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 | $1,010 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,150 | $100,596 | 1.14% | B |
| 2BR | $1,390 | $185,298 | 0.75% | D |
| 3BR | $1,780 | $401,974 | 0.44% | F |
| 4BR | $1,920 | $573,304 | 0.33% | F |
| 5BR | $2,227 | $804,048 | 0.28% | F |
U.S. Census Bureau data (2024)
The Rocky River, OH market, encapsulated within ZIP code 44116, exhibits a dynamic equilibrium that leans towards a slight imbalance favoring demand over supply. This inference is drawn from the snapshot of key metrics, including the Fair Market Rent (FMR) at $1180 for fiscal year 2024 and the Zillow Observed Rent Index (ZORI) indicating a market rent of $1,320. The disparity between the FMR and ZORI suggests that the rental market is robust, with rents trending above fair market values, a sign that demand may be outpacing supply.
A further indication of this market's tilt towards demand is evidenced by the low 0.2% price-cut share and a relatively short 11-day Days on Market (DOM). These figures imply that properties listed for rent or sale are attracting interest quickly, reducing the necessity for price reductions to facilitate transactions. This quick turnover rate also reflects a competitive environment where landlords and sellers can maintain their pricing without significant adjustments.
The median home value of $393,339 provides a benchmark for property valuation within the ZIP code. While this figure alone doesn't indicate market direction, it serves as a reference point for assessing affordability and investment potential against the backdrop of rental rates.
The 30.6% renter share highlights a substantial portion of the population that relies on rental housing, which has implications for long-term housing pressure. A higher percentage of renters typically signals ongoing demand for rental properties, suggesting that landlords and small-portfolio investors could benefit from the steady need for rental units. This demand is unlikely to wane significantly, given the enduring appeal of rental living for various demographic groups, including young professionals and families looking for flexibility.
In summary, the Rocky River market appears to be one where demand is robust, supported by strong rental rates and quick property turnovers. The significant renter share points to sustained pressure on the rental sector, making it an attractive area for those looking to invest in rental properties. Landlords should capitalize on these dynamics by maintaining quality standards and competitive pricing to attract tenants in a market that is currently favoring demand.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.