DAYTON, Ohio — The Dayton Region continues to be one of the hottest rental markets in the country, with units staying on the market less than 40 days on average.
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News Center 7’s Nick Foley learned that with limited new construction and the unaffordability of homes being an issue, the trend may not change anytime soon.
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Finding a place to rent in the Dayton market continues to be a very competitive proposition with about 9 applicants vying for every available unit, according to property management platform RentCafe and its latest rental competitiveness report.
However, that is actually down a bit from 11 potential renters per unit we saw over the summer.
In all, Dayton is still a hotbed, ranking 21st nationally among small rental markets.
“Not just in the Ohio region, but also across the country,” said Doug Ressler, Manager of Business Intelligence for RentCafe. “It’s cheaper to rent by almost a thousand bucks, nationwide, than it is to purchase a home. And that just includes the mortgage. It doesn’t count any maintenance or things like that. So, renters are being forced to renew longer.”
Ressler predicts this trend will continue in the Dayton market.
He said low inventory and limited construction projects present major challenges, but he also said the Buckeye State continues to be prime territory for new business.
Often foreign industry comes in because of the need for qualified workers and that means development will follow.
“We really look at the Midwest, which has been undeveloped, underdeveloped for the last two decades, is really going to be the beneficiary of on offshoring, but also, at the same time, development focus, to be able to build in that area because of that, to have, high median income, well-educated workforce,” Ressler said.
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