CLEVELAND — When it comes to renting, there are lots of factors that play a role — location, size, amenities — but many Cleveland renters feel it's simply too high, and those prices are only going up.
“The rent prices are on the rise. It's up over 11% from a year ago,” said Michael Goldberg, a professor of entrepreneurship at Case Western Reserve.
According to rentcafe.com, the average rent in Cleveland is about $1,300. When you break it down by neighborhood, hundreds of dollars are quickly tacked on. University Circle and Glenville are the most expensive, on average. Ohio City and Downtown Cleveland are the first and second most popular Cleveland neighborhoods to live in, and the sixth and seventh most expensive, respectively.
“It’s not surprising that rent prices have gone up more significantly in the areas that are attractive with bars and restaurants and amenities, particularly for young people,” said Goldberg.
Goldberg said the rise is another one of the impacts of inflation and the broken supply chain.
“One is a continued challenge in terms of labor supply, and so, wages have gone up, and they haven't come back down. The folks that are building and servicing properties remain at higher wages,” said Goldberg.
Ali Whitley, the president-elect of Ohio Realtors, also sees increases in the housing market for renting and buying.
“We have seen housing prices increase overall, and that's across the country,” Whitley said. “Unfortunately, the landlords, the owners of those properties are feeling that crunch, and so will the renters as well.”
With the construction on new rental properties continuously underway in Cleveland, Goldberg believes residents will eventually see a decrease in rates.
“So as new units come on, that can help bring prices down, but when there's actually just supply and demand right now, there's still relative undersupply of housing,” said Goldberg.
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