Weatherhead’s Robin Dubin, professor of economics, was interviewed by NPR affiliate WCPN on the rise of rental property prices in Cleveland.
Cleveland has topped the list of highest median rent increases for the third month in a row according to the apartment listing site Abodo.com, which surveyed one-bedroom rentals in roughly 80 cities. The site reported a 6.5 percent spike for Cleveland rentals last month.
However, Robin Dubin, professor of economics at Weatherhead School of Management explains that the survey leaves out some crucial information and does not represent the full picture. Dubin was interviewed on Cleveland’s NPR affiliate, WCPN, on the topic. The article is excerpted below:
But Kyle Fee, an economist at the Federal Reserve Bank of Cleveland, said the stat should be viewed with some skepticism, because the survey only includes apartments that were listened on the website. Because it doesn't include offline listings, "You're not really getting the full representative picture of rents," he said.
Robin Dubin, a professor of urban economics at Case Western Reserve University, agrees. “A higher median rental price doesn't necessarily mean all apartments are more expensive," she said. Newer construction in areas like downtown and University Circle could be stretching the range of available pads.
"If it is just the luxury apartments, that's going to bring the median up," she said. Dubin also noted that the survey pegs the median price of a one-bedroom at $817. That's slightly lower than the cities of Buffalo and Milwaukee.
Even if the average rental price is going up, "Cleveland is still a bargain," she said.
Listen to the full interview.
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