Pappas Realty Co... "Commercial Real Estate...Exclusively" in Northeast Ohio since 1957

Thursday, February 23, 2006

Rent, Occupancy Increases Seen for Cleveland Apts

The average asking monthly rent for Cleveland apartments will increase to $700/ month this year, a 1.7 percent gain from last year's average monthly rent of $688, according to a forecast from Marcus & Millichap. Cleveland's apartment vacancy rate is expected to drop two-tenths of a percentage point to 6.4 percent in 2006. The median sale price of Cleveland apartments rose 8 percent to $33,050/unit last year. Article via Loopnet News


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