Reasons to Invest in Cleveland
Cleveland is in a growth stage and now is the time to get in early. Your opportunities to succeed in real estate investing in Cleveland have never been greater. Cleveland’s market offers reliable, cash flowing properties that both new and seasoned investors can enjoy. And since there are so many positive reasons to invest in Cleveland right now, this bustling metropolis carries fewer risks than other cities in the country. Read on to learn about the reasons you should be investing in Cleveland right now.
Job Outlook and Major Employers
According to the U.S. Bureau of Labor Statistics, Cleveland has a labor force of well over a million as of May 15, 2020. Despite a recent dip in growth rates, likely due to the COVID-19 pandemic, the job market still points to an overall stable economy that will steadily increase for the foreseeable future. Moreover, there is room for continued growth thanks to the fact that a couple of Fortune 500 companies have their headquarters in the town. The chances are very high that more people will soon be moving to the region to work for Cleveland’s largest employers as they expand and their labor needs grow.
Currently, the top employers in Cleveland are:
– Goodyear Tire and Rubber
– Lincoln Electric
– J.M. Smucker
– Cleveland Clinic
According to the Society for Human Resource Management, Cleveland’s job and economic outlook is sunny skies ahead. About 85,000 job openings in the health care industry are predicted from 2015 to 2025, says Jacob Duritsky, Managing Director of Research for Team Northeast Ohio. By 2025, Cleveland is set to have about 123,000 new jobs overall, with a large number in the food manufacturing industry.
Cleveland has a robust community facilities infrastructure in place. Community facilities available in Cleveland include world-class health care, over 150 public parks, green spaces and playgrounds, 28 public library locations, historical landmarks, bustling shopping centers, and restaurant dining opportunities that encompass global cuisines. The abundance of these community facilities and social amenities make it easy for Cleveland residents to access whatever they need within short reach.
Cleveland’s forward-thinking government officials are focused on local development and have a department of community development designed to conserve existing infrastructure, revitalize commercial spaces, market vacant land lots for development and make it easier for investors to help grow the region into prosperity. As a real estate investor in Cleveland, you’ll be able to reap the benefits of this growth through enhanced property values and tenant demand for rental housing.
There are two bedroom communities just outside of Cleveland that are also worth mentioning here: Euclid and Maple Heights. We see tremendous growth potential in these cities. Euclid is developing the lakeshore with a boardwalk connecting two parks and neighborhoods, attracting weekend athletes and families. This multi-million dollar project is catching the attention of many other small cities on the lake. People are noticing what is going on in Euclid.
Similarly, the Maple Heights’ community development department is razor-focused on enhancing the look and feel of the neighborhoods with attractive homes, local events, better amenities, and improved transportation. Along with these improvements comes notable capital appreciation, which we love.
Cleveland, Ohio offers drivers a well-woven network of highways, intermodal, and intermodal connections. Rush hours in the metropolitan area are lighter than other areas in the country with vehicles in most roads almost hitting posted speed limits. A web of reliable bus lines mostly handles public transport needs.
For those looking for alternatives to motorized travel, it’s possible to ride a bike to many places using the well-defined bike paths and busy bike routes. A highlight is the paved Emerald Necklace Trail System that spans 70 miles through 20,000 acres.
Cleveland has two airports; Cleveland Hopkins International Airport and Cleveland Burke Lakefront Airport. Major airlines flying in and out include United, Delta and American Airlines. This easy access to air transportation makes Cleveland ideal for everyone from corporate executives to visiting friends and family members of area residents.
These are the primary reasons that make Cleveland, Ohio a city worthy of your attention when looking at areas to invest. Your turnkey rental in Cleveland will be highly sought after by tenants and current or future employees of some of the largest employers in the country. Cleveland is thriving, even in these challenging times. Imagine what the future holds for your investment when things turn around. Get in on the ground floor by investing in Cleveland today! For information about available turnkey rentals, please contact us.