Cleveland Rent Continues To Rise

Rent costs continue to rise in Cleveland, other areas of the Midwest and nationally, according to a recent report.

Realtor.com released data showing the median May rent price in the Cleveland-Elyria area was $1,224, which is a 2.7% year-over-year increase. Cleveland is lower than the national median rent price for May, which was found to be $1,732, a $508 difference.

These numbers include studio, one-bedroom and two-bedroom apartments, along with private rentals like condos, townhomes and single-family homes. And this trend is on par as the market enters the busy summer season.

Aside from Cleveland, the Cincinnati metro area had a median rent price of $1,367 in May, while Columbus saw $1,184, a 1.9% increase and a 2.3% decrease respectively.

According to data, rent prices were at their peak in August 2022 at $1,756, merely $24 more than May. Realtor.com found that though there have been large declines in the southern and western markets, there have been fast rent increases in the Midwest and Northeast.

It attributed the increases to “robust labor markets” that created high demand, and with not enough inventory, competition drives up prices.

Nerd Wallet added that other factors that can affect housing prices are inflation, landlords making up for pandemic-era rent freezes, more prospective renters wanting to live alone and barriers to home ownership.

Source: Cleveland.com