Cleveland's rental market in Q4 2024 saw a mixed performance across property types, with fluctuations in listing activity, rental prices, and the use of concessions. Rent prices for most property types showed steady growth, with single-family homes and three-bedroom units experiencing consistent increases. Multifamily rents also continued to rise, albeit at a slower pace. Concessions in Cleveland dipped slightly in Q4, dropping to 13%, but remained relatively active throughout the year, reflecting ongoing competitive conditions. Despite some variations in leasing times, Cleveland’s rental market remains active and responsive to changing demand dynamics, particularly for larger and multifamily units.
We asked property managers in the Cleveland area for insights into the market.
Key Takeaway: Cleveland’s rental market is showing signs of stability with limited growth, as 86% of property managers expect rents to remain unchanged over the next six months.
Data Summary:
Data Summary:
Deeper Diver: Cleveland’s rental market appears to be cooling, with rent growth expectations subdued and leasing activity slowing. With 86% of property managers forecasting stable rents and more reporting a decline (8%) than an increase (5%), landlords may face challenges maintaining occupancy without adjusting pricing or offering incentives. Additionally, 21% of property managers report fewer applicants, suggesting that demand is softening compared to previous quarters.
Key Takeaway: Concessions in Cleveland rentals showed a decline in Q4 2024, but remained more active than the national average throughout 2024.
Data Summary:
Deeper Dive: Concessions in Cleveland rentals decreased to 13% in Q4 2024 after peaking in Q2 at 28%. While this is a dip, it remains lower than the national average of 28%, indicating that while Cleveland landlords are offering some incentives, they are less likely to provide concessions than in other markets. This trend reflects a tightening of the rental market, where concessions may no longer be necessary to secure tenants in certain segments, but remain a common practice overall.
Key Takeaway: Cleveland's rental properties generally remained on the market longer than the national average, particularly for single-family homes.
Data Summary:
Deeper Dive: Cleveland's rental market for multifamily homes experienced longer times on the market compared to the national averages. Single-family homes took 23 days on average in Q4 2024, while multifamily units lingered for 28 days. This suggests that while leasing activity in Cleveland is steady, the market may be slower compared to national trends, possibly due to local economic factors or higher inventory levels.
Key Takeaway: Rental prices in Cleveland continued to increase across most property types, particularly for single-family and three-bedroom homes.
Data Summary:
Deeper Dive: Rent prices across most segments showed continued growth, particularly for single-family homes and three-bedroom units. The two-bedroom sector saw a modest increase to $1,050, while one-bedroom rents remained flat at $900. Multifamily rents increased slightly by $10, reflecting steady but slower growth compared to other property types.
Key Takeaway: Cleveland saw a decline in rental availability across most property types in Q4 2024, mirroring trends from the previous quarter.
Data Summary:
Deeper Dive: Cleveland's rental inventory has been highly volatile throughout 2024, particularly in the smaller-unit and multifamily sectors. After a brief increase in listings for one-bedroom and two-bedroom units in Q2, availability has steadily declined through Q3 and Q4. The multifamily sector, which saw double-digit growth earlier in the year, is now facing a sharp decline in listings, indicating potential absorption of rental stock or shifting market conditions. Single-family rentals also saw a downturn, suggesting either increased leasing activity or a reduction in new rental listings entering the market.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals (SFR) are considered to be properties with 4 or fewer units. Multifamily (MF) is more than 4 doors. Unless otherwise noted, our analysis uses the Cleveland-Elyria, OH, metropolitan statistical area (MSA) as the geographical unit.
Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q4 2024 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution.©2025 by Rental Beast
