Market Snapshot | Cleveland Q2 2025

Market Overview

In Q2 2025, Cleveland’s multifamily market showed signs of renewed strength as net absorption reached 1,054 units year-to-date, outpacing 1,016 units delivered. Average rent climbed to $1,236, marking 2.3 percent annual growth and ranking the metro among the top 10 U.S. markets. Occupancy stood at 92.5 percent, up 20 basis points from Q2 2024. While development activity has slowed, with only 400 units breaking ground in H1, 12-month absorption totaled 1,650 units—35 percent above the 10-year average.

About MMG

MMG Real Estate Advisors delivers multifamily market intelligence and capital strategy across major U.S. metros. Their data-rich reports combine metrics on rent, occupancy, absorption, and development pipelines with local context to guide investors, owners, and developers through evolving market dynamics.