Multifamily construction not meeting demand

A new report released today by international real estate firm Colliers shows that multifamily development in Greater Cleveland isn’t keeping up with demand. The result is that average rents in the Cleveland area are now the highest of any metro area in the state.

Colliers said that 1,601 apartments are typically built each year in Greater Cleveland to meet an average annual demand of about 1,976 multifamily housing units — the second-highest demand in the state behind Columbus’ 7,156 units.

But while metro Columbus had 9,123 apartments under construction in the first quarter of 2026, metro Cleveland had only 1,203 apartments being built in that same three-month period.

By comparison, Greater Cincinnati has a typical annual demand for 1,121 units of multifamily housing which is met by an annual average of 1,944 units. But in the first quarter of 2026, Cincinnati had 3,575 apartments under construction.

That translated into an average rent per square foot in January-March 2026 of $1.60 in Greater Cleveland, $1.58 in Cincinnati and $1.47 in Columbus.

More apartment construction is needed in Greater Cleveland to keep up with demand. Without it, the metro area will continue to have the highest rents per square foot in the state (NEOtrans).

The typical size of an apartment in Cincinnati is slightly larger than those in Cleveland, so the average monthly rent for an apartment in Cincinnati is the highest at $1,511. Cleveland is next at $1,419 and Columbus third at $1,405.

“The development pipeline (in Cleveland) continues to shrink, with units under construction falling to about 1,203 from 1,461 last quarter and 3,672 one year ago,” Collier said in its report.

“That drop in future supply is one of the most important trends in the market right now, because it should help Cleveland maintain healthy occupancy and support rent growth as 2026 moves forward,” the report explained, noting that higher rents will attract new construction.

“That is a strong signal for the market, especially after several years of elevated deliveries,” the report noted. “Over the last five years, Cleveland has generally operated in the mid-95 percent occupancy range, and current performance remains in line with that trend.”

The other big development on Cleveland’s Scranton Peninsula is Triton at The Flats, opening after The Collins across the street (NEOtrans).

In part, Colliers used data generated by Real Capital Analytics, a data model managed by MSCI Inc., a finance, equity and real estate analysis company headquartered in New York City.

“Cleveland’s multifamily market remained healthy in Q1 2026, with inventory rising to approximately 178,925 units and occupancy holding at 95.8 percent,” Colliers said in its report.

The report noted that while construction locally has dropped below demand, vacant units are filling the gap. Yet Cleveland had fewer vacant units than Ohio’s other two big C’s.

“Vacant units totaled about 7,533, down from roughly 7,719 last quarter,” Colliers said of Cleveland’s apartment market. “Demand continued to absorb most of the new supply, keeping overall fundamentals stable.”

Not all new multifamily inventory comes from new construction. In Downtown Cleveland, most of it comes from converting older, obsolete office buildings into housing plus other uses like hotel and retail, as seen here with Project Scarlet’s remake of the Rose Building at East 9th Street and Prospect Avenue (NEOtrans).

Greater Columbus may have Ohio’s largest multifamily inventory at 218,113 apartments, it also has the most vacant units at 10,382. Greater Cincinnati’s inventory had 173,050 apartments with 7,562 of them vacant in the Q1 2026.

“Market conditions also improved from a year ago,” Colliers said. “Occupancy increased from 94.5 percent in Q1 2024 to 95.8 percent in Q1 2026, showing that Cleveland has been able to work through added inventory without a meaningful drop in performance.”

Leasing conditions are still competitive in the Cleveland market and the market remains on solid footing. Colliers said newer projects are creating pressure in certain pockets, especially where owners are competing for renters more aggressively, but the broader market continues to benefit from steady demand and a stable base of occupied units.

“In simple terms, Cleveland is not overheating, but it is also not slipping,” the report summarized. “It is holding up well.”

END

CLEVELAND, Ohio (WJW) — Cleveland is once again setting sail into cruise season — and this year could be its biggest yet.

The Port of Cleveland welcomed its first ship of 2026 on Tuesday, bringing visitors and a boost to the local economy along with it. Local leaders told Fox 8 that this is just the beginning.

“This is a great day. It’s officially the kickoff of the 2026 cruise season in Northeast Ohio and at the Port of Cleveland,” said Dave Gutheil, chief operating officer at the Port of Cleveland.

