Investor’s Guide to Cleveland Condo Rentals
Thinking about a condo rental in Greater Cleveland? Rents are strong, but condo fees and leasing rules make or break the numbers. Our free investor guide uses real MLS lease and sale data to show rents, yields and estimated cap rates by city, plus which communities allow leasing.
Get the free Investor's Guide to Cleveland Condo Rentals
Real MLS condo rents, gross yields and estimated cap rates by city, a cap-rate worksheet, leasing rules by community, tenant-demand neighborhoods and the HOA rules every investor should check. Enter your name and email and the PDF downloads right away.
Condo rents in Greater Cleveland
In the last 12 months, 134 condo leases closed through MLS Now in the areas we track. The median rent was about $1,450 for a 1-bedroom, $2,000 for a 2-bedroom and $2,950 for a 3-bedroom. The most leases were in the City of Cleveland (32), Lakewood (31) and Westlake (31).
| City | Beds | Median price | Median rent | Gross yield |
|---|---|---|---|---|
| Cleveland | 1 | $158,000 | $1,495 | 11.4% |
| Cleveland | 2 | $239,000 | $2,000 | 10.0% |
| Lakewood | 1 | $112,500 | $1,600 | 17.1% |
| Lakewood | 2 | $160,000 | $2,100 | 15.8% |
| Westlake | 2 | $215,000 | $1,850 | 10.3% |
| Westlake | 3 | $355,000 | $3,200 | 10.8% |
MLS Now closed condo leases and sales, November 2025 to October 2026. Gross yield = annual rent ÷ price, before condo fees, taxes and other costs; the guide estimates net cap rates. Many rentals are never listed on the MLS, so treat these as estimates.
Find your association: our Greater Cleveland Condo HOA Directory lists 435 condo associations with their management companies, recent condo fees, and pet and leasing rules.
Frequently Asked Questions
Are Cleveland condos a good investment?
They can be. Gross yields on MLS-leased condos ran roughly 10% to 17% in Cleveland, Lakewood and Westlake over the last year, but condo fees, taxes and leasing rules reduce net returns. Our guide estimates cap rates of about 2% to 7% after expenses, depending on the city and unit.
Which Cleveland-area condos allow rentals?
Many Lakewood high-rises (such as Marine Towers East, the Meridian and Lake House) and several downtown buildings allow leasing with minimum terms. Many Rocky River, Westlake and North Royalton ranch communities do not. Always confirm in the association’s documents.
Can I Airbnb a condo in Cleveland?
Most associations we reviewed ban short-term rentals or require minimum leases of 30 days to 12 months. A few allow them. Check the declaration, any leasing amendment and city rules first.
What is a good cap rate for a condo rental?
It depends on your goals and financing. Compare net operating income (rent minus vacancy, condo fee, taxes, insurance, maintenance and management) with the price. The guide includes a worksheet.
Can I finance an investment condo?
Yes. Investment condo loans typically need 15% to 25% down. Buildings with many rentals may be non-warrantable, which limits loan choices; our Condo Financing Specialist can check before you offer.
More free condo guides
Talk to a Condo Specialist
Call the My Cleveland Condo team at (216) 916-7778 or contact us. For condo financing, call Matt Sheffey, our Condo Financing Specialist, at (440) 668-2942. For title and escrow, call Jennifer Schultz at Trilogy Title Agency, 440-371-4043.