and “A Home For Every Neighbor” are tackling housing issues. They aim to make the market more predictable10. Paying attention to these efforts helps people understand and navigate Cleveland's changing rent scene.
How to Find the Best Rental Deals in Cleveland
Finding the best rental deals in Cleveland is easier with the right approach. Using online tools and local real estate agents can make the search quicker. This helps you find housing that matches your needs and budget.
Using Online Tools
Start your search by visiting online rental sites like Zillow, Apartments.com, and RentCafe. These platforms let you filter search results by location, price, and features. They also offer virtual tours and allow you to talk directly with property managers.
Online tools give insights into the Cleveland rental market. For example, the average rent is $1,049, showing a 2.7% rise both monthly and yearly5. Knowing this can help you find the best deals at the right time.
Contacting Local Agents
Working with Cleveland real estate agents gives you an advantage. They know the market well, including places you won't find online. These agents have good relationships with landlords, which could help you get your application approved faster.
Agents also provide valuable information about neighborhoods and access to amenities. With a median rent of $857 for a one-bedroom and $1,068 for a two-bedroom apartment5, local advice is crucial. It can help you secure the best deal in one of the U.S.'s pricier cities.
By combining online search tools with local expert advice, you can greatly improve your chances of finding the perfect rental. This strategy matches your budget and lifestyle preferences.
Conclusion
Cleveland's rent trends show that it's cheaper than many other places in the US, but rent prices are slowly going up. The average rent here is $1,050 a month. This is cheaper than in Columbus and Cincinnati, where it's $1,09515. Cleveland is doing pretty well for itself, with luxury apartments averaging $1,58915.
Besides rent, Cleveland is also affordable in other living costs like groceries and utilities. These costs are below or just at the national average16. With lower healthcare costs and reasonable taxes, Cleveland attracts both its current residents and newcomers16. Plus, the city's public transit is budget-friendly, and salaries match the cost of living here well16.
When looking at Cleveland as a place to live, keeping an eye on the market is key. It's a city with special living options that can impact your finances in a big way. Knowing what Cleveland offers can help people decide wisely, taking full advantage of what the city's rental market has to offer.
FAQ
What's the average rent in Cleveland, OH?
The average rent in Cleveland, OH is $1,049. This shows a rise of 2.7%, both monthly and yearly. Compared to Ohio's trend, this is quite stable and not as variable as the national trends.
What are the current median rent prices for different apartment types in Cleveland?
For a 1-bedroom apartment in Cleveland, the median rent is $857. A 2-bedroom goes for $1,068. Studio apartments are competitively priced, attractive to those wanting a smaller space in the city.
How has rent growth impacted Cleveland's rental market?
Rent in Cleveland has grown steadily in 2024, with an 8.5% increase from January to June. This growth is higher than last year's and makes Cleveland a top city for rent increases among large U.S. cities.
How do Cleveland's rents compare with national trends?
Rents in Cleveland are 25.7% below the national median. This means Cleveland's housing market is more affordable. While the national rent fell by 0.7%, Cleveland's rents grew steadily.
What factors influence the rental prices in Cleveland?
Economic conditions, housing supply and demand, and neighborhood desirability impact Cleveland's rental prices. These factors shape the city's rental landscape.
What are the historical rent trends in Cleveland?
Looking at Cleveland's rent history, we see steady growth with some price fluctuations. This history helps predict future trends and understand the market's evolution.
Cleveland's rents show big differences when compared to Cuyahoga Falls and Mentor. This helps renters see how living in Cleveland matches up in value and affordability.
Where does Cleveland rank among major U.S. cities in terms of rental costs?
Cleveland is the 97th most expensive city for renters in the U.S. It is as affordable as cities like Huntsville and Tulsa, showing its relative affordability.
What are the living costs in Cleveland beyond rent?
In Cleveland, Goods & Services cost 6% less than the national average. Groceries are 4% more. Health costs are 4% lower, and Transportation is 3% cheaper. Utility costs are the same as the national average. This gives a full view of the cost of living beyond rent.
What are the predictions for Cleveland's rental market in the future?
Experts think Cleveland's rental market will keep adjusting prices and see market shifts. These predictions are key for those looking to rent or invest in the housing market.
How can someone find the best rental deals in Cleveland?
People looking to rent can use online tools for listings and screenings. They can also work with local real estate agents. These methods help find the best rental deals in Cleveland.
Source Links
- Cost of Living in Cleveland, OH 2023 - https://www.apartmentlist.com/renter-life/cost-of-living-in-cleveland
- A ZIP code by ZIP code look at rent price trends for Greater Cleveland - https://www.cleveland.com/data/2022/06/a-zip-code-by-zip-code-look-at-rent-price-trends-for-greater-cleveland.html
- 100 Best Apartments In Cleveland, OH (with pictures)! - https://www.apartmentlist.com/oh/cleveland
- Navigating the Cleveland Cost of Living: A Practical Guide for 2024 - https://www.ohiorealestatesource.com/blog/cleveland-oh-cost-of-living-guide/
- Average Rent in Cleveland, OH & Rent Price Trends - https://www.apartmentlist.com/rent-report/oh/cleveland
- Will the Rental Market Crash in 2024: Forecast & Trends - https://www.noradarealestate.com/blog/rental-prices/
- Rent Report: The State of the Rental Market (July 2020) | ApartmentGuide.com - https://www.apartmentguide.com/blog/apartment-guide-annual-rent-report-july-2020/
- Residential Rent Statistics for Cleveland Ohio - https://www.deptofnumbers.com/rent/ohio/cleveland/
- Apartments for Rent in Cleveland, OH - https://www.rentable.co/cleveland-oh
- Rising rent prices in Cleveland, Akron markets are bucking national trends, new data say - https://www.ideastream.org/health/2024-03-13/rising-rent-prices-in-cleveland-akron-markets-are-bucking-national-trends-new-data-say
- Cleveland, Akron, among highest rents in Ohio, but average wages cannot cover costs [MAP] - https://www.cleveland.com/realestate-news/2023/06/cleveland-akron-among-top-ohio-places-to-rent-in-but-average-wages-cannot-cover-costs-map.html
- The Cheapest Places to Live in Ohio in 2024 - https://www.rent.com/blog/cheapest-places-to-live-in-ohio/
- Moving to Cleveland, Ohio: What You Want to Know | Mayflower® - https://www.mayflower.com/moving-tips/blog/moving-to-cleveland-oh
- Complete House Renting Guide For Cleveland, OH - 2024 - Ark7 - https://ark7.com/blog/learn/cities/complete-house-renting-guide-for-cleveland-oh/
- Average Rent In Ohio Statistics: Market Data Report 2024 - https://gitnux.org/average-rent-in-ohio/
- Exploring the Cost of Living in Cleveland, Ohio - https://www.thepinnaclelist.com/articles/exploring-the-cost-of-living-in-cleveland-ohio/
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