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Westpark Investment Property: NE Ohio Tenants Sought More Single Family Homes Than Were Available There Last Year

February 10th, 2013 · 1 Comment

 My experience last year was heavily into Westpark (the area west of 117th and east of Fairview and south of Lakewood). I was involved in listing two homes for rent. One allowed pets, one did not. Both rented quickly because there is such low inventory of single family rentals in West Park.  One was somewhat updated, smaller (a cute colonial with a mostly fenced back yard, corner lot, on Clifford). It rented for $750. It was only on the market for a little over a week before I had an open house. Rented it that weekend. Pets not allowed, there was no a/c.  A paved drive but no garage.  Price was good for this home.  I had about three different teachers who teach in schools close by to that home, all with different stories, all with dogs.  This owner would not take pets.  It rented quickly anyway.  All said and done, almost 40 people contacted me about that home.  And it was in the winter and we were having the only snow I think we had all year.

Next, I was part of a listing of a home for sale on W. 140th.  Small home, had a/c, a fenced yard, a garage, 1 1/2 story bungalow with two nice rooms on 2nd floor.  Nothing fancy but it did have a jetted tub in the only bathroom.  After a while the owner said ok, let’s list it for rent. Same as Clifford.  Listed it, had Sunday open house, had about 10 people come through, three heavily vying to rent.  Owner decided on a tenant who had two large dogs but a baby on the way. This house rented for $850. 

Those are two typical examples of normal but clean, move in condition single family homes.  Not fancy with granite counter tops.  One had a/c one did not. 

Now for other stats about Westpark rentals in 2012. What did tenants rent?  34 total single family homes in this area (through area brokerages). The average rental price was $750 to $850/a month for smaller homes (less than 1200 sq. ft of living space, for example).

The Kamm’s Corner area of West Park does particularly well.

1. A 1500 sq. ft. home on Edgecliff (brick, attached garage) for$1200/month. They allowed pets, were on the market for 5 days.

2. A not overly updated but 2000 plus sq. foot home on W. 162nd. It rented for $1200/month.

Both of the above homes had two full baths.  Not bad amenities to consider if you are looking to purchase or update a purchased rental home.

3. For $1100/month, a 1 1/2 bath home on Fernway (north of lorain in Kamm’s). They allowed pets, it rented in 22 days.

4. South of Puritas on Glenshire: 1312 sq ft colonial with 3 br and 1 bath and $1,020/month agreed upon rent.  41 days on market.

While we are south of Puritas: Puritas Park Town Homes rented one place last year for $975/mo (on Cyclone, some of these town homes have more sq. footage).  2 brs, 2 baths, finished basement, laundry room in basement, one car garage. TH rentals very popular too and this one rented in 13 days.

5. Pretty arts and crafts cape code on Valleyview rented for $1,000/month. It has 1396 sq. ft. of living space and 4brs and 1 bath. (Four bedrooms can be a real plus in a rental ppty).  It also has a finished basement and a 2 car garage.

6. $975/month, listed for 34 days before being rented, a home south of Lorain Avenue again, this time on W. 151st st in Kamm’s.  4 brs, 2 baths, full bath on 1st and 2nd floors (a plus), not fancy at all but nice size, floor plan.

Back to the east side for more stats there later this week! 

3C

 

 

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

1 response so far ↓

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