Greater Cleveland often stands out nationally for high rent increases since the pandemic.
These often-monthly reports come from tech real estate companies, many of them with online apartment listings. Trends from a March Zillow rental market report are worth noting. The report looked at what was happening annually in the 50 largest U.S. metro areas. The report wasn’t limited to rental trends with apartments. It also tracked single-family home rentals.
Greater Cleveland ranked third nationally for the highest percentage rent increase. Rents rose here 6.5% between March 2023 and March 2024. The Cleveland metro area came in first for the increase in single-family home rents, which jumped 9.4% during the same period. The standings weren’t aberrations. They’ve been in this range for several months.
Signal Cleveland is digging into affordable housing with: The Housing Squeeze.
Stories in the series examine Cleveland’s affordable housing landscape through the experiences of renters and homeowners and with an eye toward solutions.
Rents rising faster than inflation
Rent here rose more than inflation. The 12-month U.S. Consumer Price Index, which measures inflation, was 3.5% in March. For shelter, it was 5.7%. (Many economists say that the inflation rate should be no more than 2%.)
“It has been a tornado of events,” said Sara Parks Jackson, director of the Cuyahoga County Department of Housing and Community Development. “They include rents really going up and people having less income, especially with businesses closing during the pandemic. We spiraled into this. How do we spiral out?”
She said pandemic rental assistance was helping Cuyahoga spiral out. The program pays up to 18 months of a recipient’s rent, primarily back rent. The program is designed to serve low- and moderate- income families, who took a financial hit during the pandemic and haven’t yet bounced back. Households must meet economic guidelines in order to participate. For a family of four, this comes to a little over $72,000 a year, according to the county.
It has been a tornado of events.They include rents really going up and people having less income, especially with businesses closing during the pandemic. We spiraled into this. How do we spiral out?”
Sara Parks Jackson, director of the Cuyahoga County Department of Housing and Community Development on why many residents still need pandemic housing assistance, even though the pandemic officially ended in May 2023.
Jackson said families, especially those making $75,000 or more, are consistently coming to the county looking for help. Often a hefty rent hike is the trigger. The county has little to offer because these households make too much for pandemic rental assistance and most other programs. She said if new funding becomes available, it should cover families making up to 120% of area median income, or more than $108,000 for a family of four.
“They find themselves having to make a decision about whether they’re gonna pay rent or buy groceries,” she said. “$75,000 is not a lot when you split it among four people and your rent has significantly increased.”
Find additional Cleveland housing news and resources here.