Cleveland, OH Rental Market Trends
Cleveland Rent Report: June 2024
Welcome to the Apartment List June 2024 Rent Report for Cleveland, OH. Currently, the overall median rent in the city stands at $1,020, after rising 3.0% last month. Prices and are now up 0.6% year-over-year. Read on to learn more about what’s been happening in the Cleveland rental market and how it compares to trends throughout the nation as a whole.
Cleveland rents are up 3.0% month-over-month and up 0.6% year-over-year
The median rent in Cleveland rose by 3.0% over the course of May, and has now increased by a total of 0.6% over the past 12 months. Cleveland’s rent growth over the past year has has fallen behind the state average (1.8%) but has outpaced the national average (-0.8%).
Cleveland rent growth in 2024 pacing above last year
Five months into the year, rents in Cleveland have risen 5.7%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to May 2023 rents had increased 2.1%.
May rent growth in Cleveland ranked #1 among large U.S. cities
Cleveland rents went up 3.0% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #1. Similar monthly rent growth took place in Lexington, KY (2.5%) and New York City, NY (2.2%).
Cleveland is the #98 most expensive large city in the U.S., with a median rent of $1,020
Citywide, the median rent currently stands at $833 for a 1-bedroom apartment and $1,038 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,020. That ranks #98 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,233 for a 1-bedroom, $1,389 for a 2-bedroom, and $1,404 overall. The median rent in Cleveland is 27.4% lower than the national, and is similar to the prices you would find in Tulsa, OK ($1,031) and Wichita, KS ($1,001).
Methodology
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Data Access
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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