Cleveland, Ohio, led the Midwest in rental affordability with an average monthly rent of $1,184 as of December 2024, marking a 3.4% year-over-year decline. This current figure is significantly lower than the national median rent of $1,695 and nearly three times cheaper than the top rental market in San Jose, CA. Despite a 17-month streak of rental decreases, current averages are still 3.7% below the peak levels of July 2022. The decrease in absorption rates of new rentals indicates a softening market in the region, presenting opportunities for potential tenants.
Cleveland's average rent in December was just $1,184, representing a 3.4% decrease from the previous year, making it the most affordable market in the Midwest.
Despite consistent rental declines over 17 months, current figures are still 3.7% below peak levels reached in July 2022, indicating limited relief for renters.
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