Cleveland has become the poster child of American revival in core industries. It combines a solid business infrastructure with education, lifestyle and an affordable cost of living. The universities attract researchers and students from around the world. The city has a great orchestra, museums and recognized sports teams. There are miles of park trails, the shores of Lake Erie and The Rock and Roll Hall of Fame. All of this adds up to make Cleveland a great place to live and work, and thus an attractive investment climate for rental real estate.
Let's look at some compelling research from HomeUnion Services about Cleveland and its Northeast Ohio region.
- Intel Corp. has named Northeast Ohio as one of the 3 top Digital Communities in the U.S.
- Northeast Ohio is one of the hottest entrepreneur regions in the nation - (Entrepreneur)
- Ten Fortune 500 companies are headquartered in North Eastern Ohio including: Goodyear Tire, Cliffs Natural Resources, First Energy, Sherwin Williams, Eaton, Travel Centers of America, Progressive Insurance, Aleris, Parker Hannifin, Key Corp
- Regional Banking Hub: home to one of 12 Federal Reserve Banks
North East Ohio Employment:
- Cleveland is among the Top 10 job markets for new college graduates - (CNN)
- The region employs more than 120,000 healthcare professionals, including 35,000 at the Cleveland Clinic and 14,000 at University Hospitals
- 70% of Fortune 500 companies have a presence
- More than 400 bioscience companies offer new life science research
- Home to 27 area colleges and universities
- Cleveland's Metropark System is home to 22,000 acres of various landscapes and a major contributor to the economy attracting more than 42 million commuters annually
- Northeast Ohio boasts more lakeshore than any other metropolitan area in the world
- Cleveland is the second largest live theater district in the U.S.
- Home to four professional sports teams
- Home of the Rock-n-Roll Hall of Fame with 7+ million visitors
- Cleveland is one of the Top Cities for food lovers with over 1,000 food places and many U.S. famous chef-restaurateurs
- Cleveland Clinic named a Top Four Hospital in the U.S. and #1 heart hospital in the nation for the past 18 years.
- University Hospitals named one of nation's best hospitals - (U.S. News & World Report)
- Home of the nation's first Medical Mart
- Home of the 100-year old Westside Market, one of nation's oldest public markets
- Cost of living is well below the national average
- Cleveland offers one of the best price/rent ratios in the nation
- Rent demand is at an all-time high
- Northeast Ohio boasts a regional economy of $170 billion
- The region is undergoing nearly $11 billion in major capital investment
- Cleveland has the fastest growing healthcare economy in the U.S.
The macro environment is critical when looking at rental real estate investments, and Cleveland hits all the markers. There is strong rental demand, and a good economy leading to stable renters and great cash flow for investors.