Cleveland Rent Report: November 2024

Welcome to the Apartment List November 2024 Rent Report for Cleveland, OH. Currently, the overall median rent in the city stands at $1,036, after falling 0.6% last month. Prices remain up 4.8% year-over-year. Read on to learn more about what’s been happening in the Cleveland rental market and how it compares to trends throughout the nation as a whole.

Cleveland rents are down 0.6% month-over-month and up 4.8% year-over-year

The median rent in Cleveland fell by 0.6% over the course of October, and has now increased by a total of 4.8% over the past 12 months. Cleveland’s rent growth over the past year has has outpaced both state (2.6%) and national (-0.7%) averages.

Cleveland rent growth in 2024 pacing above last year

Ten months into the year, rents in Cleveland have risen 7.0%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to October 2023 rents had decreased 0.7%.

October rent growth in Cleveland ranked #42 among large U.S. cities

Cleveland rents went down 0.6% in the past month, compared to the national rate of -0.7%. Among the nation's 100 largest cities, this ranks #42. Similar monthly rent growth took place in Los Angeles, CA (-0.5%) and Chandler, AZ (-0.6%).

Cleveland is the #98 most expensive large city in the U.S., with a median rent of $1,036

Citywide, the median rent currently stands at $846 for a 1-bedroom apartment and $1,054 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,036. That ranks #98 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,225 for a 1-bedroom, $1,380 for a 2-bedroom, and $1,394 overall. The median rent in Cleveland is 25.7% lower than the national, and is similar to the prices you would find in Huntsville, AL ($1,042) and Fort Wayne, IN ($1,031).

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.