MarketRent | Cleveland's Opportunity Corridor: Unlocking Potential in the "Forgotten Triangle"

Written on 04/02/2024
MarketRent Team

 
MarketRent™ powered by Clarendon

Navigating Value. Empowering Decisions.

04/02/2024
In this issue of MarketRent™ powered by Clarendon, we look at how the Opportunity Corridor in Cleveland, a 400-acre area southeast of downtown - once called the "Forgotten Triangle" - is changing. We also examine the progress made by the city in its ambitious goal to become a 15-Minute City.
 
We also share a variety of data tools and visualizations to help you understand the connection between walkability and rental prices in Cleveland, as well as, assist rent searches by zip code for the HUD Section 8 Mandatory Rent Threshold Test.
 

FEATURED
Cleveland's Opportunity Corridor: 
Unlocking Potential in the "Forgotten Triangle"
 
Cleveland's Opportunity Corridor: Unlocking Potential in the Forgotten Triangle
The Opportunity Corridor in Cleveland, contains the largest concentration of vacant land in the City of Cleveland - a 400-acre neighborhood southeast of downtown Cleveland, once known as the “Forgotten Triangle”.
 
The corridor is a promising area for real estate development and is expected to create community and economic development opportunities for residents in some of Cleveland's most challenged communities. 
 
Read more and also explore recent development in the area ...
 
Read More
SHARE: LinkedIn | Twitter
 

INSIGHTS
Cleveland’s Walkability Transformation: 
A Real Estate Investment Opportunity
 
Cleveland’s Walkability Transformation: A Real Estate Investment Opportunity
Discover Cleveland’s journey from a storied past to a walkable urban haven, enhancing its cultural landscape and boosting the real estate market. Explore the city’s walkable neighborhoods like Ohio City and University Circle, which are attracting real estate investors and renters seeking a lifestyle that combines convenience with urban charm ...
 
Read More
SHARE: LinkedIn | Twitter
 

DATA
Unlocking the Value of Walkable 
Neighborhoods in Cleveland
 
Unlocking the Value of Walkable Neighborhoods in Cleveland
Living within walking distance of amenities, public transport, and green spaces drives demand from both tenants and buyers, creating robust rental markets and boosting property values. Walkable areas tend to command higher rents due to convenience and amenities. As Cleveland continues to enhance walkability, property values and rental rates are likely to benefit.
 
Explore the data to examine the influence of walkability on rental rates in Cleveland by searching zip code data ...  
 
Explore Data
SHARE: LinkedIn | Twitter
 

DATA
HUD FY 2024 Small Area Fair Market Rents (SAFMR):
Sec.8 RCS 150% Threshold
 
HUD FY 2024 Small Area Fair Market Rents (SAFMR): Sec.8 RCS 150% Threshold
In March 2023, HUD unveiled a new Section 8 Renewal Policy Guide, which revised the mandatory market rent threshold. Instead of using the HUD 140% median gross rent as a benchmark, the new threshold is now pegged at 150% of the Small Area Fair Market Rents (SAFMRs) gross rent for the property’s zip code.
 
The HUD 150% Mandatory Market Rent Threshold Test was applicable for any Rent Comparability Study (RCS) signed by the owner’s appraiser on or after May 1, 2023.
 
Explore Data
SHARE: LinkedIn | Twitter

Smart Investments Start with Rent Studies

 

PULSE
What We're Reading
 
 
 
 
 
Read More

Comprehensive, Data-Driven Insights
Analyses and Reports in Major Markets Nationwide
Insights • Markets • Case Studies • About • Contact
 
CONNECT WITH
 
Twitter Instagram LinkedIn

All content is provided herein “as is” and neither Clarendon Valuation Advisors, LLC (“the Company”) nor its affiliated or related entities, nor any person involved in the creation, production and distribution of the content make any warranties, express or implied. The Company does not make any representations regarding the reliability, usefulness, completeness, accuracy, currency nor represent that use of any information provided herein would not infringe on other third party rights. The Company shall not be liable for any direct, indirect or consequential damages to the reader or a third party arising from the use of the information contained herein
.
© Copyright MarketRent™ | Clarendon.  All Rights Reserved.
 

MarketRent™ powered by Clarendon

410 Superior Avenue, Ste. 1024, Cleveland, OH 44114