CLEVELAND, Ohio-- It is Northeast Ohio's hottest housing market right now. There is explosive rental growth in downtown Cleveland.
But to live, work and play there will cost you a pretty penny.
Several new apartment buildings and former offices converted into rental properties are hitting the market fast and furious.
And they're filling fast, with waiting lists well into 2018.
Michael Deemer, Executive Vice-President for Business Development for the Downtown Cleveland Alliance, says the reason is simple.
"There's this national shift where people are wanting to be in vibrant, live, work, play environments like downtown Cleveland offers," said Deemer.
But living, working and playing in downtown Cleveland can come at a hefty price. The average: $1,500 to $2,000 a month.
A 3-bedroom, 2-and-a-half bath inside the luxurious Schofield residences on East Ninth Street is available to rent at $6,995 a month; utilities and parking are not included.
**Jennifer Jordan takes you through the Schofield residences in this Facebook Live.**
So what's dictating the price?
Marcie Gilmore, owner of MBG Marketing, LLC said, "They have a lot of unique living spaces. They have a gas fireplace, a really tricked-out kitchen. Two dishwashers, double ovens."
But some local realtors believe while the high-end inventory is good for the city, there could also be a down side.
Realtor Ryan Young said, "It could turn people away, but what's great about it is bringing in new development. It's bringing in more construction, more opportunities for apartments in the future."
Housing at its most luxurious! Inside the new downtown CLE apartments
