{"id":1004155730,"date":"2016-10-18T22:46:07","date_gmt":"2016-10-19T06:46:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004155730"},"modified":"2025-02-26T23:34:19","modified_gmt":"2025-02-27T07:34:19","slug":"yardi-matrix-clevelands-fundamental-promise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-clevelands-fundamental-promise\/","title":{"rendered":"Yardi Matrix: Cleveland’s Fundamental Promise"},"content":{"rendered":"
\"Click<\/a>

Click on image to enlarge.<\/p><\/div>\n

As a component of the slow-growth Rust Belt, Cleveland\u2019s multifamily rent levels have historically lagged the national rate. However, despite recording a below average 3.1 percent year-over-year rent growth through August 2016, the metro is displaying relatively stable fundamentals.<\/p>\n

The Weston\/Citymark project, the nuCLEus high-rise and the 925 Building renovation\u2014three Downtown investments that add up to more than $1 billion in value\u2014are on the verge of redefining the city\u2019s skyline and adding 2,300 units to Cleveland\u2019s multifamily stock. As skilled Millennials and downsizing Baby Boomers are renting more and more in downtown Cleveland and surrounding submarkets, old office buildings are being converted to upscale residential or mixed-use properties. The hospitality industry was boosted by this summer\u2019s Republican National Convention and the Cavaliers\u2019 National Basketball Association championship. The education and health services sector continues to add consistent numbers of highly paid jobs, easing the city\u2019s transition from a postindustrial center to a diversified economy.<\/p>\n

Taking into account the city\u2019s still-shrinking population, multifamily fundamentals are promising. Strong demand has increased occupancy levels by 210 basis points in recent years, development reached cyclical peaks in 2015 and more than 11,500 units are currently in different stages of development.<\/p>\n

Read the full report.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Multifamily fundamentals are strong in the City of Champions, with more than 11,500 multifamily units in different stages of development.<\/p>\n","protected":false},"author":1269,"featured_media":1004155258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,1584,21808,13,21742,37795],"tags":[],"class_list":["post-1004155730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-cleveland","category-featured","category-midwest","category-latest","category-rc-occupancy"],"acf":[],"yoast_head":"\nYardi Matrix: Cleveland's Fundamental Promise - 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\/yardi-matrix-clevelands-fundamental-promise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yardi Matrix: Cleveland's Fundamental Promise\" \/>\n<meta property=\"og:description\" content=\"Multifamily fundamentals are strong in the City of Champions, with more than 11,500 multifamily units in different stages of development.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-clevelands-fundamental-promise\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-19T06:46:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-27T07:34:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/MatrixMetros_Cleveland_800x620.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-clevelands-fundamental-promise\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-clevelands-fundamental-promise\/\",\"name\":\"Yardi Matrix: Cleveland's Fundamental Promise - 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