Cleveland OH - any areas for appreciation?

Question

All the research and comments from posts and forums state that Cleveland OH is great for cash flow, but not for appreciation.  Are cities any areas in the greater Cleveland OH area?

Kyle Parks · Answer

Lakewood is the best area in the greater Cleveland area. No way the prices go any higher though - 150%+ appreciation in the last 5 years.

Since most of the homes are doubles/duplexes its hard to imagine that they will go higher, IMO. The rent for a 2/1, unfurnished, sits around 1100 / month whereas 5 years ago it was 750. Its hard to believe that people can afford much more. There was an article posted in cleveland magazine the other day where the writer hinted at lakewood needing rent control (what i got from it anyways).

Michael Orlando · Answer

@Janel Briones There's definitely some, but they are going to be the A and B class neighborhoods for the most part. A few that may come to mind are, Shaker Heights, some areas of Cleveland Heights (i.e. near the hospitals and colleges), and Lakewood (although it's already seen pretty significant appreciation over the past few years). Many of the B and A class areas don't have a ton of multifamily, but if you were to look for SFR in some nicer suburbs, you'll definitely still see SOME appreciation, however most likely lower cashflow as well.

Happy to connect and help you in your search for anything. My partner in our multifamily business is also one of the top investor agents here and I'm sure would love to help you! Happy to connect you two if you'd like. Let me know :)

Ben Smalley · Answer

The "hottest" areas in Cleveland are Tremont and Ohio City which have had a lot of appreciation. As others said Lakewood is decent as well. Outside of that I wouldn't bank on a ton of appreciation.

James Wise · Answer

Most everything except the hardcore ghetto has been appreciating over the last decade.....Will that continue? Nobody knows. I've got a few neighborhoods I'm betting on but historically this is not the type of market one looks for when seeking out appreciation.

Marc Rice · Answer

@Janel Briones

I’ve heard good things about the west side of Cleveland market as stated above. Some suburbs such as Chagrin/Hudson are solid too. But these are all expensive A/B.

Cleveland OH - any areas for appreciation?

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