Location: Cleveland, OH | Metro: Cleveland, OH HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,100 | $90,170 | 1.22% | A |
| 2BR | $1,340 | $175,272 | 0.76% | D |
| 3BR | $1,710 | $275,165 | 0.62% | D |
| 4BR | $1,850 | $341,320 | 0.54% | F |
| 5BR | $2,146 | $364,181 | 0.59% | F |
U.S. Census Bureau data (2024)
The ZIP code 44070, located in North Olmsted, OH, presents a dynamic rental market that is currently in flux. The Fair Market Rent (FMR) for the area is set at $1,190 for fiscal year 2024, while the actual market rent, as measured by Zillow's ZORI, stands at $1,743. This significant gap suggests that the rental market is experiencing upward pressure, indicative of strong demand relative to supply.
The low price-cut share of 0.2% and a modest days on market (DOM) of 9 days further reinforce the idea that landlords in this area can maintain higher rents without needing to reduce prices to attract tenants. These metrics point towards a market where demand is robust, and landlords have leverage over the terms they offer.
The median home value in North Olmsted is $270,641, which provides context for the local homeownership market. While this figure is relatively stable, the high renter share of 21.1% indicates a significant portion of the population prefers or requires renting. This long-term trend suggests persistent housing pressure, particularly in the rental sector, as a substantial number of residents are unlikely to transition into homeownership due to various economic factors.
In summary, the current dynamics in ZIP 44070 favor a market where demand for rentals is outpacing supply. Landlords can expect to continue setting competitive rents without facing significant downward pressure from excess inventory. The high renter share points to an ongoing need for rental properties, ensuring a steady flow of potential tenants despite the relatively high rental prices.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.