MARKET SNAPSHOT

Cleveland q3 2025

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AVERAGE RENT

$1,225 Q3 2025

OCCUPANCY RATE

91.3%% Q3 2025

NET ABSORPTION

975 YTD Q3 2025

ANNUAL RENT CHANGE

1.6% Q3 2025

ANNUAL OCCUPANCY CHANGE

-80 BPS Q3 2025

UNIT COMPLETIONS

2,101 YTD Q3 2025

KEY TAKEAWAYS

Leasing momentum slowed sharply in Q3 2025, with net absorption dropping nearly 50% year over year to 143 units, as more than 1,100 new deliveries entered the market—significantly outpacing demand.

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As project starts slow and the pipeline thins, Cleveland’s supply-demand balance is set to improve in 2026, positioning the market for higher occupancy and stronger rent growth.

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Rent growth in Cleveland is expected to stay positive and above the national average in the coming quarters, though below historical norms, as elevated competition continues to weigh on top-tier assets.

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MARKET OUTLOOK

Cleveland is expected to supply ladened for the remainder of 2025, as more than 1,100 units delivered in the third quarter continue to work through lease-up...

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