Cleveland’s number one rental investment.
Record rents rise in Cleveland.
Compared to the 100 highest-paying U.S. cities for rental investment, Cleveland experienced the largest increase in rents paid to homeowners in 2019.
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2019 is a record year for Cleveland Ohio, with the city experiencing the biggest increase in occupancy rates and the largest increase in rents than any other major city in the country.
Zumper’s annual report.
The Zumper Institute has just published its national annual report, which focuses on the analysis of occupancy rates as well as the amount of rents charged in the 100 largest cities of the USA, the basis of these analyses is based on more than 1 million valid advertisements. The result gives Cleveland the highest step with rent growth up 16% compared to 2018. The average rent for a two-bedroom unit is now well in excess of $1,000. This sharp increase is closely related to the low costs of buying real estate in this region of the USA compared to other states.
Despite this significant increase, rents remain lower than in other regions, and the entire attractiveness of Cleveland shows. Americans looking for moderate rents naturally head to Cleveland.
Until more housing is available for rent or new construction, demand is greater than supply and rents will only increase. At the end of the year the $1500 barrier is almost reached for a two-bedroom unit, and, more than $1200 for a one-bedroom unit. However, these amounts remain well below the average rents in the country’s largest cities.
The Zumper index shows rents falling by more than 2% in a city like San Francisco, California, which has rents for a one-bedroom unit approaching $3,500. Among the most expensive cities in the United States are New York, Boston, Los Angeles, Washington, San Diego or Miami.
