29 Jun Our Top 5 Cleveland Neighborhoods for Millennials
The first stop on our real estate road trip is Cleveland, OH. Cleveland happens to be where my dad was born and where Nick spent time while in college at Kent State University. Until recently, Cleveland neighborhoods weren’t on any “hot markets” or “best places to live” lists. However, with events such as the RNC, winning sports teams and a booming health care industry – Cleveland has millennials flocking to their now trendy neighborhoods in droves.
The Flats, Cleveland, OH
Millennials are living smaller and simpler than any other generation. They would rather share experiences than take care of large spaces. Cleveland isn’t shying away from catering to what is now considered the largest living generation! As a retired actress, I’m ashamed to admit I had no idea Cleveland had the second largest performing arts center in the U.S right after New York City! Redevelopment is happening in several areas of Cleveland to promote a live – work – play atmosphere. With Fortune 500 companies such as Sherwin-Williams, Cliffs Natural Resources, and Parker Hannifin, just to name a few, millennials can find great jobs and experience city life at a fraction of the cost of other city hubs like San Fransico and New York City.
As we travel around this great country in search of great investments and hopefully find our forever home, we’re making sure to highlight our favorite areas that we know fellow millennials will love in each city we visit. Here is a list of our top five favorite Cleveland neighborhoods!
Ohio City/Tremont
Our first stop while exploring Cleveland is the Ohio City and Tremont area. While a lot of millennials might get excited at the prospect of visiting The Christmas Story house located here – there is so much more to these historical areas! While walking around, we couldn’t help but be reminded of our old home, Astoria, Queens. If you’re looking for a neighborhood vibe with plenty of walkable restaurants, coffee shops, and bars then you’ll love making Ohio City or Tremont your home.
Ohio City, Cleveland, OH
Gorgeous historical homes still line the streets with many residents flying “Ohio City” flags on their porches with pride. We stopped by The Westside Market, which is home to countless fruit, meat, and veggie vendors. Great Lakes Brewing Co is another neighborhood highlight. Nick LOVES their Commodore Perry IPA (and Nick knows IPAs).
We caught up with Ryan Olsen, Lead Listing Agent at Keller Williams Greater Cleveland, who knows the rental market well and lives in Ohio City himself. He pointed out that although new luxury rentals and condos are quickly changing Cleveland’s market, areas like Tremont and Ohio City are go-to’s when wanting a bit more space. Old homes that boast more square footage can still be picked up at almost half the price of luxury rentals. However, he warns that developers are quickly gobbling up vacant lots and turning them into luxury rentals that are commanding $2,000+ a month for 2-bedrooms. “The rental market is exploding in Ohio City.” said Olsen. “Buildings like Mariner’s Watch, Edge 32, Loft 25, The Edison and Clinton West are all providing newer luxury rentals to the area. Once W25D is completed, we are looking at approximately 194 more units hitting the market. It’s a very exciting time for Ohio City. We can already see the growth as commercial buildings are being converted and more businesses are moving to the area.”
But who wants to move somewhere where there’s nowhere to go? Lucky for you, Ohio City and Tremont aren’t short on great places to hang. When asked what the hotspots are Olsen said, “I would have to say that Forest City Shuffleboard on Lorain is one of the hottest spots right now in Ohio City. The large open bar area and competitive atmosphere make for a fun evening. They have a great beer selection and everything is reasonably priced. I would also suggest The Jukebox in Hingetown for Tony’s Music Trivia night on Wednesdays, be sure to ask for a Tonyritta! ”
Coastal Taco, Cleveland, OH
So, depending on what you prefer to call home: an affordable, old home with tons of charm or a pricey new build with tons of amenities, you’ll never be short on things to do or places to go in these historical neighborhoods. It’s because of this that we have our eye on great deals here! We’re dying to get our hands on a forgotten Victorian to renovate and rent out to anyone who will love it as much as we will!
Lakewood
Although Lakewood is its own city, we’re including it in our list because of it’s close proximity to downtown Cleveland – not to mention, Nick used to live here while finishing up his Masters Degree and still talks about how amazing it was to live there. Millennials love Lakewood because of its charming streets, countless bars, and quick commute to all things Cleveland-cool like Progressive Field, the Flats, and Edgewater Live.
What is Edgewater Live you ask? Quite possibly the coolest thing we stumbled upon while visiting the area. It’s a summer-long concert series where locals can party and enjoy local food trucks and happy hour at the $4.3 million dollar two-story Beach House. Music is scheduled all summer long so this is definitely the place to be if you love water, local brews, and great music.
