Cleveland developers see more interest in apartment rentals despite pandemic

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CLEVELAND, Ohio (WOIO) – While many businesses have closed due to the pandemic, developers said they are currently seeing a different trend as demand for apartment rentals increases.

Apartments in downtown Cleveland are still in demand during this time, which surprised Dick Pace, CEO of Cumberland Development. His business has waterfront apartments on 9th Street.

“I think we are a bit unique, real estate development in general has been difficult during the pandemic. The employment base is what drives the residential base and the young professionals who come to town really like living downtown, I think that is the key. I think other neighborhoods, it’s been a challenge, ”Pace said.

According to CoStar Analytics, one-bedroom rentals in Cleveland increased towards the end of 2020. Pace says many developers continue to innovate as residential and industrial real estate in areas such as University Circle and Lakewood appear to do. quite well.

However, office space can continue to be a challenge as most businesses and businesses continue to work from home.

Mark Driggs of K and D Group says he’s seen a lot of trade deals recently.

“So that moment puts us right now in the summer when I think a lot of people are hoping to see a lot of the population vaccinated and things start to get back to some kind of normalcy and I think they start planning. in advance, ”Driggs said.

Driggs anticipates a need for office space as companies can have a hybrid model if and when they bring employees back to their offices.

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