Updated almost 9 years ago on . Most recent reply
City population decreasing matter?
Hello all, when we looking to buy a rental property, how much do we need to consider of city population decreasing? thank you for your advise.
Danny
Most Popular Reply
@Danny Wu Yes it's a factor. There are many things to consider with a question like this. But you're speaking at a very high level and that isn't too useful in doing an analysis in a city like Cleveland.
Yeah Cleveland's population is shrinking for sure. But if you do a little bit of homework you'll see that the vacancy rate for downtown is < 3% (as well as for surrounding neighborhoods). There's actually a waiting list for nice units in the city. What's more important in my opinion is the shrinking of the county vs the city itself.
Cuyahoga County is still one of the most populated counties in the United States. Yes, it too is shrinking but at a very slow rate. There are also many neighborhoods that are very densely populated and that are completely built out.
Oh and please don't put Cleveland and that other city in the same sentence haha.... (detroit)