Rents are up in Greater Cleveland; here’s a community by community look


CLEVELAND, Ohio — Rent prices around Cleveland have not shown any signs of slowing down as 2024 kicks off.

According to Rent.com, a rental listing site, the average rent in the Cleveland area is up 8-9% for each size category, to $1,015 for studios, $1,525 for one-bedroom units and $2,099 for two bedrooms.

The analysis examined rents from January 2023 to January 2024 in both Cleveland by neighborhood and the region by city. See the chart at the bottom of this story for full details by location.

When it comes to studios, Ohio City takes the No. 1 spot, where studios go for $1,414 on average. The West Side neighborhood is followed by University Circle at $1,400, Riverside at $1,352, and the Campus District at $1,080. Data also showed that there were little to no increases for this type of apartment.

For one-bedroom units, the most expensive neighborhoods were classified as Detroit-Shoreway and the Gordon Square Arts District, treated as separate areas for the report though Gordon Square is within Detroit-Shoreway. The average was $1,969 for both.

Ohio City and the Gateway District in downtown follow with prices at $1,842, 12% increase, and $1,745, a 31% increase.

Two-bedrooms have seen some of the highest increases year-over-year in Cleveland. The high is in Ohio City at an average of $2,647, a 42% annual increase. This is followed by Gateway District at $2,641, a 20% increase. Detroit-Shoreway is at $2,547, a 50% increase, tying with Gordon Square, which saw a 82% increase.

Rent.com also noted the most affordable neighborhoods for one-bedrooms in Cleveland are Woodland Hills where prices can be $552 a month on average, Cudell ($575) and Broadway Slavic Village ($650).

Regionally, it is more expensive to rent a studio in North Olmsted, Rocky River and Westlake compared to Cleveland. Meanwhile, Beachwood saw cheaper prices starting at $1,375 on average.

As for one-bedroom units, the highest spots reported were Beachwood at $1,782, Westlake at $1,554, Rocky River at $1,542 and Solon at $1,487.

For two-bedrooms, the highest were in Beachwood ($1,964), the only city on the list to see a decrease in this area with prices dropping 21%, Rocky River ($1,743), Solon ($1,740) and Twinsburg ($1,642).

Not seeing the chart with details above? Some mobile users may need to use this link instead.

Megan Sims covers real estate for cleveland.com. See previous work at this link.

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This article was originally published by a www.cleveland.com . Read the Original article here. .