Location: Toledo, OH | Metro: Toledo, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The ZIP code 43414 presents a unique challenge for both renters and landlords due to the lack of available data on median income and market rental rates. However, the Federal Market Rent (FMR) for the area, set at $1020 for fiscal year 2024, provides a benchmark for affordability.
Given the limited data, it is difficult to ascertain whether households can afford the market rate rents in ZIP 43414. Nevertheless, comparing the FMR to potential market rates offers insight into the affordability gap. If the market rate were to exceed $1020, which is likely given the typical premium on market-rate rentals over FMRs, many renters might find it challenging to cover their housing costs without financial assistance.
The extremely low percentage of renters—only 0.0%—and the small population size of 144 indicate a highly competitive environment for landlords. The scarcity of rental properties and the small number of potential tenants could mean that landlords have fewer options when it comes to finding reliable tenants. This situation also implies that the demand for rental properties is minimal, which could lead to prolonged vacancies if rents are not adjusted to match the local economic conditions.
For landlords considering voucher versus cash-pay strategies, the FMR of $1020 suggests that accepting vouchers could be a viable option to attract tenants. Vouchers ensure a steady income stream based on the FMR, reducing the risk of non-payment. On the other hand, relying solely on cash-paying tenants might expose landlords to the risk of high vacancy rates, especially if they cannot offer competitive rents relative to the FMR.
The takeaway for landlords is clear: accepting vouchers can stabilize rental income and help fill units in a market where the affordability gap is significant and the tenant pool is limited. This strategy aligns with the economic realities of ZIP 43414 and ensures a more consistent occupancy rate.
Data Sources: FMR data from HUD (2027). 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.