Cleveland, Ohio sits on the shores of Lake Erie, it’s at the heart of a combined metro area of 3.6 million people, spanning Cleveland, Akron, and Canton, Ohio. Most importantly, it’s situated in cash flow country. Cleveland grew as a result of its advantageous location at the mouth of the Cuyahoga River, what started as a port city grew into a diversified economic center.
The best rental markets provide investors with a high level of confidence, that current tenants will be replaced with new tenants for decades into the future. A growing economy and growing population ensure that savvy investors experience minimal vacancy; Cleveland is growing.
The Erie Canal helped link ship traffic with the Hudson River in NY, through the Great Lakes, connecting the productive heartlands of America with the financial centers on the East Coast. Cleveland built upon its central location and became a major rail hub as well as shipping hub. Its start as a major transportation node gave Cleveland a springboard to develop into a center for industry and manufacturing, attracting financial and other service sectors, and it’s easy to see how the Cleveland economy has become one of the most well-balanced diversified economies in the USA.
- Diversified local economic sectors: manufacturing, financial services, healthcare, biomedical, and higher education
- 2019 combined metropolitan economy: $175 Billion
- Household names headquartered in Cleveland: Sherwin-Williams, Vitamix, Progressive, the Cleveland Clinic
- The Cleveland Clinic is the #1 medical center in the specialty of cardiac surgery
- Cleveland is ranked #2 in terms of Rent-to-Price Ratio
Metro Size: 2.09 Million
Combined Metro: 3.63 Million
GDP Per Capita: $58,470
Cost of Living: 76.3
Area: 82.48 mi2
Elevation: 653 ft
Time Zone: Eastern