Rental turnover in Cleveland during holidays/winter months

9 Replies | Cleveland, Ohio

Hello all, I am considering putting an offer in on a multifamily property in the Cleveland Heights area very soon and am concerned about vacancy and the ability to fill the unit(s) quickly. If everything works out, the closing would be right before the holidays. I expect a month or so buffer, but I'm also wondering if the cold weather in general is a major deterrent for renters relocating. Looking for any success stories or advice for a similar scenario. Thanks! 

HI @Allison Jane - congrats on the deal! It's definitely harder to fill units in Cleveland during the winter, but not impossible. We were able to fill ~12 units from September to October of last year. I'd recommend offering a move in bonus and try to sign 16-18 month leases so that you don't run into this issue again. Good luck!

It's not impossible to fill vacant units in the fall/winter. People are always looking to move. While the numbers aren't as high  around the holidays than other times of the year, if the pricing is correct you shouldn't have too much problem. 

Matt Motil thank you, always good to hear from people local to the area. I figure that since the property is a short drive to University Circle, Cleveland Clinic, and very close to universities, it may not be a huge drawback. You just never know...

Let us know how it goes! I have similar concerns. I want to find deals in December, but I'm worried about covering payments with vacancies. 

I bought my Duplex in Parma in Oct last year. It was rent ready right after Christmas due to rehab. I had it fully occupied by March. The first unit went faster (occupied in Feb 1) and the other unit was filled March 1st.

Originally posted by @Allison Jane :

Hello all, I am considering putting an offer in on a multifamily property in the Cleveland Heights area very soon and am concerned about vacancy and the ability to fill the unit(s) quickly. If everything works out, the closing would be right before the holidays. I expect a month or so buffer, but I'm also wondering if the cold weather in general is a major deterrent for renters relocating. Looking for any success stories or advice for a similar scenario. Thanks! 

 There is definitely a winter slow down here in Cleveland. However you should never base a buying decision on something as small as a 1 time 1 or 2  month excess of vacancy. In the grand scheme of the investment $1,000 here or there isn't relevant. There will be many more swings of $1,000+ one direction or the other in your investing career. I recommend investors always focus on the big picture when looking into these properties.