Rents in the Cleveland-area, though increasing, remain almost $1,000 below the national average, according new data released Thursday. by rental tracking website Dwellsy, which noted that nationally the asking rent now tops $2,000.
The median asking rents in June were $1,050 for the five-county Cleveland metro area and $2,045 nationally. The Cleveland-area covers Cuyahoga, Geauga, Lake, Lorain and Medina counties.
There was little change from May to June, but Dwellsy noted changes in trends over the last year.
In the Cleveland market, median asking rent went up 3.4%, or $35 in the last year, the result of a 13% increase for single-family home rentals while apartments were down 2%.
This also was reflected nationally, Dwellsy said.
A 2020 study by Harvard University found that home rentals have been in high demand, particularly in the Midwest, South and West regions of the country. And Pew Research found that millennials, who make up half of U.S. households with children, are more likely to rent than previous generations with young adult mobility being the lowest in 50 years.
Though rent is at a high, experts believe rent will begin to cool down after the summer months, which is known to be the busiest season.
Salah Hammouri: Israel deports Palestinian lawyer to France
Israel's interior ministry says it has deported a Palestinian-French human rights lawyer after accusing him of security threats. Salah Hamouri, 37, was escorted onto a flight to France by police early on Sunday morning, the ministry said. A lifelong resident of...
Najib Mikati promises justice for Irish UN peacekeeper killed in Lebanon
Lebanon is determined to uncover the circumstances that led to the killing of an Irish UN peacekeeper, caretaker prime minister Najib Mikati said during a visit to the headquarters of the UN Interim Force in Lebanon (Unifil) on Friday. Private Sean Rooney, 23, was...
Submit your event
We will be happy to share your events. Please email us the details and pictures at firstname.lastname@example.org
P.O. Box: 311001 Independance, Ohio, 44131
+1 (216) 269 3272