Cleveland lands just outside hottest rental markets list

Cleveland's rental market may not be "hot" but it's certainly warm.

State of play: The city fell just short of making Zillow's annual list of the "Hottest Rental Markets" for the summer.

• The report looks at demand in a particular market compared to the number of homes available.

The big picture: Providence, Rhode Island, ranked No. 1, followed by New York and San Francisco.

Zoom in: Cleveland had the "hottest" market of any Ohio city and was third in the Midwest behind Chicago (No. 6) and Milwaukee (No. 8).

By the numbers: The typical asking rent in Cleveland is $1,441, up 5% year-over-year, according to Zillow.

• The market's forecasted vacancy rate is just 5%, compared to the national rate of 7.3%.