Cleveland Rents Edge Up 0.2% Through August

Average advertised asking rent in the Cleveland metro rose to $1,274 on a trailing three-month basis through August.

Updated on Nov. 4, 2026 in Apartments

Gouache-painted editorial illustration of three rectangular apartment blocks rising in increasing heights along a flat lakeside horizon, one pale unfinished block suggesting new supply. — Cleveland's average advertised asking rent rose 0.2 percent on a trailing three-month basis through August, reaching $1,274, up 2.5 percent year over year. AI Illustration. Upload story photo >

Cleveland's average advertised asking rent increased 0.2 percent on a trailing three-month basis through August, reaching $1,274. Year-over-year, rents in the Cleveland metro rose 2.5 percent, compared with a U.S. average increase of 0.4 percent.

Why it matters

Cleveland's rent growth outpaced the national average over the past year, while stabilized occupancy stood at 94.2 percent. For renters in the metro, the figures indicate steady upward pressure on asking rents even as the market adds new supply.

Advertised asking rents are measured on a trailing three-month basis, and Cleveland's average reached $1,274 through August. Year-over-year metro rent growth was 2.5 percent against a national 0.4 percent, and stabilized occupancy was 94.2 percent.

The players

Bedrock

Bedrock is advancing a long-term redevelopment of approximately 35 acres along Cleveland's riverfront.

The details

Cleveland added 941 multifamily units as of August, and close to 4,500 units are under construction, with 20,100 more in planning and permitting. Investment sales totaled $100 million during the first eight months of 2026, while the metro gained 7,100 net jobs over the 12 months ending in June.

Through August 2026: trailing three-month rent increase measured.
12 months ending June 2026: metro gained 7,100 net jobs.
August 2026: unemployment rate reported at 1.8 percent.
February 2027: Cleveland Cavaliers expected to move into their portion of the Cleveland Clinic Global Peak Performance Center.

Construction
Oct. 30
Cleveland Unveils North Coast Connector Project Schedule

Market Landscape

Cleveland's 2.5 percent year-over-year rent growth runs well ahead of the 0.4 percent U.S. average, placing the metro among faster-rising rental markets over the past year. Its 941 newly added multifamily units and 20,100 units in planning suggest supply is building to meet demand in the local market.

Renters in Cleveland face asking rents averaging $1,274, with year-over-year increases running at 2.5 percent. Prospective tenants should expect continued upward pressure on monthly costs in the metro.

The takeaway

Cleveland's rent growth is outpacing the national average, so renters planning a move should budget for further increases. Tracking new supply in planning and permitting can help identify where rents may ease.