Report: Not Enough Housing Supply to Meet Demand in Downtown Cleveland
"Developers could build - and expect to fill - 6,800 more residences in downtown Cleveland by 2030 without oversaturating the market," reports Michelle Jarboe.
Jarboe is sharing the findings of a new report published by Philadelphia-based Urban Partners. The reports "lays to rest concerns about a potential overabundance of housing in and near the central business district," according to Jarboe. In fact, there's so much demand, "Cleveland must find ways to add more for-sale homes to the rental-heavy market and to turn more downtown workers into residents."
Among other findings from the report, are details about the number of downtown workers who also live downtown (it's a very small percentage), and the homeownership rate of downtown residents (also a very small percentage). Urban Partners also shared the two following infographics to compare Cleveland's rates to other cities around the country.