Within the top 50 markets, the one that had the highest % supply growth in 2023 was the Cleveland-Elyria, OH CBSA.
In 2023 we saw Cleveland-Elyria, OH grow by 8.4%. With this large amount of supply added in the past year we can expect to see rates start to soften a bit.
Despite this supply growth, this market's development pipeline indicates that there is another 6.76% of supply in various stages of Under Construction, planning or permitted.
