Published: August 19, 2010 on MultiHousingNews.comBy: Erika Schnitzer
Cleveland–The Cleveland apartment market, though never really in dire straits, is certainly on the rebound.
For most of 2009, the general Cleveland market, on average, was between 91 and 92 percent, reports George Cvijovic, co-president of Forest City’s Residential Management Group, which has ownership stake in 16,000 units across the Cleveland metro area. He adds that the beginning of 2010 showed the start of an upswing, and in June/July occupancy climbed to between 94 and 96 percent.
Much of this increase in occupancy may be due to fewer people doubling up and people beginning to venture out on their own. Cvijovic, for one, has observed a decrease in availability of one-bedroom units, which, he says, “tells us people are leaving home … and have confidence to do so.”
In addition, from the first quarter 2010 to the second quarter of 2010, net effective rents increased 2 percent, Cvijovic tells MHN. Second quarter year-over-year net effective rents are 300-320 bps higher than they were in 2009.
