When it comes to renting, there are lots of factors that play a role — location, size, amenities — but many Cleveland renters feel it's simply too high, and those prices are only going up.
“The rent prices are on the rise. It's up over 11% from a year ago,” said Michael Goldberg, a professor of entrepreneurship at Case Western Reserve.
“It’s not surprising that rent prices have gone up more significantly in the areas that are attractive with bars and restaurants and amenities, particularly for young people,” said Goldberg.“One is a continued challenge in terms of labor supply, and so, wages have gone up, and they haven't come back down. The folks that are building and servicing properties remain at higher wages,” said Goldberg.
“We have seen housing prices increase overall, and that's across the country,” Whitley said. “Unfortunately, the landlords, the owners of those properties are feeling that crunch, and so will the renters as well.”
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