Rent, population, and median household income are important factors to consider for a 1031 exchange in Cleveland Heights due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Cleveland Heights, Ohio is a part of the East Cleveland/Cleveland Heights Submarket submarket area.
Cleveland Heights Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Cleveland Heights, OH submarket area was $1,022, which is 36.81% lower than 2014 average rent. This represents a compounded annual growth rate of 6.47%. 2019 vacancy in Cleveland Heights, OH was 7.00%.
The total population of the city of Cleveland Heights, OH has decreased 3.79% since 2010. As of 2018, the population was 44,373. The median household income of the Cleveland Heights was $56,993, which is 5.47% lower than the national average.
- submarket area East Cleveland / Cleveland Heights Submarket
- avg rent $1,022
- rent growth 36.81%
- vacancy 7.00%
- median income $56,993
- population (2018) 44,373
- population growth -3.79%
- vs. nat'l avg 5.47%