Multifamily demand in Cleveland rebounded in Q2 2025, outpacing new supply for the first time in a year. Net absorption reached 1,650 units over the past 12 months—35% above the 10-year average—highlighting renewed strength in renter demand.
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Construction starts have slowed considerably in Cleveland, with only 400 units breaking ground in the first half of 2025, a sharp decline from prior-year levels, as rising construction costs and the impact of tariffs create financial headwinds to development.
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Despite a third consecutive quarter of deceleration, Cleveland's 2.3% annual rent growth in Q2 2025 outpaced the national average of 0.9%, while also placing the metro among the top 10 largest U.S. apartment markets for rent growth.
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MARKET OUTLOOK
Cleveland’s multifamily market enters the second half of 2025 with signs of stabilization following a period of elevated supply...
