Why affordability alone doesn’t explain Cleveland’s rental boom and what smart developers are doing about it.

Cleveland’s reputation as one of the most affordable U.S. cities is well established. In fact, GOBankingRates recently ranked it among the top cities where you can still live comfortably on a middle-class income, estimating that you need just $60,000-$70,000 annually to afford a middle-class lifestyle in the region. That’s a far cry from places like San Francisco or New York, where that number can top $150,000+.

But affordability isn’t the only factor driving the city’s growing rental population.

According to U.S. Census data, more than 58% of Cleveland residents are renters, higher than the national average of 35%. Historically, that number was driven by economic limitations. Today, however, a new class of residents is emerging: renters by choice.

Today’s Renters Want More Than Just a Roof Over Their Heads

This new wave of Clevelanders isn’t renting because they have to, they’re renting because they want to. And they’re driving major shifts in the multifamily housing market.

These residents are often:

• Young professionals prioritizing flexibility over permanence
• Remote workers looking for urban vibrancy without big-city prices
• Empty nesters or downsizers seeking convenience, community, and low maintenance
• Transplants from Chicago, NYC, or the Bay Area who can now afford high-end rentals thanks to location-neutral jobs

They value:

• Walkability to culture and dining
• Smart home tech
• Dog parks and pet-washing stations
• Gyms, coworking spaces, and rooftop patios
• Flexible lease terms and furnished options

According to the National Multifamily Housing Council, over 70% of renters under 40 now cite "lifestyle flexibility" as a key reason for renting, even when they could afford to buy.

And this isn’t just anecdotal. The 2024 Zillow Consumer Housing Trends Report found that:

• 22% of renters nationally are choosing not to buy, despite being financially capable.
• In markets like Cleveland, the share is even higher due to favorable cost-of-living dynamics and lifestyle perks.

Developers Are Reimagining Cleveland Rentals for the Lifestyle-Driven Renter

Forward-thinking developers and property owners are catching on and shifting their strategies.

New and retrofitted apartment projects are beginning to reflect the expectations of a renter-first lifestyle:

1. More Amenities, Not Less

Developments across Cleveland neighborhoods like Ohio City, Tremont, and Downtown are now offering:

• High-speed fiber internet
• Fitness centers with wellness programming
• Smart locks and app-based maintenance portals
• Bike storage, package lockers, and community lounges

2. Pet-Centric Design

Cleveland’s rise in pet ownership (mirroring a national increase of 6% since 2020, according to the APPA) has made pet amenities non-negotiable. Many buildings are adding:

• Dog runs
• Pet-washing stations
• Pet-friendly flooring and green space access
  

3. Flexibility Built-In

With more hybrid and remote workers in the mix, short-term leases, furnished units, and shared office amenities are becoming standard.

4. Smart and Sustainable

Energy-efficient appliances, smart thermostats, and EV charging stations are no longer perks, they’re expectations, especially for Millennial and Gen Z renters.

Cleveland’s Renters-By-Choice Market Is Growing and Reshaping the City

This shift isn’t temporary. As Cleveland continues to attract talent and investment, renters by choice are helping shape a more dynamic housing ecosystem.

• Cleveland’s Downtown population has grown over 30% in the past decade, with rental units outpacing for-sale housing development. (Downtown Cleveland Alliance)
• New developments like The Lumen and INTRO Cleveland lease up quickly, demonstrating demand for luxury rentals with premium amenities.
• Renter satisfaction in Cleveland is also on the rise. According to RentCafe’s 2024 Resident Satisfaction Index, Cleveland scores above national average for rental value and service.

Cleveland Isn’t Just a Stopgap, It’s a Smart Lifestyle Choice

Cleveland’s rental market is no longer driven solely by necessity. It’s a conscious choice for people who want the freedom, flexibility, and amenities of high-end living without the financial constraints of ownership.

For developers, property managers, and investors, the takeaway is clear:
Don’t just build for affordability. Build for choice.