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South Euclid is Popular With NE Ohio Renters: 2012 Rental Homes

February 18th, 2013 · 3 Comments

Real estate is local, and rental niches and markets are no exception.  I found many homes listed with area brokerages for rent in South Euclid in 2012.  This makes it a good market for investment property.  The highest rental prices per month were under $2,000/month and that differs from the other areas already examined.  I also noticed more of a trend with owners paying for either both water and sewer or at least the sewer/trash charges. 

In many ways, the rest of the info is similar to the other 3 neighborhoods.  Updated homes with good amenities normally garnered higher rental prices.

The other real difference from the other neighborhoods was the number of 2 bedroom homes on the list.

I’m analyzing, as I did with Lakewood, West Park and Cleveland Heights, single family investment homes rented in 2012.

There were 39 single family homes rented through area brokerages in South Euclid in 2012.  The average monthly rental was $1,096, most of these homes were on the market for less than two mo. but the average listing time was 46 days. The homes averaged about 1400 sq. ft. of living space.

Nicely finished family rooms on the lower level, 2 car garages, central air, updated kitchens and baths, these were the common threads in most of the homes.

9 single family homes rented between $750 and $999/month.

The lowest rental price was $750/month for a 950 sq. ft. 2BR home on Green Rd.

A 2 BR ranch on Lambert rented for $850/mo (next highest rental price). This home has about 1200 sq. ft. of living space, is near Warrensville Ctr. Rd. and Mayfield.

There were 8 rentals between $900 and $1,000/month.

Two of these 8 were 2BR homes, including a 1.121 sq. ft. brick cape cod on Okalona near Cedar and Green. This rented for $950/mo.

A 3BR 2BA brick cape cod on Verona rented for $995/mo. This is near Noble and Cedar (close to the Cleveland Heights border).

Coming in at $1,000/month is a 1,959 sq. ft. bungalow just north of Mayfield and near Green. Pretty woodburner in lower level family room, park like landscaped back yard.

Many single family rentals in South Euclid fell into the $1,000 – $1200/month range.  This included another rental on Lambert for $1200/mo, a beautiful brick bungalow with an extra large master bedroom, a total of 4 brs and 1 1/2 baths, only listed for rent for 7 days before agreements reached.  Like most of the homes on this entire list, but especially over $1,000 a month rentals, mechanical roof and kitchen or bath updates with central air and a garage.

The last six homes on the list (highest rental prices):

1. A newly updated home on Argonne rented for $1250/mo. It had a deck and a very nice lower level family room (3BR, 1Bath).

2. $1250/month for a 4BR/2 full bath 1800 sq. ft. brick home updated and the word I would use to describe it is pristine (both inside and out).

I’ll insert this here: Insulating an investment home could be something that sets you apart from your competition, because after all, your tenants are going to be paying for their gas and electric and this could be very enticing to them.

3.  For $1300/mo, a 4 BR, 2 1/2 bath home on Bridgeview WITH newer insulation, 1839 sq. ft. of living space – two fireplaces, 2 car attached garage.

4. On South Lyn Circle (near Green and Mayfield) a colonial with 4BR and 2BA rented for $1350/month.

5. Newer built (2003) Jefferson Lane home with attached 2 car garage, 3BR, 2 1/2 baths rented for $1450/month.

6. Highest rental price was $1500/month for a home on Trebisky. It had just under 2000 sq. ft. of living space, was built in 1969 but a really pretty open floor plan, 4 BR and 2 full baths. Updated, attached 2 car garage.

3C

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Tags: Cleveland Real Estate · Cuyahoga County Home Sales · housing trends · neighborhood news

3 responses so far ↓

  • 1 Thomas Hill // Mar 17, 2013 at 4:35 pm

    With the job market in a slow but steady improvement cycle, and hopefully the real estate market following, won’t more home owners want to stay in their homes rather than turn them in to investment properties? Alternately, do you foresee the improving economic situation as likely to have more potential investors willing to jump into the market, leaving home owners as a separate category? How tentative are you seeing investors being, given the current state of the recovery, and is this a good time to start investing in the real estate market with rental homes?

  • 2 Carole Cohen // Apr 1, 2013 at 12:55 pm

    Hi Thomas, good questions for sure. I think the fact that inventory is so low in many of our cities and neighborhoods is partially due to people who are waiting to sell. There are still people who are not able to re-finance however. There are still people who, for various reasons, want to sell (to downsize, to move near grandparents/parents who become their daytime babysitters, all sorts of reasons. I think some people decide to keep the home even if they want to move, just because the rental market is so good.

    I agree that a slow but steady change is in process and I agree that some people will be in a position to sell and not keep the home. I also know that over the past ten years the rental market has only gotten more competitive. I”m thinking with a slow progression on real estate improvement, the number of people who will want to rent is not going to go down but up.

    Financing is still a major reason many people can’t purchase. Alternatively, people are still listing short sale (under water) homes and foreclosures are fewer but have not gone away. If you are someone involved in a foreclosure or short sale, you will probably be looking to rent and renting a single family or in a multi family more closely resembles the living arrangement they were used to. Yards for kids and dogs, etc.

    The interest rates, the home prices, both create an excellent time to invest in rental properties. Depending on where and how much you or any other investor wants to spend, there are homes from 19k to 150k range that could provide enough monthly income to either pay for an investor’s current personal mortgage or provide money for an IRA, retirement account, you name it.

  • 3 toko mebel // May 6, 2013 at 2:47 am

    good,,

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