Cleveland Multifamily Report – October 2025
Rent movement remains positive amid slow deliveries.
Cleveland advertised asking rents increased 0.4 percent on a trailing three-month basis through August, to $1,243, outpacing the national average, which recorded a more modest 0.1 percent uptick, to $1,755. With little supply and stable fundamentals, the market continues to see steady Midwestern growth. Year-over-year, asking rents were up 3.7 percent as of August, while the national figure was up 0.7 percent.
Cleveland employment improved 0.6 percent as of June, 20 basis points below the national rate. Education and health services led gains over the 12 months ending in, accounting for 7,300 of the 17,400 net positions added and marking a 2.4 percent yearly expansion. The area’s unemployment rate stood at 5.2 percent as of July, according to data from the Bureau of Labor Statistics, above the 4.2 percent national figure. Plans are underway for a $2.4 billion stadium and a $1 billion mixed-use development in Brook Park, Ohio. The city council has approved the rezoning of 176 acres, with the groundbreaking ceremony scheduled for spring 2026.
A total of 905 units, or 0.5 percent of stock, came online this year through August, 140 basis points behind the national rate of completions. The metro’s five-year average clocked in at 1,960 apartments delivered yearly. Transaction activity remained slow, with just $96.1 million in deals recorded year-to-date through August, marking the slowest pace in Cleveland in a decade.
