Airbnb Rules and Regulations in Cleveland, Ohio

As of 2024, Cleveland has implemented several regulations for short-term rentals to balance the benefits and challenges they bring to the city. Hosts must obtain a permit and register their property annually with the Department of Building & Housing, disclosing contact details, legal authorization for rental operation, code compliance certifications, and tax/utility payment statuses. Properties can only be rented for a maximum of 91 days per year and must be owner-occupied for at least 51% of the year.

The city imposes a 3% Transient Occupancy Tax on short-term rentals, which Airbnb collects and remits on behalf of hosts. Listings must meet building and housing standards, including regulations on habitability, health, and safety. While these rules add some complexity for hosts, they aim to protect neighborhoods and ensure a level playing field with hotels. Looking ahead, a proposed Ohio bill could prevent cities like Cleveland from banning or severely restricting short-term rentals, but for now, hosts must carefully navigate the city's regulations to operate legally.

Cleveland Airbnb Market Data:

• Average Revenue – $18.3K per year
• Average Daily Rate – $123.5 per night
• Average Occupancy Rate – 50%
• Average RevPAR – $62.8
• Average Home Prices – $100,734

1. Top Place to Invest in Cleveland, Ohio - Downtown Cleveland

Downtown Cleveland, the heart of the city, is a vibrant and bustling area that offers a perfect blend of urban living and cultural experiences. With its rich history, modern amenities, and growing popularity among tourists and residents alike, Downtown Cleveland has become an attractive destination for Airbnb investors looking to capitalize on the city's thriving short-term rental market.

Downtown Cleveland Airbnb Market Data:

• Average Revenue – $13.2K per year
• Average Daily Rate – $ 137.5per night
• Average Occupancy Rate – 31%
• Average RevPAR – $41.5

Convenience - 8/10

Downtown Cleveland scores high on convenience, with easy access to public transportation, a walkable layout, and a wide range of shops, restaurants, and services within reach. The area is well-connected to other parts of the city, making it an ideal base for both tourists and business travelers.

Tourist Attractions - 9/10

The downtown area boasts impressive tourist attractions, including the Rock and Roll Hall of Fame, the Cleveland Museum of Art, and the Playhouse Square theater district. Visitors can also enjoy the city's stunning architecture, such as the Terminal Tower and the historic Arcade, adding to the area's appeal.

Things to Do - 8/10

From catching a game at Progressive Field to exploring the East 4th Street entertainment district, Downtown Cleveland offers a plethora of activities for all ages and interests. The area hosts numerous festivals, concerts, and events throughout the year, ensuring a steady flow of potential Airbnb guests.

Average Home Prices - 7/10

As of 2024, the median home price in Downtown Cleveland stands at $325,000, according to Zillow data. This represents a 4.5% appreciation rate over the past year, indicating a stable and growing real estate market. While prices are higher than in some other areas of the city, the potential for strong Airbnb returns makes Downtown Cleveland an attractive investment opportunity.

Proximity to Work-Related Travel - 9/10

Downtown Cleveland is home to major hospitals, convention centers, and sports venues, making it an ideal location for corporate rentals, focusing on guests on work-related travel. The Cleveland Clinic and University Hospitals are just a short drive away, while the Huntington Convention Center of Cleveland and the Rocket Mortgage FieldHouse are within walking distance, ensuring a consistent demand for short-term rentals.

X-Factor - 8/10

What sets Downtown Cleveland apart is its unique blend of history and modernity, with beautifully restored historic buildings alongside sleek new developments. The area's thriving food scene, with its mix of local favorites and high-end restaurants, adds to its appeal, as does its proximity to the Lake Erie waterfront and its stunning views.

2. Top Place to Invest in Cleveland, Ohio - Tremont

Tremont, a vibrant urban village minutes from downtown Cleveland, seamlessly blends history, culture, and community. This eclectic neighborhood boasts award-winning restaurants, a thriving art scene, unique shops, and stunning churches, making it an attractive destination for visitors and residents alike. Tremont's diverse population and convenient location make it a prime spot for starting a new Airbnb venture.

Tremont Airbnb Market Data:

• Average Revenue – $23.4K per year
• Average Daily Rate – $152.6 per night
• Average Occupancy Rate – 47%
• Average RevPAR – $72.9

Convenience - 8/10

Tremont's proximity to downtown Cleveland and major freeways makes it highly accessible. The walkable layout and variety of shops, restaurants, and services within the neighborhood add to its convenience. Public transportation is readily available, connecting Tremont to other parts of the city.

