Rent.com recently reported that the following five neighborhoods are seriously hot right now, and are officially the most expensive spots where average apartment/house rents have shown the most growth.
1. University Circle
Price increase over the past year: 44.28 percent
Average rent for one-bedroom in University Circle: $1,853
2. Gateway District
Price increase over the past year: 11.83 percent
Average rent for one-bedroom in Gateway District: $1,398
3. Hough
Price increase over the past year: 7.74 percent
Average rent for one-bedroom in Hough: $1,415
4. Downtown Cleveland
Price increase over the past year: 7.34 percent
Average rent for one-bedroom in Downtown: $1,366
5. Warehouse District
Price increase over the past year: 3.60 percent
Average rent for one-bedroom in Warehouse District: $1,185
To determine the numbers, the good people at Rent.com compared this year's average rent prices on their site of all Cleveland's neighborhoods with all of those from last year. While some neighborhoods like Ohio City may have similar high-end rents, those prices have stayed about the same over the past year.
The east side's University District, with its bevy of students and doctors to take money from, seems like a likely choice for rental hikes. And the nearby Hough neighborhood has benefited from that as well.
Cleveland's downtown areas have been burgeoning for years, but that the Gateway District's rentals went up by 11 percent is still somewhat of a surprising leap.
Find the entire report at Rent.com.
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