Cleveland Properties
Why invest in Cleveland?
- Located on the southern shore of Lake Erie, Cleveland is home to the Rock and Roll Hall of Fame, a world class orchestra and major professional baseball (Guardians), football (Browns), and basketball (Cavaliers) teams.
- The city of Cleveland’s population is about 400,000 while the metro area’s population is more than 2 million.
- 51% of the households in Cleveland are renters, making the market perfect for rental property investors.
- The unemployment rate in Cleveland is just 5.8% (as of Nov. 2020).
- Companies with corporate headquarters in Cleveland include Applied Industrial Technologies, Cliffs Natural Resources and Sherwin-Williams Company.
- The healthcare sector is one of the major employers in Cleveland, including the Cleveland Clinic, University Hospitals of Cleveland, MetroHealth, and Medical Mutual of Ohio.
- Biotechnology, fuel cell research, and technology are three of the growing employment sectors in Cleveland. Forbes recently speculated that Cleveland might become the country’s next technology hub.
- GDP of Cleveland is more than $118 billion, an increase of more than 12% over the past 10 years.
- Employment growth in Cleveland is 1.43% year-over-year, while median household incomes have increased by 7.08% over the same period in the metro area.
- Forbes has ranked Cleveland as one of the top housing markets in 2021.
- Cleveland is one of the most recession-resistant markets in the U.S., according to Crain’s Cleveland Business.
- Cleveland ranks as one of the top four markets with the lowest risk of a real estate dip (when measured by home price volatility, home sales flips, average loan-to-value, and home price-to-income ratio).
- Demand for housing in Cleveland is high and inventory is low, with the average home price up over 15% year-over-year.
- Cleveland can provide investors with high cash flow combined with solid appreciation over the long term.
- Rents in Cleveland are up over 4% in the last year.
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