University Circle's Rent Prices Have Grown Nearly 50 Percent Over Past Year, New Report Finds

PHOTO COURTESY ERIK DROST/FLICKRCC
Photo courtesy Erik Drost/FlickrCC
When it comes to renting in Cleveland, as with anywhere, you get what you pay for. But over the past year, a handful of neighborhoods have distinguished themselves with astronomical rental price increases.

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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