Cleveland, OH Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

Cleveland asking rents rose 3.7% year-over-year through August to $1,243, outpacing the 0.7% national gain by a factor of five and ranking among the top performers in the country. On a trailing three-month basis, rents climbed 0.4%, also ahead of the national pace. The driver is straightforward: just 905 units came online through August, representing 0.5% of existing stock, a full 140 basis points below the national completion rate and well short of the metro's five-year average of 1,960 annual deliveries. Transaction activity remained at its slowest pace in a decade at $96.1 million year-to-date through August. Longer-term demand signals include a planned $2.4 billion stadium and $1 billion mixed-use development in Brook Park, with groundbreaking targeted for spring 2026.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their Cleveland October 2025 multifamily market report covers asking rents, occupancy, construction pipeline activity, and transaction volume to help owners and investors assess market conditions. To read the full report, click here.