RENTCafe study: Apartment rents in Cleveland some of the most affordable in the country

cleveland-apartment

by Dan Rafter

Renters looking for an affordable apartment unit in a big city might want to try Cleveland.

Despite the recent increase in retailers and restaurants opening in downtown Cleveland, renting an apartment unit in the city still remains relatively affordable, according to the September apartment market report from RENTCafe.

The average rent of a Cleveland apartment stood at $949 in September. That is down 0.4 percent from August and up just 2.3 percent from September in 2015. That 2.3 percent figure sets Cleveland apart as one of the U.S. cities with the slowest-growing monthly apartment rents.

Cleveland is definitely an outlier in the RENTCafe report. According to the company’s research, national apartment rents dropped 0.1 percent from August to September of this year. But even with that drop, the average national apartment rent jumped 4.7 percent from September of last year to the same month this year.

But while Cleveland definitely ranks in the affordable category, it is not the least expensive big city for renters in the RENTCafe report. That honor goes to Wichita, Kansas. RENTCafe found that the average cost to rent an apartment in the Kansas city hovers around $625 a month.

For comparison’s sake, that’s nearly seven times cheaper than Manhattan’s average monthly apartment rent of a whopping $4,083.

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This entry was posted in Cleveland commercial real estate, multi-family, Ohio commercial real estate and tagged , , , , , , . Bookmark the permalink.

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