Cleveland Rent Report: April 2023

Welcome to the Apartment List April 2023 Rent Report for Cleveland, OH. Currently, the overall median rent in the city stands at $801, after rising 1.9% last month. Prices remain down 0.0% 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 up 1.9% month-over-month and flat year-over-year

The median rent in Cleveland rose by 1.9% over the course of March, and has now decreased by a total of 0.0% over the past 12 months. Cleveland’s rent growth over the past year has has fallen behind both the state (4.8%) and national averages (2.6%).

Cleveland rent growth in 2023 pacing above last year

Three months into the year, rents in Cleveland have risen 3.0%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to March 2022 rents had increased 1.7%.

March rent growth in Cleveland ranked #3 among large U.S. cities

Cleveland rents went up 1.9% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #3. Similar monthly rent growth took place in Virginia Beach, VA (2.2%) and Spokane, WA (1.7%).

Cleveland is the #100 most expensive large city in the U.S., with a median rent of $801

Citywide, the median rent currently stands at $637 for a 1-bedroom apartment and $815 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $801. That ranks #100 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,158 for a 1-bedroom, $1,327 for a 2-bedroom, and $1,350 overall. The median rent in Cleveland is 40.7% lower than the national, and is similar to the prices you would find in Detroit, MI ($937) and Des Moines, IA ($934).