The Cleveland market at a glance
A high-yield, low-appreciation market where the number is high because the buyer pool is thin.
| Metric | Value | What it means |
|---|---|---|
| Median price | $190,000 | The reference entry point for a rental in this market. |
| Median rent | $1,250/mo | $15,000 a year in gross scheduled rent. |
| Gross yield | 7.9% | Annual rent ÷ price, before a single expense. |
| Estimated cap rate | 4.3%–5.1% | After a 45% to 35% operating-expense load. |
Reference medians for illustration. Rebuild rent from live comps and expenses from the actual tax, insurance and maintenance bills before you buy.
How the Cleveland cap rate is calculated
Cap rate is net operating income divided by price, where NOI is annual rent minus operating expenses and ignores the mortgage entirely. On theCleveland medians, NOI at a 40% expense load is:
NOI = $15,000 − $6,000 = $9,000
Cap rate = $9,000 ÷ $190,000 = 4.7%
A 40% expense load sits between the conservative 45% and the optimistic 35% used in the range above, which is why a single city number is always a band, not a point.
What the Cleveland cap rate pays at different prices
The rent is the numerator and the price is the denominator, so a 10% move in price moves the yield in the opposite direction. Same median rent, three prices:
| Price point | Price | Gross yield | Est. cap rate |
|---|---|---|---|
| 10% below median | $171,000 | 8.8% | 4.8%–5.7% |
| At median | $190,000 | 7.9% | 4.3%–5.1% |
| 10% above median | $209,000 | 7.2% | 3.9%–4.7% |
Each row holds the rent fixed at the Cleveland median, so the only variable is what you pay. That is the fastest way to see where a specific listing sits against its market.
Run your own Cleveland numbers on the full cap rate calculator, then check lender coverage with the DSCR calculator.
Frequently asked questions
4 answers, no funnel.
What is a good cap rate in Cleveland, Ohio?
On the median Cleveland price of $190,000 and rent of $1,250, the estimated cap rate is 4.3% to 5.1%, depending on whether operating expenses run 45% or 35% of gross rent. That is the range to beat on any specific deal in this market, not a national average.
What is the median rent in Cleveland?
The reference median rent here is $1,250 a month, or $15,000 a year. Rebuild it from actual comparable listings before you underwrite a deal; a market median is a starting point, not a rent roll.
How do I calculate cap rate for a Cleveland rental?
Cap rate = net operating income ÷ price. On this market's medians, NOI at a 40% expense load is $9,000, which divides by $190,000 to 4.7%. Use your own rent comps and expense sheet rather than the median.
Is Cleveland a cash-flow or appreciation market?
A high-yield, low-appreciation market where the number is high because the buyer pool is thin. The median price-to-rent here implies a gross yield of 7.9%, so judge the deal on both the unleveraged return and your own growth assumption.