Introduction
Cleveland is known for its affordable real estate market and high potential for rental income, making it an attractive location for short-term rental investors. The city’s diverse neighborhoods offer varying levels of returns, and a deep dive into specific zip codes can reveal the most promising areas. Based on the data, here are the top-performing zip codes for short-term rental investments in Cleveland, including details about their gross yields, annual revenue, Zillow home values, and insights into each area’s characteristics.
44112: East Cleveland
- Gross Yield: 43%
- Annual Revenue: $28,196
- Zillow Home Value: $66.1K
East Cleveland, covered by zip code 44112, includes neighborhoods like Forest Hill and parts of Superior. This area is marked by older, historic homes that are often more affordable, which contributes to the higher gross yield of 43%. Despite its challenges, the area has pockets of growth and a strong rental demand due to its proximity to downtown Cleveland and public transportation. Investors can expect lower property acquisition costs combined with a relatively high annual revenue of $28,196, making it a viable choice for those seeking higher returns.
44104: Fairfax & Central
- Gross Yield: 25%
- Annual Revenue: $15,033
- Zillow Home Value: $59.1K
Zip code 44104 covers the Fairfax and Central neighborhoods, both of which have seen increased interest due to ongoing development projects and healthcare institutions like the Cleveland Clinic. With a gross yield of 25%, the area offers a balance between affordability and steady income potential. The annual revenue of $15,033 and a median home value of $59.5K indicate that short-term rentals here can generate solid returns, especially with continued neighborhood revitalization.
44103: Hough & Glenville
- Gross Yield: 25%
- Annual Revenue: $15,105
- Zillow Home Value: $60.3K
This zip code covers neighborhoods like Hough and parts of Glenville, which are undergoing significant redevelopment initiatives. The gross yield of 25% reflects the area’s potential, with many investors focusing on properties near cultural institutions like the Cleveland Museum of Art and the Cleveland Botanical Garden. With annual revenue estimated at $15,105 and Zillow home values around $60.3K, the area offers a strong balance of affordability and rental income, ideal for mid-tier short-term rental investments.
