Department of Numbers

Lima Ohio Residential Rent and Rental Statistics

The median monthly gross residential rent in Lima, OH (the Lima metro area) was $636 in 2017 according to the Census ACS survey.1 Average gross rent in Lima was $635 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Lima median and average rent data will be released in September of 2019.

Data is also available below for Lima rental vacancy rates, Lima rent as a percent of median income and the fraction of renters in Lima.

Show dollars as: Nominal Real

Real Gross Rent in Lima Ohio (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Ohio Median Gross Rent $772 +0.13% +2.52%
Lima, OH Median Gross Rent $636 -8.49% +1.44%

Lima, OH Real Gross Rent Trends

Median gross rent for Lima peaked in real terms in 2008 at $727 and is now $91 (12.52%) lower. Average gross rent for Lima peaked in real terms in 2010 at $722 and is now $87 (12.05%) lower.

Real Gross Rent in Lima: Lima OH Median, Lima OH Average, Ohio Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Lima

Date US
Median
Ohio
Median
Lima, OH
Median
Lima, OH
Average
2017 $1,012 $772 $636 $635
2016 $996 $771 $695 $693
2015 $987 $768 $661 $689
2014 $956 $753 $627 $716
2013 $924 $724 $665 $670
2012 $912 $722 $667 $669
2011 $912 $725 $632 $629
2010 $927 $742 $696 $722
2009 $931 $741 $631 $615
2008 $947 $766 $727 $686
2007 $899 $733 $665 $626
2006 $909 $747 $605 $619

Lima Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Lima Ohio was 4.69% according to Census ACS data.

Rental Vacancy Rate in Lima Ohio

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Ohio 5.62% +0.18% -0.64%
Lima, OH 4.69% +1.73% -3.20%

Trends in Lima, OH Rental Vacancy Rate

The rental vacancy rate in Lima peaked in 2011 at 8.05%. Since then it has fallen by 3.36% to 4.69%. Data records for this series originated in 2005. From a 2016 post peak low of 2.96%, the rental vacancy rate has increased by 1.73%.

Rental Vacancy Rate: Lima OH, Ohio, US

Rental vacancy rate in Ohio

Historical Rental Vacancy Rate data for Lima

Date US Ohio Lima, OH
2017 6.18% 5.62% 4.69%
2016 5.89% 5.44% 2.96%
2015 5.85% 5.56%
2014 6.32% 6.26% 7.89%
2013 6.49% 6.15%
2012 6.77% 7.08%
2011 7.40% 7.89% 8.05%
2010 8.17% 9.45%
2009 8.43% 9.17%
2008 7.86% 9.68% 4.80%
2007 7.87% 10.00%
2006 7.70% 10.68%

Rent as a Fraction of Income

Using median household income data for Lima, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lima, median monthly gross rent as a fraction of median household income was 14.81% in 2017 according to the ACS.

Lima Ohio Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Ohio 17.15% -0.25% -0.74%
Lima, OH 14.81% -2.44% -2.39%

Trends in Lima, OH Rent as a Fraction of Income

The fraction of median Lima household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 18.76%. Since then it has fallen by 3.96% to 14.81%.

Fraction of Income towards Rent: Lima OH, Ohio, US

Percent of median household income going towards median monthly gross rent in Lima Ohio

Historical Data for Annual Rent as a Fraction of Income in Lima Ohio

Date US Ohio Lima, OH
2017 20.13% 17.15% 14.81%
2016 20.43% 17.40% 17.25%
2015 20.63% 17.53% 15.31%
2014 20.89% 17.89% 17.20%
2013 20.78% 17.70% 18.15%
2012 20.65% 17.94% 18.58%
2011 20.70% 18.15% 17.52%
2010 20.50% 18.23% 18.76%
2009 20.12% 17.71% 18.10%
2008 19.00% 16.68% 17.18%
2007 18.66% 16.56% 15.93%
2006 18.90% 16.90% 13.82%

Renter Fraction in Lima Ohio

You can calculate the renter fraction in Lima in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Lima as a fraction of total Lima households. In 2017 33.43% of households were renters according to Census ACS data.

Lima Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Ohio 34.22% -0.42% -0.45%
Lima, OH 33.43% -0.80% -0.27%

Trends in the Lima, OH Renter Fraction

The Lima household renter fraction peaked in in 2013 at 35.42% and is now 1.99% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Lima OH, Ohio, US

Fraction of renters in Lima

History of Lima Renter Fraction

Date US Ohio Lima, OH
2017 36.13% 34.22% 33.43%
2016 36.88% 34.64% 34.23%
2015 36.97% 34.59% 34.06%
2014 36.90% 34.67% 33.70%
2013 36.50% 33.93% 35.42%
2012 36.09% 33.71% 31.71%
2011 35.42% 33.02% 29.77%
2010 34.65% 31.60% 31.33%
2009 34.13% 31.95% 29.60%
2008 33.36% 30.95% 30.37%
2007 32.80% 30.32% 28.91%
2006 32.73% 29.99% 24.93%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.