CLEVELAND, OH (WOIO) - Downtown Cleveland is on the rise, growing and thriving.
As the area continues to expand, more people will need a place to live.
The 2017 Annual Report from Downtown Cleveland Alliance shows the rental market is still booming.
In the last decade, the area has seen growth in almost every sector, including housing.
"We think there's a lot of pent-up demand in Northeast Ohio, historically, we didn't have a lot of housing options downtown, if you look at our region, we think we're able to capture that local demand in addition to some of the national trends that were going on," said Joe Marinucci, President & CEO, Downtown Cleveland Alliance.
The report shows:
- More than 15,000 people live downtown
- Almost 95 percent of the units are occupied
Last year, the city added about 805 apartments but there's still a wait list for those who want to live here.
"There's some neat spaces to live in downtown. If you think about it, some of the beautiful historic structures, you really can't duplicate that in most suburban locations. So people want that authenticity, they want the ability to experience on a day-to-day basis but then they can walk to the grocery store, they can walk to the Q, walk to Playhouse Square and it's that type of base that people are interested," said Marinucci.
Marinucci says the goal is to get 20,000 people living in Downtown Cleveland by 2020 because then the retailers will come.
"People tend to shop where they live so the larger we can grow the residential population of downtown the more retailers we can attract to downtown Cleveland and we can support the retailers that made the decision to come down here the last couple of years," he said.
You an read highlights from the report here, in Dan Deroos's story.