The new 20 story high rises they are adding in downtown Cleveland will be luxury rentals that range in rents from $1200-$5000 a month in today’s market.
“If the building opened today, the developers believe they could rent
units for anywhere from $1,200 to upwards of $5,000 a month. One
University Circle, they say, will be a luxury residential experience,
with concierge services, an outdoor pool on the fifth floor, high-end
finishes and expansive views.”
The downtown area has really come a long way. If you watched the presidential debates you could see the life in the downtown Cleveland area. Places to eat and have fun at.
” Those lofty ambitions, in two growing city neighborhoods and employment
hubs, speak to the strength of Cleveland’s rental market, where
occupancy tops 97 percent and rents are projected to grow 3.3 percent
this year, according to New York research firm Reis, Inc. The vertical push here also reflects a national trend, one that isn’t limited to the biggest and brightest coastal cities.”
The rents are trending up and I know of many areas that need rentals they have none that fit Luxury Clients needs. The inventory of rentals in great areas is very low that is also represented in the ultra modern downtown Cleveland. With 97% of the rental market occupied and the growing jobs there will be a huge demand for rentals in the Cleveland market.
The key is to get the right ones that will both build your income and get a very good future equity position. Another interesting part of this story and I think is the real strength of this market is still the affordability of it.
“”A lot of folks who have been living on the coast – in Boston, New York
and D.C., as well as on the West Coast, are starting to move back to the
Midwest,” he said during a conversation about high-rises early this
year. “Whether they’re originally from the Midwest or they’re going for
the first time, a lot of the hustle and bustle of the East and West
coasts is driving people not to the suburbs … but back to the Midwest,
where they can afford a house, where the schools are good.”
The high end homes are not what you think in price. Me and my Dad were looking at a property in Rocky River for $2,250,000 just for kicks and could not believe what you got for the price. This of course is not a Luxury Rental we would buy but a great home to look at for ideas.
Call Brett Coldwell Banker 216-703-5740 to get into Cleveland exciting real estate market!