I really don’t understand how Cleveland continues to build apartments when the population growth isn’t there. Apartments go from waiting list, to first month free because people jump from the newest place
I really don’t understand how Cleveland continues to build apartments when the population growth isn’t there. Apartments go from waiting list, to first month free because people jump from the newest place
@EmporiumCeo Population replacement. Middle class professionals moving in to some neighborhoods, poor families moving out of others. Number of occupied housing units are up, as is population of working-age adults.
@EmporiumCeo Population numbers are always lagging. RE developers don’t build on spec in mid markets. These will lease out in months.
@EmporiumCeo At times I feel that same way but for years CLE had to beg developers to come in here and now they can’t get enough. They’ve got a lot of money and research behind them. They believe something has changed
@EmporiumCeo Or the 2020 Census wasn’t accurately counted.
@EmporiumCeo A few reasons. 1.) replace old housing stock. 2.) shifting demographics for urban settings. 3.) and the most important, having abundant housing keeps Cleveland cheap. Like I can’t stress how important this last one is.
@EmporiumCeo Also your second sentence perfectly illustrates the phenomenon of filtering and how it keeps housing cheap. Very glad you were able to see it happen in real time!
@EmporiumCeo Out of town investment groups. Two year old Axis on Ansel luxe apartments (Hough neighborhood) sold last year for $10 million. The Cleveland market is wide open to investors who specialize in luxury marketing and later flippinf the properties.