Housing market

Recent data show rent prices in Cleveland spiked 16% in the past year and 6% in Akron, making the two cities outliers compared to national trends.

The Cuyahoga County Board of Revision still has a few thousand property valuation challenge cases to review from tax year 2021.

The buying frenzy of a year ago is long gone. Home buyers have pulled away, sellers are holding back, and the whole housing market is locked in a deep freeze.

Attempts to reign in inflation have led to interest rates rising to about 5%, higher than the pandemic lows of around 3%.

Mayor Justin Bibb and Cleveland City Council are expected soon to revamp the city’s policy of offering 15-year property tax abatements for new or substantially renovated housing. Ahead of that move, a working group of more than 20 organizations has released its own proposals.

Despite home construction typically dipping during cold weather, the inventory is expected to rise slightly because of the white hot housing market.

The energy giant at the center of a $60 million bribery scheme in Ohio has admitted to using dark money groups to fund the effort; the city of Akron is attracting less interest in its police force; the Akron-Canton Airport is getting an $850,000 federal grant to bring back service to Houston; and more stories.

The number of Ohioans age 16 and older getting their initial coronavirus vaccinations jumped 33% week over week after the state announced its Vax-a-Million lottery; the Reverend Ernest Angley was remembered in an hour-long service yesterday at Grace Cathedral; Akron’s housing market continues to be a hot one; and more stories.

Despite the economic turmoil caused by the pandemic, Akron's rental market continues to grow.

Median gross rent in Akron is higher than every city in Ohio except for Columbus.