Great Lakes Resources
Great Lakes Resources (GLR) offers the specialized knowledge and insight that comes with years of experience developing and owner-managing commercial and retail real estate properties in Northeast Ohio.
Cleveland has an estimated population of 372,624 residents. It functions as the county seat of Cuyahoga County. The city is known for its diverse arts and culture scene. Several museums, galleries, and performing arts venues and companies call Cleveland home. This includes the Cleveland Museum of Art, Playhouse Square, the Cleveland Orchestra, the Cleveland Museum of Natural History, and the Rock and Roll Hall of Fame.
Additionally, Cleveland hosts a number of events throughout the year. The Cleveland International Film Festival, the Cleveland National Air Show, and Fashion Week Cleveland are a few that come to mind. Its diverse population and rich history have also influenced its local cuisine. Moreover, Cleveland is a haven for breweries and beer lovers.
Finally, it is hard to talk about Cleveland without mentioning sports. The city is home to several major sports teams, including the Cleveland Cavaliers (NBA), the Cleveland Browns (NFL), and the Cleveland Indians (MLB).
Countless property investors flock to Cleveland every year, thanks in large part to its affordable real estate market. In fact, the median home listing price in this Ohio city is $84,000. This is a whopping 63% below the national median. Despite affordable homes, Cleveland still boasts a large renter population. Roughly 58% of the city’s residents are renters.
Image via towncharts.com
This can be attributed to Cleveland’s comparatively cheaper rent, though. The median rent on a national level was $1,097 in 2019, while the median rent in Cleveland was only $813. This is down from the previous year’s $819.
Image via deptofnumbers.com
Along with a large renter pool, property investors will also benefit from Cleveland’s average vacancy rate. In 2019, the vacancy rate in this Ohio city was 5.80%. This is only a little below the national rate, which was 5.97% in the same year. To top it all off, Ohio is a fairly landlord-friendly state.
Cleveland is definitely a good place to invest in rental property. Being a landlord, though, comes with plenty of responsibilities. On top of the usual rent collection and maintenance, you also need to make sure everything you do is within the law. Each state — and even locale — has its own set of laws pertaining to landlords and tenants. Failing to familiarize yourself with these laws can get you in trouble.
This is where a Cleveland rental management company can help. For professionals, it is part of their job to remain informed of the different laws that apply to rental properties. This includes statutes concerning rent control, eviction, and entry to a rental property without notice. What else can a property management company do for you?
There are numerous rental management companies in Cleveland alone. Finding the one that matches your needs and budget can be troublesome if you don’t know where to look. Use Rental Choice’s comprehensive online directory today. We list reliable property management companies that you can search by city or state.