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Cleveland Skyline View with Veterans Memorial Bridge in the evening lights.

Source: David Shvartsman / Getty

via Wkyc:

The cost to rent property in Downtown Cleveland continues to rise, as does the population. And that’s a good thing.

More and more people are making a conscious decision to flock to the city’s center sparking new development along the way.

“In particular over the last 8 years we’ve seen an increase in the number of units in downtown Cleveland,” said Joe Marinucci, President and CEO of Downtown Cleveland Alliance (DCA). “In fact we have close to 7,000 market rate apartments in downtown Cleveland.

DCA is an non-profit organization that works for the betterment of downtown.

“What we’re trying to create is an environment where people can live, work, play and visit. And if you create that mixed use environment, it all builds on itself,” said Marinucci.

Currently, downtown’s estimated population has swelled to over 16,000 and grows at a pace of about 1,000 residents per year. With so many people looking to live downtown, supply is limited, with the average rent price for a 1-bedroom apartment averaging between $1,000 and $1,200 according to Marinucci – numbers that continue to rise.

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LOCAL NEWS: Downtown Cleveland: More Development, Growing Population, Higher Costs  was originally published on praisecleveland.com