MARKET SNAPSHOT

Cleveland q1 2026

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AVERAGE RENT

$1,254 Q1 2026

OCCUPANCY RATE

90.3%% Q1 2026

NET ABSORPTION

-280 T4Q

ANNUAL RENT CHANGE

1.3% Q1 2026

ANNUAL OCCUPANCY CHANGE

-160 BPS

UNIT COMPLETIONS

1,933 T4Q

KEY TAKEAWAYS

Cleveland's multifamily market absorbed -280 units over the trailing 12 months against 1,933 units delivered, leaving demand materially behind supply and sustaining lease-up competition across most active construction submarkets.

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The under-construction pipeline has contracted 39% over the past year to 1,816 units (1.3% of inventory), with trailing 12-month starts of 764 units signaling a materially lighter supply burden ahead.

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Average effective rents reached $1,254, up 1.3% year over year, even as stabilized occupancy of 90.3% reflects a 160 basis point annual decline.

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MARKET OUTLOOK

Cleveland is navigating the back half of a supply cycle that has pushed occupancy well below its long-term average. The pipeline is the most consequential forward signal...

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