Tourist Attractions - 7/10

Tremont offers a range of unique attractions from the famous A Christmas Story House to the stunning St. Theodosius Russian Orthodox Cathedral. Its architecture, museums, and cultural institutions showcase the neighborhood's rich history. While not as extensive as some other areas, Tremont's attractions are distinctive and engaging.

Things to Do - 9/10

Tremont is known for its monthly Walkabout Tremont art walk, showcasing the neighborhood's galleries, boutiques, and restaurants. The area hosts numerous festivals and events throughout the year, including the popular Taste of Tremont. With a thriving food scene, indie shops, and entertainment options, Tremont always has something to explore.

Average Home Prices - 6/10

As of 2024, the median home price in Tremont is $324,595, according to Zillow data. This represents a modest 1.9% appreciation rate over the past year. While Tremont's home prices are higher than the Cleveland average, they remain relatively affordable compared to other major cities. However, the neighborhood's popularity may lead to further price increases in the future.

Proximity to Work-Related Travel - 7/10

Tremont's location near downtown Cleveland provides easy access to major hospitals, convention centers, and sports venues. The Cleveland Clinic and MetroHealth Medical Center are within a short drive, while the Huntington Convention Center and Progressive Field are just minutes away. This proximity makes Tremont a convenient choice for business travelers and event attendees.

X-Factor - 8/10

Tremont's unique blend of history, art, and culture sets it apart from other Cleveland neighborhoods. The area's diverse population, eclectic architecture, and tight-knit community create a distinctive atmosphere that appeals to both residents and visitors. Tremont's ongoing revitalization and growing popularity as a food, art, and entertainment destination make it an exciting place to invest in short-term rentals.

3. Top Place to Invest in Cleveland, Ohio - University Circle

University Circle, a vibrant and culturally rich neighborhood on Cleveland's east side, is home to world-class institutions, stunning parks, and a thriving community. With its concentration of museums, universities, and medical centers, University Circle attracts a diverse mix of residents, students, and visitors, making it an appealing location for new short-term rental investments.

University Circle Airbnb Market Data:

• Average Revenue – $20.8K per year
• Average Daily Rate – $133.3 per night
• Average Occupancy Rate – 57%
• Average RevPAR – $75.2

Convenience - 7/10

University Circle is well-connected to other parts of Cleveland through public transportation, including the RTA HealthLine and several bus routes. The neighborhood is walkable, with many amenities and attractions within easy reach. However, parking can be a challenge, and traffic congestion during peak hours may be a concern for some visitors.

Tourist Attractions - 9/10

University Circle boasts an impressive array of cultural institutions, including the Cleveland Museum of Art, the Cleveland Museum of Natural History, and the Cleveland Botanical Garden. The neighborhood is also home to the world-renowned Cleveland Orchestra at Severance Hall. These attractions draw visitors from around the globe, providing a steady stream of potential guests. Just make sure to keep your Airbnb in tip-top shape after all those visitors.

Things to Do - 8/10

In addition to its museums and cultural institutions, University Circle offers a variety of activities and events. Visitors can explore the lush gardens and green spaces of Wade Oval, attend outdoor concerts and festivals, or enjoy the diverse dining options in the area. The neighborhood's proximity to Case Western Reserve University and the Cleveland Institute of Art adds to its vibrant and intellectual atmosphere.

Average Home Prices - 6/10

As of 2024, the median home price in University Circle is $349,000, according to Zillow data. This represents a 2.8% appreciation rate over the past year, indicating a stable and growing real estate market. While prices are higher than the Cleveland average, they remain relatively affordable compared to similar neighborhoods in other major cities. However, the limited inventory of single-family homes in the area may present a challenge for some investors.

Proximity to Work-Related Travel - 9/10

University Circle is a major hub for healthcare and education, making it an ideal location for work-related travel. The Cleveland Clinic, University Hospitals, and Case Western Reserve University are all located within the neighborhood, attracting medical professionals, researchers, and academics from around the world. The area's proximity to downtown Cleveland also makes it convenient for business travelers.

X-Factor - 8/10

What sets University Circle apart is its unique blend of culture, education, and innovation. The neighborhood's concentration of world-class institutions creates a vibrant and intellectually stimulating environment that appeals to a wide range of visitors and residents. The area's ongoing development and revitalization projects, such as the Uptown District and the Nord Family Greenway, add to its desirability and potential for growth.

4. Top Place to Invest in Cleveland, Ohio - Detroit-Shoreway

Detroit-Shoreway, a vibrant and eclectic neighborhood on Cleveland's west side, has emerged as a top destination for artists, young professionals, and families. With its unique blend of historic charm, cultural diversity, and ongoing revitalization, Detroit-Shoreway offers a compelling opportunity for Airbnb and short-term rental investors looking to capitalize on the neighborhood's growing popularity.

