The top rental markets in Ohio are Cincinnati, Columbus, Cleveland, Akron, and Toledo.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Ohio Rental Trends:
Ohio is known as an industrial capital in America with its roots in the Rust Belt. Ohio’s economy also thrives off of banking, tourism, and insurance while also having many renowned universities. In Ohio, property investors and renters get the best of both worlds with cities like Cleveland as well as more suburban and rural areas. Here are some highlights from the top rental markets in the Buckeye State.
Days on Market:
The city with the lowest number of days on market is Akron at only ten days – under the national average at 15 days; Columbus and Toledo tie for the highest number of days on market at only 17.
The top three towns for the largest amount of leads per listing all surpass the national average of 38 with the top two over 100. Here they are:
- Cleveland – 150 leads per listing
- Cincinnati – 117 leads per listing
- Akron – 83 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Toledo comes below that with the lowest average rent of $733 for a two-bedroom compared to the highest rent in Ohio at $1,089 in Columbus.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Ohio’s highest median sale price comes below that at $180,000 in Columbus with its lowest median sale price far lower than the national average at $82,000 in Cleveland.
Pennsylvania’s median income rings in at $46,950 – under the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen, but mostly increased in Ohio cities between 2018 and 2019. With the largest being an increase of 11.11% in Columbus at $1,000, and the largest decrease in Cincinnati at -16.67% with the current average at around $750 – below the national average for security deposits which is around $1,200.
All of the Ohio cities had a livability score 61 or higher with the highest being Columbus at 76!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.