Cleveland is making a name for itself as one of the most promising rental markets in the country. According to the latest RentCafe Renter Engagement Tracker, the city ranks 12th nationally and 7th within its region for renter activity - a sign of both current strength and long-term potential.

But Cleveland’s story is part of something bigger. Across Ohio and throughout the Midwest, rental markets are gaining momentum and drawing increased attention from renters and investors alike.

Cleveland in the Ohio Growth Story

Cleveland’s rise is not happening in isolation. Ohio’s major metros are collectively reshaping the rental landscape:

• Cincinnati continues to set the pace with strong demand.
• Columbus remains one of the fastest-growing cities in the Midwest.
• Cleveland is steadily climbing the charts, proving it belongs in the conversation.

Together, these cities showcase Ohio’s unique balance of affordability, economic strength, and quality of life; a combination that is driving long-term renter interest and attracting outside investment.

The Midwest Advantage

While national headlines often focus on coastal markets, the Midwest has quietly emerged as a region of resilience and opportunity. Cities like Cleveland are benefiting from several structural advantages:

• Affordability compared to oversaturated coastal hubs
• Diverse employment sectors in healthcare, manufacturing, and tech
• Cultural momentum with investments in downtown, waterfront, and arts districts
• Quality of life that resonates with Gen Z and Millennial renters seeking stability

The Midwest story is increasingly one of appreciation, not only in property values, but in recognition from investors who see these markets as reliable long-term plays.

Cleveland’s Trajectory Toward the Top 10

Ranking 12th nationally today, Cleveland is on an upward trajectory that shows no signs of slowing. Over the next five years, ongoing development projects, from the Cuyahoga Riverfront redevelopment to major healthcare expansions, will continue to drive demand for rental housing.

With steady growth in renter engagement and increasing recognition on the national stage, Cleveland is positioned to enter the top 10 U.S. rental markets.

For investors, this represents not just short-term momentum but a structural shift in how Cleveland is valued. The fundamentals are in place for Cleveland to become a top-tier market, offering returns that rival, and in some cases outperform, larger metros.

Why the Next Five Years Matter Most

The next half-decade is critical for Cleveland’s rental ecosystem. Here’s why:

• Population Shifts: Younger renters, particularly Gen Z and Millennials, are increasingly priced out of bigger metros and seeking affordable, high-quality housing in cities like Cleveland.
• Urban Development: Projects like the Cuyahoga Riverfront redevelopment and continued investments in transit, healthcare, and industry will fuel demand for downtown and near-downtown living.
• Investor Interest: Institutional and private capital are beginning to recognize secondary cities as stable, long-term plays. Cleveland is poised to benefit from this wave.
  
  

The Bottom Line for Investors

Cleveland’s rental market is more than just a regional story. It reflects the strength of Ohio’s metros and the Midwest’s broader appeal to renters and investors seeking value, stability, and growth.

The city’s climb to 12th place nationally is a clear signal: Cleveland is no longer a hidden gem, it’s an emerging leader. And with continued appreciation across the region, the next five years could bring Cleveland into the top 10 rental markets in the U.S.

Now is the time to pay attention.

Sources

• RentCafe. Renter Engagement Tracker 2024. https://www.rentcafe.com/blog/rental-market/market-snapshots/rentcafe-renter-engagement-tracker/
• Greater Cleveland Partnership. Cleveland Economic Development Reports.‍
• U.S. Census Bureau. Population and Housing Data, 2023.