Cleveland Metro has a Strong renters’ market

 These stats come from https://learn.roofstock.com/

"Key Market Stats:

• Median rent in Cleveland is $1,100 per month for a 3-bedroom home, based on the most recent research from Zumper (June 2022).
• Rents in Cleveland have increased by 10% over the last year and increased by about 20% over the past 3 years.
• Rents are still relatively affordable in Cleveland. In fact, over 60% of the housing units rent for less than $1,500 per month.
• 55% of the households in Cleveland are occupied by renters..
• Most expensive areas in Cleveland to rent include Downtown Cleveland, Hough, and Tremont where rents range between $2,250 and $2,550 per month."

These rental numbers are for Cleveland Ohio and are reflected also outside the downtown area. Rents are increasing and we have seen that ourselves with our new leases.

We have increased rent approx 20% and that is driving more investors to look at income real estate.

I saw that the University of California just invested 4 billion dollars in Blackstone which purchases a lot of homes to lease. What do you think they are seeing in the future of real estate?

Cleveland Metro is to me the best in the world to live and invest in. The cost of living compared to Phoenix Arizona (I lived there 32 years and still a licensed agent) is significant. In Phoenix today to buy a home (1350 SF) it cost at around $350,000. In Cleveland metro you can get that same type of home for $120,000-$150,000.

Investing in a growing area (Over 2 Million in Cleveland Metro 34th largest metro area in us) where there are plenty of people who need housing is the key. We also have all the tools Purchase, Rehab,Leasing. Property Management with Avalon Group Realty and selling. This is a one stop shop to control cost and quality of service. 

Just had a new tenant call from out of state and lease a property sight unseen. That is why you also want to be careful where you buy real estate.  Remember the old saying Location, Location, Location.

Need your portfolio growing with income and equity? Call me (Brett) 216-703-5740 Fathom Realty or Whatsapp me

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