Northeast Ohio Rental Rates Continue To Increase

Median rent in December for a one-bedroom, according to data, shows Cleveland's rental averages at the highest since February, now hitting $1,250/month. Despite Akron and Columbus rents leaping up 11 percent this year, Cleveland's median rent is still the highest in Ohio.

The flurry of spikes and troughs in the wake of the pandemic has, both in coastal cities and further inland, led to shifts in the housing market.

In Cuyahoga County, rent increases come amidst the continued arrival of new multifamily buildings, those like the City Club Apartments on Euclid Avenue or Driftwood in Tremont, that are bound to list studios and one-beds at, or above, market value. An informal survey of Clevelanders around town showed rent raises citywide, from dozens of dollars to hundreds.

As rental rates continue to rise, many renters are making the leap into homeownership. Often, when I help a client buy their first home, they end up paying the same or less to own a home than they were paying with their rental.

The bottom line is if you're renting, it makes sense to evaluate options. I've helped many clients buy who have seen substantial rental increases over the last 24 months. While renting is the most economical decision in many regions of the US, that's not the case in Northeast Ohio. It almost always makes sense to own for those who qualify. Who do you know that's still renting that would like to evaluate options? Please let me know if I can assist!