Toledo Ohio Residential Rent and Rental Statistics
The median monthly gross residential rent in Toledo, OH (the Toledo metro area) was $760 in 2019 according to the Census ACS survey.1 Average gross rent in Toledo was $765 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 Toledo median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Toledo 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% |
| Toledo, OH Median Gross Rent | $760 | +0.40% | +4.83% |
Toledo, OH Real Gross Rent Trends
At $760, real median gross rent in Toledo was at its highest level in 2019 since the series began in 2005. Average gross rent for Toledo peaked in real terms in 2018 at $778 and is now $13 (1.67%) lower.
Real Gross Rent in Toledo: Toledo OH Median, Toledo OH Average, Ohio Median, US Median
Real Gross Rent History for Toledo
| Date | US Median |
Ohio Median |
Toledo, OH Median |
Toledo, OH Average |
|---|---|---|---|---|
| 2019 | $1,097 | $813 | $760 | $765 |
| 2018 | $1,077 | $811 | $757 | $778 |
| 2017 | $1,043 | $796 | $731 | $744 |
| 2016 | $1,027 | $795 | $725 | $734 |
| 2015 | $1,017 | $791 | $737 | $747 |
| 2014 | $986 | $776 | $717 | $712 |
| 2013 | $953 | $747 | $686 | $691 |
| 2012 | $940 | $745 | $670 | $711 |
| 2011 | $941 | $747 | $713 | $717 |
| 2010 | $955 | $765 | $721 | $731 |
| 2009 | $960 | $764 | $702 | $710 |
| 2007 | $927 | $755 | $719 | $735 |
| 2005 | $910 | $766 | $733 | $738 |
Toledo Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Toledo Ohio was 4.55% according to Census ACS data.
Rental Vacancy Rate in Toledo Ohio
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Ohio | 4.67% | -0.87% | -0.77% |
| Toledo, OH | 4.55% | -2.74% | +0.71% |
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 7.13% to 4.55%. Data records for this series originated in 2005. From a 2016 post peak low of 3.84%, the rental vacancy rate has increased by 0.71%.
Rental Vacancy Rate: Toledo OH, Ohio, US
Historical Rental Vacancy Rate data for Toledo
| Date | US | Ohio | Toledo, OH |
|---|---|---|---|
| 2019 | 5.97% | 4.67% | 4.55% |
| 2018 | 6.15% | 5.54% | 7.29% |
| 2017 | 6.18% | 5.62% | 6.14% |
| 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% |
| 2007 | 7.87% | 10.00% | 10.15% |
| 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 17.03% in 2019 according to the ACS.
Toledo 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% |
| Toledo, OH | 17.03% | -0.37% | +0.02% |
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 1.80% to 17.03%.
Fraction of Income towards Rent: Toledo OH, Ohio, US
Historical Data for Annual Rent as a Fraction of Income in Toledo Ohio
| Date | US | Ohio | Toledo, OH |
|---|---|---|---|
| 2019 | 20.03% | 16.64% | 17.03% |
| 2018 | 20.50% | 17.04% | 17.40% |
| 2017 | 20.13% | 17.15% | 16.88% |
| 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% |
| 2007 | 18.66% | 16.56% | 15.81% |
| 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 2019 36.03% of households were renters according to Census ACS data.
Toledo 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% |
| Toledo, OH | 36.03% | -1.62% | -3.03% |
Trends in the Toledo, OH Renter Fraction
The Toledo household renter fraction peaked in in 2016 at 39.06% and is now 3.03% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Toledo OH, Ohio, US
History of Toledo Renter Fraction
| Date | US | Ohio | Toledo, OH |
|---|---|---|---|
| 2019 | 35.89% | 33.96% | 36.03% |
| 2018 | 36.05% | 34.13% | 37.65% |
| 2017 | 36.13% | 34.22% | 38.49% |
| 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% |
| 2007 | 32.80% | 30.32% | 30.78% |
| 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. ↩
