Cleveland Multifamily Report – October 2026
The market is outperforming, in line with Midwestern peers.
Cleveland’s average advertised asking rent increased 0.2 percent, on a trailing three-month basis through August to $1,274, matching the pace of national growth. Year-over-year, rents in the metro rose 2.5 percent, far outpacing the U.S. average of 0.4 percent. Although stabilized occupancy softened on a year-over-year basis, Cleveland remained in line with the national average at 94.2 percent.
According to preliminary Bureau of Labor Statistics data, Cleveland’s unemployment rate stood at 1.8 percent in August. There was no August data for Akron. Overall, the metro gained 7,100 net jobs during the 12 months ending in June. The metro’s positive economic outlook is reinforced by ongoing investments. Bedrock has advanced its long-term redevelopment of approximately 35 acres along Cleveland’s riverfront. The Cleveland Cavaliers are expected to move into its portion of the 210,000-square-foot Cleveland Clinic Global Peak Performance Center in February. Plans are also moving ahead for the next phase—a 6,200-seat amphitheater, with more phases yet to be nailed down.
Developers added 941 units to the metro’s multifamily stock as of August. Cleveland had close to 4,500 units under construction with another 20,100 units in the planning and permitting stages. Investment activity was subdued, as sales totaled $100 million during the first eight months of 2026.
