Top Locations Cleveland Real Estate Is Becoming Popular To Investors by Mays Kuhail January 22, 2017January 31, 2019 by Mays Kuhail January 22, 2017January 31, 2019 Cleveland real estate has been gaining some attention by investors lately. Why? The Forest City itself is craving investment. The city has become a renowned world corporate center and a market for growth in the past four years. Cleveland is home to 27 universities, the second largest live theater district in the nation, Cleveland Clinic and the fastest growing healthcare industry in the US, some of the country’s major sports teams, and several national and multinational companies. No wonder Cleveland real estate market is also growing! Related: The Millennial Effect on the Real Estate Market Cleveland Real Estate Overview Cleveland’s Economic conditions are optimistic. 2016 unemployment rate was reported at 4.7%, reduced from 5.6% just in 2015. Additionally, Ohio home sales are increasing in general, and Cleveland real estate has had a significantly strong November in 2016. Not only that, Cleveland is also displaying growing income and a stable and strong job market. And homes in Cleveland real estate have been regaining their value after the 2008 recession. If you’re considering Cleveland real estate, take advantage of the fact that it’s currently a buyer’s market. Unlike many cities in the US, Cleveland has an abundance of housing stock an inventory. If you’re looking to invest in the long run, Cleveland real estate may be a good option. As prices soar in the rest of the nation, Cleveland real estate may very well become the next investor market. Cleveland real estate is also attracting investors because it is among the most affordable markets when compared to the national average. The median home price in Cleveland is $199,880 which is certainly affordable. Plus, most of the city’s top neighborhoods depict great numbers in terms of CoC returns, cap rate, and estimated rental return. Related: Buying Investment Properties With No Money Airbnb Cleveland Airbnb Cleveland is certainly one of the hottest Airbnb markets in the Midwest. The home-sharing service has undergone many regulations in 2016. Some legislations for Airbnb Ceveland were introdulced in January 2016. The city continued to regulate the service well into last year. Some of the changes Airbnb Cleveland has seen include: Updating Cleveland’s zoning code since the city used to have an outdated code. Cleveland used to identify a hotel as “a facility with at least five rooms”, a definition that has changed to accommodate today’s home sharing economy. Imposing a 3% transient-occupancy tax (TOT) taxt Imposing a 5.5% hotel tax, to be paid by the renters, and collected by Airbnb to turned over to the city That a home-sharing property, such as Airbnb, must be the host’s primary residence for over 51% of the year. Additionally, a host may not rent for over 91 days per year, with a 30 day maximum stay per guest. At the moment, Airbnb is trying to push the 91 day limit to 180 days. The new taxes and regulations are not making hosts and investors too happy. City officials claim that they do not want investors purchasing homes solely for the purpose of renting them out on Airbnb. But if you’re considering Airbnb Cleveland, do not let this discourage you. Yes the city is imposing legislations, but so have most cities across the nation and even internationally. The bigger the service gets, the more regulations it requires. Airbnb is only growing and so are the opportunities associated with it. Cleveland Real Estate Top Two Neighborhoods University District Median Home Price: $132,475 Airbnb Occupancy Rate: 32.125% Average Rental Income/month Airbnb: $1,227 Traditional: $9,290 Cash on Cash Return Airbnb: 6.14% Traditional: 82.67% North Collinwood Median Home Price: $97,950 Airbnb Occupancy Rate: 42.72% Average Rental Income/month Airbnb: $837 Traditional: $2,032 Cash on Cash Return Airbnb: 2.64% Traditional: 14.99% Downtown Median Home Price: $256,000 Airbnb Occupancy Rate: 45.4% Average Rental Income/month Airbnb: $2,585 Traditional: $1,426 Cash on Cash Return Airbnb: 7.72% Traditional: 1.92% Tremont Median Home Price: $300,000 Airbnb Occupancy Rate: 47.45% Average Rental Income/month Airbnb: $2,334 Traditional: $1,174 Cash on Cash Return Airbnb: 5.71% Traditional: 2.4% Old Brooklyn Median Home Price: $92,450 Airbnb Occupancy Rate: 49.28% Average Rental Income/month Airbnb: $2,473 Traditional: $754 Cash on Cash Return Airbnb: 23.26% Traditional: 2.86% Make sure to use Mashisor’s multiple investment analytical tools to assess your investment opportunities in these neighborhoods, among others. You may also check out property comps in each distinct neighborhood and use those to optimize your investment in Cleveland real estate. To Summarize on Cleveland Real Estate While not among the strongest real estate markets in the nation, Cleveland real estate is certainly hopeful. If you’re on a budget, and you’re looking for a long term investment, definitely consider Cleveland real estate. And to make the most out of your investment, make sure to use our services when searching for real estate properties. Mashvisor offers information on multiple real estate indicators such as CoC return and estimated rental returns for traditional and Airbnb properties. Our service also allows you to browse thousands of properties and compare them in single neighborhoods or the city as a whole. Simply type in Cleveland into our search engine to browse multiple investing options in the Cleveland real estate to help you make calculated and savvy investing choices. Related: Top 7 Cheapest Cities for Buy-and-Hold Investment Properties Start Your Investment Property Search! START FREE TRIAL Start Your Investment Property Search! START FREE TRIAL AirbnbAirbnb RegulationsCap RateCash on Cash ReturnCleveland OHTraditional 0 FacebookTwitterGoogle +PinterestLinkedin Mays Kuhail Mays is a Content Writer and freelance creative writer with multiple years of experience in US real estate market analysis. Mays has background in communication, content development, and digital marketing. She holds a BA in Business Administration and Marketing. 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