Cleveland’s Largest Apartment Communities Delivered in 2015
- Apr 08, 2016
By Balazs Szekely, Contributing Editor
Cleveland—The recovery of the property market in Cleveland has been uneven, but in the downtown area, demand continues to outstrip supply. The Downtown Cleveland Alliance reported occupancy rates of over 97 percent for downtown Cleveland apartments at the end of 2015, and wait lists running into the thousands. “We can’t build them fast enough,” spokesman DCA Executive Vice President Michael Deemer told newsnet5.
The Springfield News-Sun reports a shortage of skilled professionals in Ohio, despite an influx of job-seekers and new employees from elsewhere in the U.S. Cleveland is no exception, and graduates are flocking to Ohio, where they enjoy a wide range of career opportunities and improved bargaining power thanks to manpower shortages.
As a result, there is an increased demand for high-end, new apartments as can be seen in figures supplied by Yardi Matrix. Average rents may be a mere $924 per month, but developments completed since 2010 command $1,624 on average. We feature 2015’s largest new developments as an indicator of rental development trends in Cleveland.
The Vue Beachwood, 348 units
The NRP Group launched its four-story, 348-unit apartment building in July of 2015. The community is targeting couples and small families with the majority of units being one- and two-bedroom apartments, and the parking area allowing for additional space for families with two cars. Catering for the high-end market, amenities include a heated pool, landscaped gardens and an electric car charging station, as well as a fitness center, which has become a standard in recent developments. (Image courtesy of The Vue Beachwood Facebook Page)
Brighton Chase, 264 units
An exterior view reminiscent of a manor-house with sweeping lawns prepares us for the high-end focus of this 264-unit development from Edwards Communities. The primary focus is on a young demographic, with predominantly one-bedroom apartments, and only 93 units offering two bedrooms, but the open-plan design creates an impression of spaciousness. Amenities include community entertainment areas, a pool and a fitness center. (Image courtesy of Brighton Chase Website)
The Archer, 250 units
The Archer features 250 rental units developed by Morgan Communities. The adaptive reuse of the historic National Terminal warehouse, originally built in 1915, combined with a newer structure designed to harmonize with its design, is of particular interest. 97 of the floor plans are completely unique, adding appeal for individualistic rental clients. The current trend for rental apartments fitted with stainless steel appliances is reflected here, and the fitness center and community lounge we have come to expect from high-end developments have been included in the package. (Image courtesy of The Archer Facebook Page)
Flats at East Bank, 243 units
A waterfront location on the Cuyahoga River marks this six-story development with two floors of upmarket retail as an address with prestige. Featuring 243 rental units, primarily one-bedroom apartments with 71 two-bedroom units and just a couple of of three-bed units, the focus is clearly directed at young singles and couples. The yoga studio and business center may be what one expects from high-end apartments these days, but the boat parking facility is an added perk for those with maritime inclinations. (Image courtesy of Flats at East Bank Website)
Residences at 1717, 223 units
Downtown Cleveland’s building boom is well-represented throughout this 223-unit, 20-story high-rise from K&D Properties. With retailers occupying the ground floor level, the rest of the building offers high-end one- and two-bedroom apartments with finishes such as granite-topped kitchen islands. There are even fireplaces in the apartments occupying the upper two floors. The amenities offer no surprises: a fitness center and business center ensure that e-commuting, after hours work and fitness needs are catered for. (Image courtesy of RENTCafé)
With rental properties in Cleveland—particularly high-end downtown rental apartments—enjoying unprecedented demand, the building boom is far from over. To view more of 2015’s largest apartment developments in Cleveland, visit the RENTCafé Blog.