Diversified Cleveland Economy Supports Flourishing Single-Family Rental Housing Market
Rental market conditions in Cleveland continue to strengthen, bolstered partially by employment growth in the leisure and hospitality, and education and health services sectors. Combined, these sectors have added more than 19,000 positions to the economy. Overall payroll growth is forecast to remain relatively healthy, with an addition of 13,000 jobs created in the metro this year. Traditionally a market propelled by manufacturing, the Cleveland economy has diversified, driven by a mix of blue- and white-collar jobs. The acceleration of higher-paying skilled positions has counterbalanced the manufacturing sector’s recent decline. Numerous companies are choosing Cleveland for their expansions and relocations. Some of the highest-pro le Cleveland relocations this year include companies ranging from paper-goods producer, American Greetings, to analytics firm, Explorys. As the economy improves, there has been an uptick in single-family permits[…]
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