MARKET SNAPSHOT

Cleveland q1 2025

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AVERAGE RENT

$1,219 Q1 2025

OCCUPANCY RATE

92.0% Q1 2025

QUARTERLY NET ABSORPTION

278 Q1 2025

ANNUAL RENT CHANGE

2.8% Q1 2025

ANNUAL OCCUPANCY CHANGE

0 BPS Q1 2025

QUARTERLY COMPLETIONS

687 Q1 2025

KEY TAKEAWAYS
Cleveland posted an annual effective rent growth rate of 2.8% in Q1 2025, ranking 7th among the nation’s 50 largest apartment markets by unit count.
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Approximately 2,600 units remain under construction in Cleveland, keeping the development pipeline elevated relative to local norms. However, the total represents just 1.9% of existing inventory—well below the national average of 2.9%.
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New deliveries over the past 12 months were heavily concentrated in the Downtown Cleveland submarket, which accounted for 35% of total new supply. 
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Featured Ohio Research Reports:

Picture of Brian Hall

Brian Hall

Senior Director

brian.hall@mmgrea.com

Evan Lisle

Evan Lisle

Associate Advisor

evan.lisle@mmgrea.com

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