Why Invest in Cleveland Real Estate?
As an Ohio city that often falls under the radar, there are a few factors you may not know about Cleveland. Millennials provide a solid renter pool in its downtown area, where a staggering 63% of the population is between the ages of 18 to 34. In fact, growth in the millennial population is among the fastest nationwide, as jobs and low cost of living continue to draw hordes of college graduates. As a college town, Cleveland State University and Case Western Reserve University alone support 28,500 students.
But what about returns? Average cap rates in Cleveland were the highest in the nation during the first quarter of the year, making the area an attractive target for cash-flow investors. Furthermore, investment home prices are significantly below the pre-recession peak, offering upside potential as the market continues to recover, and making Cleveland a perfect storm of investing potential.
- At the center of the nation’s largest concentration of industrial and consumer markets (city-data.com)
- Port of Cleveland generates $1 billion in annual trade
- In recent years, Cleveland’s SFR market featured the highest returns in the United States
- Lack of multifamily construction further reduces the threat of competitive new supply
HomeUnion® is the leader in residential real estate investment. With the use of big data and machine learning, we analyze information on millions of single family homes in Cleveland, OH; and across the United States and calculate home values RENTestimate for every property in Cleveland, OH. If you’re looking for the best investment properties across the country, visit our comprehensive investment site.