Tremont, Cleveland, Ohio
After enjoying local music at Edgewater Live, your 10-minute Uber ride home will be welcomed as you drive away from the hustle and bustle of downtown Cleveland. Lakewood still has plenty of affordable rentals that are just a hop, skip, and a jump away from its own cocktail bars and lively restaurants. But most importantly – at least we think so – you won’t find boring cookie-cutter homes here. Streets are lined with early 1900 bungalows, Tudors, and Queen Anne style homes. After a quick search on Zillow, looks like most 2 bedroom rentals can be found under $1,000 a month – making Lakewood, OH an affordable place to call home.
Detroit Shoreway
While we were in Cleveland, we spent most of our time checking out this rapidly changing neighborhood. Our first stop was the Battery Park development which is home to newer sustainable condos that sell for, from what we could tell, anywhere between $220K-$700K. This area is a drastic difference from the rest of Detroit Shoreway as the condos here are ultra modern. Walking or biking to Edgewater Park and Lake Erie is super easy and several new restaurants and bars like Terrestrial Brewing Company. Beers here are modestly priced at $5-$8. You can sit inside and literally watch the brewmasters at work or take your beer outside and enjoy views of Lake Erie.
A short distance from Battery Park is the Gordon Square Arts District, a hot spot for arts and culture. We drove down Detroit Avenue and we were in awe of the countless art studios, coffee shops, boutiques, bars, and restaurants. The district is committed to supporting Cleveland’s overall resurgence by involving itself in the nearby housing development and supporting local artists. Nearby homes have enjoyed appreciation thanks to all the attention to detail when it comes to making the overall lifestyle of the Detroit Shoreway unique, vibrant, and user-friendly.
The Flats
The east bank of Cleveland is pretty impressive. With stunning views of the river, tons of great apartment complexes are popping up all over the place. Brand new two bedroom two bathroom rentals are going for anywhere between $2,500-$5,000 – with views of the river commanding that higher end. It’s a trendy location that’s minutes from all that downtown Cleveland has to offer, so expect to pay a premium for the location.
If you like convenience, there are endless bars and restaurants just steps away from your front door. We visited Coastal Taco – an adorable shabby chic taco joint that offered killer margaritas. However, the price on those margaritas were more inline with midtown Manhattan prices at $9-$15 for a top shelf cocktail. But we all know that convenience doesn’t come without a cost! After dinner at Coastal Taco, we look a gorgeous walk along the river and ended up at the newly opened Collision Brewery. This place is stunning! With flavorful beers brewed on-site and ridiculous views of the river, we’d be shocked if this place isn’t a hit during happy hour or on the weekends. Prices were pretty on-point too with most of the brews coming in under $8.
If you’re moving to the area from a hot metropolis like San Fran or NYC, we bet you’ll love the convenience of The Flats. You’ll pay top dollar, but all your friends will want to come to your hood when it’s time to unwind.
University Circle
Wrapping up our list is University Circle—or as the locals call: “The Circle”. Forbes once named this neighborhood one of the Prettiest Neighborhoods in America. Home to several art and higher education venues, this area is home to young professionals, artists, professors and graduate students. We got the chance chat with Art Wells, a buyers agent and investor specialist for the Safe Harbor Team at Keller Williams in Cleveland, about this bustling location. He’s pumped for all the new projects that are going on. He said his favorite hangout is the Cleveland Museum of Art where “the latest $350 million renovation project has doubled its size and includes a spacious atrium, perfect for enjoying a bite to eat from chef Douglas Katz’s Provenance Cafe.”
Terrestrial Brewery, Cleveland, OH
As far as where to live, this neighborhood isn’t short on gorgeous new residential units like one that is under construction and leasing for 2018 at One University Circle. This 20-story building will house 280 residential units and is the first apartment tower in Cleveland in 40 years! Art said this location provides convenient access along Euclid Avenue to Downtown, Cleveland Clinic, and Univerisity Hospitals. It will offer views overlooking the Cleveland Orchestra’s Severance Hall, Wade Lagoon, and the Cast Western Reserve University campus! Wow.
In addition to this new build, another 270 units are on the way with Centric, a residential building that will connect Uptown and Little Italy. This will provide University Circle residents with easy access to great restaurants and bakeries and the new University Circle Rapid Station.
If you’re like Nick and me, however, and looking for opportunity within the single family or smaller multi-family investments, there are still deals to be had that will keep you close to all that University Circle has to offer in terms of growth and appreciation!
Cleveland Rocks
In a nutshell, Cleveland is HOT! The market is booming, the health care and education sectors aren’t slowing down, and there is plenty to do when you’re not working. This makes Cleveland a great home for millennials, growing families, or people who are just interested in a place where a great lifestyle is affordable. With so many people moving to this area, it’s also a great opportunity for smaller investors to get involved and create beautiful rentals in these emerging neighborhoods.
Have you been to Cleveland, OH lately? What are you favorite changes taking place to this area?
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