DAYTON — Everywhere we turn, the cost of the things we need is, that higher than ever. For many, paying for a roof over your head is no different.
If you rent in the Dayton market, it’s not just price; it’s availability.
News Center 7’s Nick Foley takes a deep dive into rising rent and what it costs to live.
Carson Ritter said, “Overwhelming is a good word, I think, that categorizes the experience.”
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Ritter describes the process she encountered looking for her first apartment after graduation from college. She said she found a limited number of options but finally decided on a one-bedroom in southern Montgomery County. Her biggest concern was staying on budget.
“It’s like double, if not triple, what I was paying. But I do think it’s worth it in a way. You know, I get to have my own space, and I enjoy it, but it definitely is more expensive,” Ritter said.
The price may depend on the renter, but there is no denying that the Dayton market is extremely competitive. Apartment search platform Rent Café ranked the region the 14th-hottest small market in the country, citing limited supply and an occupancy rate of over 94 percent. Meaning, renters are staying where they are, leaving 6 renters for every vacant unit.
In fact, News Center 7 found just over 110 units currently available on the multiple listing service in Montgomery, Greene, Clark, Miami, Darke, Preble, and Warren counties.
Brett Sutton is Director of Property Management at Coldwell Banker. He admits inventory is still a challenge as some new complexes continue to be built in the area, such as off Social Row Road in southern Montgomery County.
But as far as pricing goes, he said the Dayton market is still one of the cheapest spots in the country.
“While things did escalate post-COVID, we’re at a more sustainable price point. I think where things are going up as they typically do, but they’re not going up nearly as quickly as they did before. So, in terms of affordability, yeah, prices have climbed in the last four or five years, but relatively speaking, we’re still a very affordable market compared to, you know, the rest of the U.S.,” Sutton said.
The data backs that up. A two-bedroom unit in the Dayton market is averaging just under $1,200 a month. Compare that nationally to an average cost of between $1,700 to $1,900 a month. And, within the market, Montgomery and Greene counties are the most expensive counties when you add space, but all told, Sutton doesn’t believe rates are out of control.
“I would say, realistically, stabilization is going to be the path forward. I don’t see prices getting out of control. I think with interest rates the way they are in terms of home ownership, it’s a nice balance,” Sutton said.
As for Ritter, she is one of those renters who are staying put, recently re-signing for another year. Her advice is to be patient and not be afraid to bargain if you like where you’re at.
“You don’t have to be stuck in a year lease that you’re not happy with. Advocate for yourself for sure. I know I just re-signed and I was able to negotiate a little bit, and most people don’t know that you can do that,” Ritter said.
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