Market Analysis
Cleveland Rental Market
Rental investment market data and analysis · Updated November 2026
Median Home Price
$166,950
Average Monthly Rent
$1,188
Estimated Cap Rate
8.5%
Rent-to-Price Ratio
0.7%
Below 1% Rule
Rent ÷ price by zip code
0 of 4 clear the 1% rule · November 2026
| Zip | Median price | Median rent | Rent ÷ price |
|---|---|---|---|
| 44120 | $135,000 | $1,100 | 0.81% |
| 44109 | $168,900 | $1,100 | 0.65% |
| 44102 | $165,000 | $1,050 | 0.64% |
| 44113 | $349,900 | $1,500 | 0.43% |
Context · FRED home price index
Market Trends
Cleveland metro area — % change since 2018
Home Prices
+71.6%
Rent Index
+36.2%
Average Rent by Bedroom
| Bedrooms | Avg Rent |
|---|---|
| Apartment | $1,098/mo |
| Multi-Family | $1,175/mo |
| Condo | $1,238/mo |
| Single Family | $1,559/mo |
| Townhouse | $2,125/mo |
Sample Investment Analysis
Based on median price + average rent, 20% down, 6.8% rate, 30yr
Purchase Price$166,950
Down Payment (20%)$33,390
Monthly P&I$871
Monthly Rent$1,188
Est. NOI$8,554/yr
Est. Cash Flow-$158/mo
Cash on Cash-5.2%
The Cleveland market is cash-flow negative at median prices. Look for properties 15-20% below median or with value-add potential.
What Investors Should Know About Cleveland
- 1Strong cap rates above 7% — excellent cash flow potential
- 21% Rule fails at median prices — need rent of $1,670/mo to pass
- 3Below-average rents keep entry costs low for new investors
- 4Affordable market — lower barrier to entry for first-time investors
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