Is Downtown Living Affordable? - 19 Action News|Cleveland, OH|News, Weather, Sports

Is Downtown Living Affordable?

Posted: Updated:
CLEVELAND, OH (WOIO) -

Downtown living can be fun, and a great way to live close to work.

But it can also be costly.  With rent at some of these places ranging from $1600 to $5000 a month, we had to ask: Is there really a market out there for them? And what's out there for those who can't afford those price points?

"As quickly as we're able to add units into the market, we're filling them up," said Michael Deemer with the Downtown Cleveland Alliance.

There are more people living in downtown Cleveland today than ever before, 12,000 and rapidly rising.  But Deemer says the goal is nearly double that.

"That's a significant number to national retailers.  As we talk to clothing stores and the kinds of amenities that we want to attract to downtown Cleveland, they really want to see a residential population in a central business district of about 20,000 people," he said.

"We've gotten a lot of inquiries.  We've gotten a lot of interested people.  I do believe it is a really competitive market," said Sandy DelMonico, leasing consultant with The Avenue District.

When The Avenue's 62 units didn't sell, they were converted to high-end apartments and now they're fully occupied.

"It's pretty hot to be quite honest.  With all the new jobs and new businesses opening up downtown, it's really the place to live," DelMonico said.

East Fourth Street is fully occupied. And The 9 is already filling up.  But if you can't afford nearly $2/sq. ft., places like National Terminal reserves 100 units for moderate incomes.  Or look into the 1010 Building on Euclid Ave.

"That's going to include apartments that are priced at a point that's more available to mixed income households. It's really designed to serve people who work in The 9 complex," said Deemer.

Copyright 2014 WOIO. All rights reserved.

Powered by WorldNow