MARKET SNAPSHOT

Cleveland q2 2026

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AVERAGE RENT

$1,264 Q2 2026

OCCUPANCY RATE

90.4% Q2 2026

NET ABSORPTION

-34 T4Q

ANNUAL RENT CHANGE

1.6% Q2 2026

ANNUAL OCCUPANCY CHANGE

-160 BPS

UNIT COMPLETIONS

1,825 T4Q

KEY TAKEAWAYS

Trailing 12-month absorption of -34 units has significantly lagged the 1,825 units delivered in Cleveland, though quarterly absorption accelerated to 213 units in Q2 2026 from 45 units in Q1, signaling improving demand momentum.

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The under-construction pipeline of 2,333 units (1.6% of inventory) remains manageable, with trailing 12-month starts of 942 units suggesting limited future supply pressure as the market works through its current delivery cycle.

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Effective rents of $1,264 per unit have grown 1.6% year-over-year, while stabilized occupancy of 90.4% reflects a 160 basis point annual decline that is showing signs of deceleration.

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MARKET OUTLOOK

Cleveland's multifamily market sits at an early-cycle inflection point. Quarterly absorption is accelerating, rent growth is building momentum, and occupancy compression is decelerating, trends that together point toward a market moving past the worst of its supply-demand imbalance...

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