So we looked at Lakewood Tuesday and now let’s head east to another hot rental community: Cleveland Heights. It’s true that these numbers would be different if we included multi family homes but single families are extremely sought after by tenants so that is my focus in this several part report. All my stats were accrued via NORMLS, which means these places rented via area brokerages.
Cleveland Heights has been a single family home rental area, in my opinion, longer than Lakewood. First stat to back this up: 67 single family homes rented during 2012 (much higher than Lakewood). This is both a plus and a minus, if you are considering purchasing a single family investment property. Good, because it’s an established area, between CWRU, the hospitals, and Downtown Cleveland industry, single family homes rent well. The only somewhat downside is that it can take longer to rent it since there are usually more homes listed for rent at one time than there are in a place like Lakewood. Okay, let’s get started.
First, those 67 single family homes rented last year. NORMLS actually says 71 but while I was analyzing many of these homes, I found four that were really multi-family homes so I took them out of the equation.
The average rental price is $100 higher than Lakewood: $1,313. The average sq. footage in each of these homes is 1,779 and on average, these homes were listed for rent for about two months before getting an offer to rent that was accepted.
There were 3 rentals in the lowest price range: $800/month. This included one 2 BR (only two bedroom on Cleve. Hts. list) with only 842 sq. feet of space. It was on Roanoke.
1 on Navahoe rented for $850/month. 2 rented for $875 including one really pretty home with an open kitchen on Medford.
There were 10 homes in the $900 to $1,000/month rental range. At $925/mo. a home on Elmwood near Noble, very pretty Tudor style colonial with a deck, totally move in ready.
For $950/mo, two examples: One on OXford near Cain Park with 1400 sq. ft. of living space and a family room and a deck. One on Cedarbrook, near S. Taylor and Cedar (heart of Cleve. Hts.) with an amazingly gorgeous upper level bonus room. Rich, refinished floors, elegant architectural detail. Stunning.
There were 14 homes rented in 2012 in the $1,000/mo. range. A cozy brick cape on Meadowbrook, 1/12 car garage, allowed pets, terrific upgrades and refinishings but no stove provided although it allowed pets (not that many did, in either Lakewood OR Cleve. Hts, at least not by what it said on line. I still think this is a bonus investor owners can provide, allowing pets, which would potentially cut down on the number of days on the market before getting rented or re-rented).
Almost all of the 14 homes in this rental range had updated kitchens, baths, general house updates, mechanicals. More homes in 44118 might have been a tad less fancy (maybe steam heat instead of forced air, maybe a pristine kitchen with updated appliances but not fancy new kitchen cabinetry). The area that is nearest to Coventry and Cedar and Fairmont and Cedar Lee/Taylor is a hot commodity and what isn’t found by tenants in granite counters and cherry cabinets is found in location with entertainment, shops, food, grocers etc., all in walking distance, great public transportation to Univ Circle, etc etc. Also, some of the amazing architecture that abounds in this area, makes up for fancy new kitchens, in some cases. Which you will see in the higher priced rentals. Let’s move on…
13 homes rented in the $1200/month range. 10 had more than one bedroom plus similar amenities and condition to ones already described.
5 homes rented in the $1300/month range. One on Hampshire (popular Coventry area) without modern updated kitchen did have 1500 sq. ft of living space, gorgeous natural wood and newer appliances. Also one on Kingston that was stunning with a huge, airy 3rd floor.
Time to mention that 95% of these single family rentals have what is signature Cleveland Heights: rich, refinished hardwood floors, as opposed to wall to wall carpeting.
For $1500 a month a Euclid Heights Blvd. beauty with 2500 sq. ft. of space, an in ground pool in the back yard, 5 Brs and Baths (no central air but high ceilings and all that other wonderful stuff).
Once we hit $1800/month, most of the homes are in the heart of Cleveland Heights. Two are newer: Courtyards at Severance 2003 built home with 3 brs 2 1/2 baths for 1800/month. And at Brownstones on Euclid Hts. blvd, 2,962 sq. feet of living space, rented for $2800/month (and was only on the market as a rental for 28 days).
One phrase, or variation of it, ran through these rental listing descriptions: totally read to move in, totally updated…you get the picture. Not all of these places, even with spanking shiny new kitchens, offered appliances, but most did.
One trend different than a few years ago (and true in Lakewood as well) is who pays for the water and sewer charges.
While an owner may pay sewer charges (not a bad idea) they are rarely now paying the water bills, the tenant is doing that. Pretty self explanatory, the utilities keep going up.
Hope this helps, in a few days we will begin doing a few more areas. Any questions or comments, feel free !