{"id":1004091436,"date":"2014-02-17T21:00:17","date_gmt":"2014-02-18T05:00:17","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=240106"},"modified":"2020-04-05T22:29:01","modified_gmt":"2020-04-06T06:29:01","slug":"cleveland-metro-area-apartment-construction-achieves-five-year-high","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cleveland-metro-area-apartment-construction-achieves-five-year-high\/","title":{"rendered":"Cleveland Metro Area Apartment Construction Achieves Five-Year High"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

\"\"<\/a>In recent years, the soft job market and the uncertainty about the local economy have kept many people in the Cleveland area from buying new homes. Instead, they opted to rent. That\u2019s why apartment vacancies in the metro area reached one of the lowest levels of the last decade in 2012.<\/p>\n

Marcus & Millichap<\/em><\/a> reports that apartment construction in the Cleveland area has now reached a five-year high, as many developers have sought to take advantage of the low vacancy levels. Last year, 550 units were completed, with builders expected to deliver 750 units this year. Apartment construction projects seem to be springing up like mushrooms after the rain.<\/p>\n

According to The Plain Dealer<\/em><\/a>, on Feb. 7, the Cleveland City Planning Commission approved rezoning for a roughly four-acre residential development at the edge of Tremont and Ohio City, as well as the conceptual plans for an apartment project in the city’s Detroit-Shoreway neighborhood. Together, these two projects will deliver 500 units close to the city\u2019s downtown. But they will require additional public hearings and community meetings before construction can start.<\/p>\n

Another project, in Cleveland\u2019s Ohio City neighborhood, took an even larger step toward construction. Crain\u2019s Cleveland<\/em><\/a> reported that the U.S. Department of Housing and Urban Development notified the developers of the $20 million W. 25th Street Lofts on Feb. 7\u00a0that it had approved a $14 million loan for the project. Construction is expected to start in April, as soon as financing is secured.<\/p>\n

Plans call for the redevelopment of the former Baehr Brewery at 1526 W. 25th St. into more than 60 apartments. The project offers an opportunity for dense development in a largely single-family neighborhood and will help meet the need for additional housing units in the area.<\/p>\n

According to Marcus & Millichap, the weak job market and the rising inventory will lead to an increase in apartment vacancy this year to 5.8 percent. However, vacancy will remain moderate in comparison to the five-year period prior to the recession. Rents will also advance 1.3 percent to $808 per month in 2014. With many of these projects located close to employment districts, attracting tenants shouldn\u2019t be a problem, as companies look to hire more people to fill positions.<\/p>\n

Charts courtesy of <\/em>Marcus & Millichap Real Estate Investment Services<\/em><\/a>.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In recent years, the soft job market and the uncertainty about the local economy kept many people in the Cleveland area from buying new homes. Instead, they opted to rent. That’s why, during 2012, apartment vacancy in the metro area reached one of the lowest levels of the last decade. Marcus & Millichap reports that apartment construction in the Cleveland area has reached a five-year high, as many developers looked to take advantage of the low vacancy levels. 550 units were completed in 2013 and builders are expected to deliver 750 units this year. Apartment construction projects seem to be springing up like mushrooms after the rain.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742],"tags":[1815],"class_list":["post-1004091436","post","type-post","status-publish","format-standard","hentry","category-cleveland","category-latest","tag-national"],"acf":[],"yoast_head":"\nCleveland Metro Area Apartment Construction Achieves Five-Year High - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cleveland-metro-area-apartment-construction-achieves-five-year-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cleveland Metro Area Apartment Construction Achieves Five-Year High\" \/>\n<meta property=\"og:description\" content=\"In recent years, the soft job market and the uncertainty about the local economy kept many people in the Cleveland area from buying new homes. Instead, they opted to rent. That’s why, during 2012, apartment vacancy in the metro area reached one of the lowest levels of the last decade. Marcus & Millichap reports that apartment construction in the Cleveland area has reached a five-year high, as many developers looked to take advantage of the low vacancy levels. 550 units were completed in 2013 and builders are expected to deliver 750 units this year. 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