Department of Numbers

Toledo Ohio Residential Rent and Rental Statistics

The median monthly gross residential rent in Toledo, OH (the Toledo metro area) was $692 in 2016 according to the Census ACS survey.1 Average gross rent in Toledo was $701 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Toledo median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Toledo Ohio (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Ohio Median Gross Rent $759 +0.40% +6.45%
Toledo, OH Median Gross Rent $692 -1.70% +5.65%

Toledo, OH Real Gross Rent Trends

Median gross rent for Toledo peaked in real terms in 2008 at $717 and is now $25 (3.49%) lower. From a recent low of 640.0 in 2012, real median gross rent has now increased by $52 (8.12%). Average gross rent for Toledo peaked in real terms in 2008 at $734 and is now $33 (4.50%) lower. From a recent low of 660.0 in 2013, real average gross rent has now increased by $41 (6.21%).

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Toledo

Date US
Median
Ohio
Median
Toledo, OH
Median
Toledo, OH
Average
2016 $981 $759 $692 $701
2015 $972 $756 $704 $713
2014 $942 $741 $685 $680
2013 $910 $713 $655 $660
2012 $898 $711 $640 $679
2011 $898 $714 $681 $685
2010 $912 $731 $688 $698
2009 $916 $729 $670 $678
2008 $932 $754 $717 $734
2007 $885 $721 $687 $702
2006 $895 $735 $698 $702
2005 $869 $732 $700 $704

Toledo Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Toledo Ohio was 3.84% according to Census ACS data.

Rental Vacancy Rate in Toledo Ohio

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Ohio 5.44% -0.12% -0.71%
Toledo, OH 3.84% -1.93% -4.60%

Trends in Toledo, OH Rental Vacancy Rate

The rental vacancy rate in Toledo peaked in 2005 at 11.68%. Since then it has fallen by 7.84% to 3.84%. Data records for this series originated in 2005.

Rental Vacancy Rate: Toledo OH, Ohio, US

Rental vacancy rate in Ohio

Historical Rental Vacancy Rate data for Toledo

Date US Ohio Toledo, OH
2016 5.89% 5.44% 3.84%
2015 5.85% 5.56% 5.77%
2014 6.32% 6.26% 6.99%
2013 6.49% 6.15% 8.44%
2012 6.77% 7.08% 7.39%
2011 7.40% 7.89% 6.92%
2010 8.17% 9.45% 9.72%
2009 8.43% 9.17% 9.79%
2008 7.86% 9.68% 9.02%
2007 7.87% 10.00% 10.15%
2006 7.70% 10.68% 11.54%
2005 7.74% 10.37% 11.68%

Rent as a Fraction of Income

Using median household income data for Toledo, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Toledo, median monthly gross rent as a fraction of median household income was 17.01% in 2016 according to the ACS.

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

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Ohio 17.40% -0.12% -0.29%
Toledo, OH 17.01% -0.70% -1.25%

Trends in Toledo, OH Rent as a Fraction of Income

The fraction of median Toledo household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 18.83%. Since then it has fallen by 1.82% to 17.01%.

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

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

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

Date US Ohio Toledo, OH
2016 20.43% 17.40% 17.01%
2015 20.63% 17.53% 17.71%
2014 20.89% 17.89% 17.87%
2013 20.78% 17.70% 18.26%
2012 20.65% 17.94% 17.45%
2011 20.70% 18.15% 18.83%
2010 20.50% 18.23% 18.61%
2009 20.12% 17.71% 17.06%
2008 19.00% 16.68% 17.09%
2007 18.66% 16.56% 15.81%
2006 18.90% 16.90% 15.85%
2005 18.89% 16.91% 16.43%

Renter Fraction in Toledo Ohio

You can calculate the renter fraction in Toledo 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 Toledo as a fraction of total Toledo households. In 2016 39.06% of households were renters according to Census ACS data.

Toledo Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Ohio 34.64% +0.05% +0.71%
Toledo, OH 39.06% +1.37% +1.09%

Trends in the Toledo, OH Renter Fraction

At 39.06%, the 2016 household based renter fraction in Toledo was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Toledo OH, Ohio, US

Fraction of renters in Toledo

History of Toledo Renter Fraction

Date US Ohio Toledo, OH
2016 36.88% 34.64% 39.06%
2015 36.97% 34.59% 37.69%
2014 36.90% 34.67% 37.32%
2013 36.50% 33.93% 37.97%
2012 36.09% 33.71% 35.16%
2011 35.42% 33.02% 35.83%
2010 34.65% 31.60% 33.53%
2009 34.13% 31.95% 32.66%
2008 33.36% 30.95% 31.93%
2007 32.80% 30.32% 30.78%
2006 32.73% 29.99% 32.15%
2005 33.10% 30.06% 30.63%

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.