Detroit-Shoreway Airbnb Market Data:

• Average Revenue – $16.5K per year
• Average Daily Rate – $118.7 per night
• Average Occupancy Rate – 47%
• Average RevPAR – $56.6

Convenience - 8/10

Detroit-Shoreway boasts excellent accessibility, with easy access to public transportation and major highways. The neighborhood's walkable streets and bike-friendly infrastructure make it convenient for residents and visitors to explore local shops, restaurants, and attractions. While parking can be a challenge in some areas, the overall convenience of the neighborhood is a significant draw.

Tourist Attractions - 7/10

While Detroit-Shoreway may not have the same concentration of world-renowned attractions as some other Cleveland neighborhoods, it offers visitors a unique and engaging experience. The Gordon Square Arts District, with its theaters, galleries, and public art installations, is a major draw for art enthusiasts. The historic Capitol Theatre and the Cleveland Public Theatre provide additional cultural offerings, while the nearby Edgewater Park offers stunning views of Lake Erie and recreational opportunities.

Things to Do - 8/10

Detroit-Shoreway is known for its vibrant and diverse dining scene, with a wide range of locally-owned restaurants, cafes, and bars. The neighborhood hosts regular community events, such as the Gordon Square Farmers Market and the Cleveland Asian Festival, which showcase the area's cultural richness. With its proximity to the lake and numerous parks, Detroit-Shoreway also offers ample outdoor activities and relaxation opportunities.

Average Home Prices - 7/10

As of February 2024, the median listing home price in Detroit-Shoreway was $412,500, according to Realtor.com data. This represents a significant year-over-year increase of 36.4%, indicating strong demand and appreciation in the neighborhood. While prices have risen considerably, they remain relatively affordable compared to other popular Cleveland neighborhoods, making Detroit-Shoreway an attractive option for investors looking to buy homes and transform them into Airbnbs.

Proximity to Work-Related Travel - 7/10

Detroit-Shoreway's location on the west side of Cleveland provides convenient access to major employers and business districts. The neighborhood is a short drive from downtown Cleveland, where many corporate offices, hospitals, and convention centers are located. While not as centrally located as some other neighborhoods, Detroit-Shoreway's proximity to I-90 and public transportation options make it a viable choice for work-related travel.

X-Factor - 8/10

What sets Detroit-Shoreway apart is its authentic, community-driven character and its commitment to the arts. The neighborhood's mix of historic architecture, modern developments, and creative energy creates a unique and appealing atmosphere for both residents and visitors. The ongoing revitalization efforts, including the Gordon Square Arts District and the Detroit Avenue streetscape improvements, have transformed the area into a thriving hub of activity and investment. As Detroit-Shoreway continues to evolve and attract new residents and businesses, its potential for short-term rental success grows, making it an exciting opportunity for savvy investors.

5. Top Place to Invest in Cleveland, Ohio - Old Brooklyn

Old Brooklyn, a historic and family-friendly neighborhood on Cleveland's southwest side, offers a unique blend of small-town charm and urban convenience. With its affordable housing, strong sense of community, and proximity to downtown Cleveland, Old Brooklyn has become an increasingly attractive destination for both residents and investors looking to capitalize on the growing demand for short-term rentals in the area.

Old Brooklyn Airbnb Market Data:

• Average Revenue – $14.6K per year
• Average Daily Rate – $97.4 per night
• Average Occupancy Rate – 53%
• Average RevPAR – $51.4

Convenience - 7/10

Old Brooklyn's location provides easy access to major highways, including I-71 and I-480, making it convenient for both residents and visitors to navigate the city. The neighborhood is served by several bus lines, connecting it to other parts of Cleveland. While Old Brooklyn is primarily a residential area, it does offer a variety of local shops, restaurants, and services within walking distance of many homes.

Tourist Attractions - 5/10

As a primarily residential neighborhood, Old Brooklyn may not have the same concentration of major tourist attractions as some other Cleveland areas. However, the neighborhood does offer some unique points of interest, such as the Cleveland Metroparks Zoo, which attracts visitors from around the region. The historic Pearl Road district's mix of local businesses and architecture also provides a glimpse into the neighborhood's rich past.

