By late 2017, Downtown Cleveland had become one of the more compelling urban comeback stories in the Midwest. More than $3.5 billion had poured into the central business district since 2015, fueling a residential renaissance that demographers projected could bring the downtown population to 20,000 by 2020 — nearly triple what it was at the turn of the century. Demand for downtown space was so strong that it was spilling over into neighboring submarkets, while savvy developers were breathing new life into long-vacant office towers by converting them into sought-after apartment communities. Beyond the urban core, the broader Cleveland metro told a story of steady, affordable demand — from the professional hub of University Circle to family-oriented communities on the western fringe — with rent growth outpacing historical averages and vacancies remaining well controlled across most submarkets.

Multi-Family Cleveland Market Report 2018