| 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" |
| 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 ... |
| INSIGHTS 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 ... |
| DATA 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 ... |
| DATA 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. |
| Comprehensive, Data-Driven Insights Analyses and Reports in Major Markets Nationwide |
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