The arrival marked the start of what could be a record-breaking cruise season for the Port of Cleveland. Since launching cruise operations in 2017 with just nine ship visits, the port now expects 57 — its highest ever.

“Really a big economic impact on the city. Each passenger spends about $100 to $150 when they come in. So, we should have close to 10,000 passengers this year,” said Gutheil.

That excitement is exactly what local leaders are counting on as cruise tourism continues to grow year after year. Visitors are stepping off ships and straight into Cleveland’s top attractions — from the Rock and Roll Hall of Fame to the West Side Market and beyond.

“We are super excited. We have friends here, they’re going to show us around,” said cruise passengers, Margaret Niehaus and Robert Niehaus from Santa Barbara, Ca.

For travelers from across the country like the Niehaus’, the Great Lakes cruise is both scenic and personal.

“The cruise is great. The food is delicious, the staff is great, the ship, only about 200 passengers, it is very nice, really intimate,” the Niehaus’ said.

Victory I carries about 200 passengers on 10-to-14-day Great Lakes routes, with stops including Chicago, Toronto and Cleveland. For many, it’s a chance to see the Great Lakes in a completely different way.

“The Great Lakes are a very special ecosystem, very special environment, of course, you know, and having a chance to see them from the shore is a lifetime experience for a lot of people,” said cruise passenger Steve Kaverman from Denver, Colo.

Ships like this will continue arriving through mid-October — bringing thousands more visitors to Cleveland’s waterfront.

“If you see passengers from the cruise vessels out in Northeast Ohio, wish them a warm welcome to Cleveland and let’s put out the red carpet for them,” said Gutheil.

Trips can be booked directly through Victory Cruise Lines website. Port officials said they expect both visitor numbers and economic impact to keep growing in the years ahead.

Among the Democratic Party primary races Signal Cleveland is following is the one for Ohio House District 19, which has drawn three major candidates to the open seat. (Incumbent Phillip Robinson Jr., of Solon, is term-limited.) The district includes Cleveland’s Old Brooklyn neighborhood and all or portions of a string of eastern and southeastern suburbs. 

The Cuyahoga County Democratic Party’s endorsed candidate is Nicole Sigurdson, a Cleveland resident and union organizer with SEIU District 1199 who narrowly won enough support to secure the party’s influential backing. 

But Sigurdson has been under fire from fellow party members and others for a comment she made on social media in 2025 about the Israel-Hamas war. Her comment – which she has since deleted – especially stood out because her district includes communities with sizable Jewish populations, including Solon and Pepper Pike. 

In the post, Sigurdson shared an image of the Palestinian flag that read, “From the river to the sea, Palestine will be free.” It was a phrase used by protesters against the war. Prior, it was used for years by some advocating for the elimination of the state of Israel. And it’s been a slogan used by terrorist groups. 

She posted a video earlier this year apologizing for the post. 

“The post contained an image with an antisemitic slogan of which I failed to grasp the full significance of,” she said. “At the time, several people reached out to me expressing their hurt and sharing the full context of the phrase. After listening carefully to their concerns, I immediately deleted the post, but I should have known not to post it at all.”

Signal asked Sigurdson what motivated her original post. She said it was made in reaction to seeing a lot of coverage of Palestinian civilian deaths in Gaza during the war. (The Hamas terrorist attack in Israel on Oct. 7, 2023, killed 1,200 civilians and Hamas took 250 people hostage. Israeli’s military response left tens of thousands of civilians in Gaza dead.)

“I made them out of humanitarian concern, wanting autonomy for all people, wanting safety for all people,” Sigurdson said. “And part of what has driven me to politics is I never want to shy away from controversial topics.” 

Fliers were recently mailed to residents in Solon attacking Sigurdson for her antisemitic comments. One flyer featured the headlines from a Cleveland Jewish News story about the comments. “Nicole Sigurdson is wrong for Ohio,” it read.

Sigurdson is campaigning around workers’ rights, including increasing the minimum wage, protecting the environment and the need to be more “caring about people.”

She faces two candidates in the primary: Dionne M. Gore of Solon, who works for Medical Mutual and is backed by Robinson; and Cheryl Perez, a small business owner from Brecksville, who was endorsed by Cleveland.com/The Plain Dealer. 

(There was only one Republican primary candidate, but he recently died unexpectedly.)