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Investing in Cleveland, the downtown renaissance. The vast majority of city centres in the United States have been abandoned and have gradually lost their attractiveness. This situation is no longer relevant. The great return of a young population provokes a rebirth of the city centres. Let’s linger in a few lines on downtown Cleveland Ohio.
In the end, more and more young people with diplomas, accepting mobility, are moving to places where the job is. That’s of course the case in downtown Cleveland. We have talked in many articles about the growth and multitude of jobs created every day in Cleveland.
The renewal of downtown Cleveland:
The old buildings are thus rehabilitated, the family homes are renovated, often by real estate professionals. Transport networks are also being updated and experiencing a new youth, while gardens and public green spaces are being maintained. As a result, the industry trusted the Cleveland authorities and new industrial and commercial projects were born.
Economists’ views:
Many economists agree that rising jobs lead to a drop in crime rates and security. These factors have a reassuring effect and the populations of young active are seduced by Cleveland. It is in this population of young people that the most demanding of rental property are found.
Real estate financing difficult to do:
Banks remain weak and the criteria for obtaining financing are becoming more stringent. On this point few banks take the risk of lending to the youngest. They are therefore required to rent their homes. This trend is creating an increase in rents. On average, the amount of rent collected in the city centre is two per cent higher than the rents collected on the outskirts of the city.
Revenues on the rise:
Finally, some experts note that the income growth of downtown residents has increased fourfold since 2005. Rents have also grown by more than 45% since the beginning of 2011. Everyone agrees that investing in Cleveland Centre is not only a good deal but also a very profitable business. Whereas before 2015 40% of homes and businesses were vacant, this holiday rate is now less than 2%.
Bars restaurants and shops:
Now the city centre and its periphery are the covetousness of foreign investors. Bars, breweries, restaurants, entertainment venues and cinemas are a delight for locals. Indeed, the world of real estate investors wants its share of rental income. While waiting for the completion of new construction, the major real estate players in Cleveland are buying, renovating detached houses for a growing rental market. Real estate agents who have been interested in this market do not regret their reorientation.
Current market prices:
It is true that the price of admission is low, but increasing permanently now. Currently we can offer houses between $60,000 and $80,000, all of these houses have undergone renovations, upgrades and no work is required for immediate rental. This entry “ticket” cannot last and let us be sure that in the coming years no more products will be offered in this price range. More than ever, don’t wait any longer to invest in real estate in Cleveland.
