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Downtown Cleveland: More development, growing population, higher costs

The cost to rent property in Downtown Cleveland continues to rise, as does the population.

CLEVELAND – The cost to rent property in Downtown Cleveland continues to rise, as does the population. And that’s a good thing.

More and more people are making a conscious decision to flock to the city’s center sparking new development along the way.

“In particular over the last 8 years we’ve seen an increase in the number of units in downtown Cleveland,” said Joe Marinucci, President and CEO of Downtown Cleveland Alliance (DCA). “In fact we have close to 7,000 market rate apartments in downtown Cleveland.”

DCA is an non-profit organization that works for the betterment of downtown.

“What we’re trying to create is an environment where people can live, work, play and visit. And if you create that mixed use environment, it all builds on itself,” said Marinucci.

Currently, downtown’s estimated population has swelled to over 16,000 and grows at a pace of about 1,000 residents per year. With so many people looking to live downtown, supply is limited, with the average rent price for a 1-bedroom apartment averaging between $1,000 and $1,200 according to Marinucci – numbers that continue to rise.

Less than a decade ago, an apartment costed about $1.10 per square foot. It’s now $1.52 per square foot.

Jonathan Whigham has lived in The Sphere downtown since 2015. Fortunately, rent at his building hasn’t gone up. But he often hears people complain about rising costs.

"You hear the complaints of people that don’t live there. But yet they’re still filling up, so I mean something’s working,” said Whigham.

But for him, the cost is well worth the benefits. He enjoys a rooftop pool and a number of other amenities in his complex. And he can find the necessities to live comfortably rather easily nearby. But he admits he often wants more options.

“I think it’s easy. Could it be easier? Yes. Would it be nice to a little more variety in terms of hardware or some of the amenities you come to get use to in the suburbs? Absolutely,” Whigham says.

Marinucci believes more retail options and businesses will come to downtown as the population continues to grow. He says, “the closer we get, for example, to 20,000 or 25,000 residents, the better retailers are going to be in terms of their comfort level in terms of moving into downtown.”

That future development would help DCA achieve its continued mission to make downtown a desirable place to live, work, play and visit. Increased demand, population, and costs are an important piece of the puzzle.

“If you create that mixed use environment, it all builds on itself,” said Marinucci.

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