Location: Lima, OH | Metro: Lima, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
The market dynamics in ZIP 45809 present a unique scenario for landlords and small-portfolio investors. With the Fair Market Rent (FMR) set at $1020 for the fiscal year 2024, it's clear that the rental market is defined by a specific threshold for affordability and market rates. The lack of data on market rent, price-cut share, days on market (DOM), and median home value suggests an underdeveloped or less competitive market segment.
The 15.0% renter share indicates a relatively low proportion of renters compared to homeowners, which could imply that there is less immediate pressure on rental properties. However, this same figure also points to a potential long-term housing pressure issue. As fewer residents choose to rent, it may suggest that those who do rent are facing challenges in accessing homeownership, possibly due to financial constraints or a preference for renting over buying. This dynamic can lead to a steady demand for rental properties, even if it doesn't reach the levels seen in areas with higher renter shares.
In ZIP 45809, the absence of competitive market rent data might indicate that the supply of rental units closely matches the demand, or perhaps slightly outpaces it. Landlords here should be cautious about pricing their units too high above the FMR, as doing so could result in longer vacancy periods and reduced occupancy rates. It's crucial to monitor local economic conditions and tenant preferences to adjust rental strategies accordingly.
While the data does not provide a complete picture of the rental market in ZIP 45809, the outlined figures suggest a stable but potentially constrained environment. For investors looking to enter this market, understanding the local economy and the reasons behind the low renter share is essential. This knowledge will help in making informed decisions regarding property investments and management practices.
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.