Things to Do - 6/10

Old Brooklyn offers a range of community events and activities throughout the year, including the annual Old Brooklyn Pedal for Prizes event and the Old Brooklyn Farmers Market. The neighborhood's parks, such as Brookside Park and the Cleveland Metroparks Zoo, provide outdoor recreation and relaxation opportunities. While the nightlife and entertainment options may be more limited than other Cleveland neighborhoods, Old Brooklyn's family-friendly atmosphere and strong sense of community appeal to many visitors.

Average Home Prices - 8/10

One of Old Brooklyn's most significant advantages for investors is its affordable housing prices. According to Zillow data, the median home value in Old Brooklyn as of February 2024 is $145,000, which represents a modest 2.1% appreciation over the past year. This makes Old Brooklyn one of the most affordable neighborhoods in Cleveland, allowing investors to acquire properties at a lower cost and potentially generate higher rental yields through improved pricing.

Proximity to Work-Related Travel - 6/10

While Old Brooklyn may not be as centrally located as some other Cleveland neighborhoods, its proximity to major highways makes it relatively convenient for work-related travel. Downtown Cleveland, with its concentration of businesses, hospitals, and convention centers, is approximately a 15-minute drive from Old Brooklyn. The neighborhood's location may be more appealing to visitors who prioritize affordability and a quieter, more residential setting over immediate access to the city center.

X-Factor - 7/10

Old Brooklyn's unique appeal lies in its strong sense of community and its blend of historic charm and modern amenities. The neighborhood's tree-lined streets, well-maintained homes, and active community organizations create a welcoming and family-friendly atmosphere that sets it apart from other Cleveland areas. As more investors and visitors discover the value and potential of Old Brooklyn, the neighborhood is poised for continued growth and revitalization, making it an intriguing opportunity for those looking to invest in Cleveland's short-term rental market.

Top Place to Invest in Cleveland, Ohio - Kamm's Corner

Kamm's Corner, a vibrant and family-friendly neighborhood on Cleveland's west side, offers a unique blend of suburban charm and urban convenience. With its walkable streets, diverse dining options, and proximity to downtown Cleveland, Kamm's Corner has become an increasingly attractive destination for establishing short-term rental properties and capitalizing on the neighborhood's growing popularity.

Kamm's Corner Airbnb Market Data:

• Average Revenue – $19.7K per year
• Average Daily Rate – $118.5 per night
• Average Occupancy Rate – 53%
• Average RevPAR – $63.8

Convenience - 8/10

Kamm's Corner boasts excellent accessibility, with easy access to major highways and public transportation. The neighborhood's walkable layout and variety of shops, restaurants, and services within reach add to its convenience. While parking can be a challenge in some areas, the overall ease of navigating the neighborhood is a significant draw for visitors and residents alike.

Tourist Attractions - 6/10

Although Kamm's Corner may not have the same concentration of world-renowned attractions as some other Cleveland neighborhoods, it offers a unique and engaging experience for visitors. The historic Kamm Building, which once housed Oswald Kamm's general store and post office, remains a centerpiece of the neighborhood. The nearby Rocky River Reservation provides opportunities for outdoor recreation and stunning views of the Cleveland skyline.

Things to Do - 7/10

Kamm's Corner is known for its diverse dining scene, with a mix of Irish pubs, ethnic restaurants, and local favorites. The neighborhood hosts regular community events, such as the annual Hooley on Kamm's Corners festival and the Kamm's Corners Farmers Market. While nightlife options may be more limited compared to other areas, the neighborhood's strong sense of community and family-friendly atmosphere are appealing to many visitors.

Average Home Prices - 7/10

As of February 2024, the median home value in Kamm's Corner is $192,397, according to Zillow data. This represents a modest 2.5% appreciation over the past year, indicating a stable and growing real estate market. While prices are higher than some other Cleveland neighborhoods, they remain relatively affordable compared to similar areas in other major cities. The neighborhood's mix of historic homes and modern amenities makes it an attractive option for investors.

Proximity to Work-Related Travel - 7/10

Kamm's Corner's location on the west side of Cleveland provides convenient access to major employers and business districts. Downtown Cleveland's concentration of hospitals, convention centers, and sports venues is approximately a 20-minute drive from the neighborhood. While not as centrally located as some other areas, Kamm's Corner's proximity to I-90 and public transportation options make it a viable choice for work-related travel.

X-Factor - 8/10

What sets Kamm's Corner apart is its authentic, community-driven character and its blend of old-world charm and modern amenities. The neighborhood's tight-knit community, diverse population, and commitment to preserving its historic architecture create a unique and appealing atmosphere for both residents and visitors. As Kamm's Corner continues to attract new businesses and investment, its potential for short-term rental success grows, making it an exciting opportunity for savvy investors looking to tap into Cleveland's thriving west side market.