Lima Ohio Residential Rent and Rental Statistics
The median monthly gross residential rent in Lima, OH (the Lima metro area) was $735 in 2019 according to the Census ACS survey.1 Average gross rent in Lima was $720 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Lima median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Lima Ohio (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Ohio Median Gross Rent | $813 | +0.25% | +2.26% |
| Lima, OH Median Gross Rent | $735 | +4.55% | +2.65% |
Lima, OH Real Gross Rent Trends
Median gross rent for Lima peaked in real terms in 2008 at $750 and is now $15 (2.00%) lower. Average gross rent for Lima peaked in real terms in 2010 at $744 and is now $24 (3.23%) lower.
Real Gross Rent in Lima: Lima OH Median, Lima OH Average, Ohio Median, US Median
Real Gross Rent History for Lima
| Date | US Median |
Ohio Median |
Lima, OH Median |
Lima, OH Average |
|---|---|---|---|---|
| 2019 | $1,097 | $813 | $735 | $720 |
| 2018 | $1,077 | $811 | $703 | $711 |
| 2017 | $1,043 | $796 | $656 | $655 |
| 2016 | $1,027 | $795 | $716 | $714 |
| 2015 | $1,017 | $791 | $681 | $711 |
| 2014 | $986 | $776 | $646 | $738 |
| 2013 | $953 | $747 | $686 | $691 |
| 2012 | $940 | $745 | $687 | $689 |
| 2011 | $941 | $747 | $651 | $648 |
| 2010 | $955 | $765 | $717 | $744 |
| 2009 | $960 | $764 | $651 | $634 |
| 2007 | $927 | $755 | $686 | $645 |
| 2005 | $910 | $766 | $643 | $629 |
Lima Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2018 the rental vacancy rate for Lima Ohio was 4.99% according to Census ACS data.
Rental Vacancy Rate in Lima Ohio
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Ohio | 4.67% | -0.87% | -0.77% |
| Lima, OH | — | — | — |
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 3.06% to 4.99%. Data records for this series originated in 2005. From a 2016 post peak low of 2.96%, the rental vacancy rate has increased by 2.03%.
Rental Vacancy Rate: Lima OH, Ohio, US
Historical Rental Vacancy Rate data for Lima
| Date | US | Ohio | Lima, OH |
|---|---|---|---|
| 2019 | 5.97% | 4.67% | — |
| 2018 | 6.15% | 5.54% | 4.99% |
| 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% | — |
| 2007 | 7.87% | 10.00% | — |
| 2005 | 7.74% | 10.37% | 4.17% |
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 14.60% in 2019 according to the ACS.
Lima Ohio Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Ohio | 16.64% | -0.41% | -0.77% |
| Lima, OH | 14.60% | -2.31% | -2.65% |
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 4.17% to 14.60%.
Fraction of Income towards Rent: Lima OH, Ohio, US
Historical Data for Annual Rent as a Fraction of Income in Lima Ohio
| Date | US | Ohio | Lima, OH |
|---|---|---|---|
| 2019 | 20.03% | 16.64% | 14.60% |
| 2018 | 20.50% | 17.04% | 16.90% |
| 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% |
| 2007 | 18.66% | 16.56% | 15.93% |
| 2005 | 18.89% | 16.91% | 14.79% |
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 2019 30.14% of households were renters according to Census ACS data.
Lima Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Ohio | 33.96% | -0.17% | -0.68% |
| Lima, OH | 30.14% | -4.81% | -4.09% |
Trends in the Lima, OH Renter Fraction
The Lima household renter fraction peaked in in 2013 at 35.42% and is now 5.28% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Lima OH, Ohio, US
History of Lima Renter Fraction
| Date | US | Ohio | Lima, OH |
|---|---|---|---|
| 2019 | 35.89% | 33.96% | 30.14% |
| 2018 | 36.05% | 34.13% | 34.95% |
| 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% |
| 2007 | 32.80% | 30.32% | 28.91% |
| 2005 | 33.10% | 30.06% | 30.93% |
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. ↩
