Freshwater Cleveland is reporting that occupancy rates for downtown Cleveland apartments are at 95%, with waiting lists for some buildings. Over 10,000 people currently live downtown, a number that can not grow any further now until more units are built.
Unfortunately the weak economy and awful housing market have put a a damper on any new construction of apartments or condos in downtown Cleveland. Its really too bad as there is a lot of energy in downtown neighborhoods. On a recent outing to East 4th and Euclid ave, I saw such residential activities as people walking dogs, carrying bags of groceries and a guy in work out clothes punching his key code into a building he clearly lived in. That’s the sort of activity that makes downtown Cleveland a vibrant place to live and work.
Having a large population living in downtown Cleveland apartments spills over into other areas as well. The more people that are living downtown, the more it will feel safe for people from the suburbs to come and visit. That leads to more retail, more restaurants and more housing. Hopefully new buildings will be going up soon.