Toledo Still ‘Affordable,’ but Rents Climb 43 Percent in 4 Years

Toledo continues to rank as one of the most affordable cities for single-family rental properties, despite the fact that area rents have increased by 42.9 percent over the last four years.

According to a study by Rentometer, a Boston-based company that provides investors and real estate professionals with rent estimates, Toledo stands out for having the most affordable rents among larger Midwestern cities.

But one of the study’s authors, Isabelle Lapsley, says that in the first half of 2021, the median monthly rent for a single-family three-bedroom house in Toledo was $875. Currently, the median rent stands at $1,250 — a 42.9 percent increase in four years.

The study looked at rental markets in 1,100 U.S. cities and focused on three-bedroom single-family houses. It analyzed median rents, rather than average rents, in order to reduce the impact of extreme outliers. 

Josh Bowen, the president and principal broker at J Bowen & Co., a Toledo real estate firm, cautions that although Toledo’s rents may be lower than those in other Ohio cities, incomes in Toledo have not increased as much as rents have.

“Affordability is being eroded,” he said.

Mr. Bowen gave an example of a 1,400-square-foot, three-bedroom house built in 1928 in West Toledo’s Library Village neighborhood.

“In 2020, properties like that were renting for $900 to $1,000 a month,” he said. “Now you’re looking at $1,400, $1,500, even $1,600 a month.”

The kind of house people can rent for the median $1,250 per month varies with amenities and location.

“What renters get for that price depends on the amenities a house offers,” said Jackelyn Lee, the co-owner and CEO of LPG, a realty and property management firm in Toledo that handles about 500 properties in the Toledo area and focuses on newly renovated rentals.

Ms. Lee said that three-bedroom houses are a popular choice for Toledo renters. One such property under LPG’s management rents for $1,200 a month and is located in the 1900 block of Fairfax Road in Toledo.

“Our three-bedrooms start at $1,200,” Ms. Lee said. “It depends on the amenities. For example, the Fairfax Road property doesn’t include air conditioning, but it does feature stainless steel appliances. It’s a reasonable and affordable place to call home. When you start adding a garage or amenities or a certain school district, the pricing varies.”

Another home LPG manages is located in the 400 block of Mayfair Boulevard. Ms. Lee said that the property is a bit smaller than the one on Fairfax Road, but it does include air conditioning. It rents for $1,275 per month and has 875 square feet of living space.

“It was on the market for five days,” Ms. Lee said. “From Zillow alone, we had 75 inquiries about it — and we list on other platforms as well. There’s a lot of demand now.”

According to Ms. Lee, the demand for rental homes in Toledo comes in equal measure from people relocating to Toledo and Toledo residents looking to make a change in their living situation.

“People who come from other areas are willing to pay more because they’re used to paying more,” she said. “A lot of local people want to upgrade their housing, maybe moving from an apartment into something larger to support their growing families.”

Rentometer notes that single-family home rentals house 41 percent of the U.S. renter population, and that three-bedroom single-family homes are a preferred option for many families and investors.

Housing experts consider people to be house-burdened if they spend more than 30 percent of their income on housing. To pay rent of $1,250 per month and stay under the recommended 30 percent rent-to-income ratio, a household would need to earn $50,000 per year — a figure nearly in line with Toledo’s estimated 2025 median household income of $49,700.

One Toledo property listed on Realtor.com that rents for $1,250 per month is located in the 700 block of Hampton Avenue. According to the listing, the three-bedroom, one-bathroom house offers 1,127 square feet of living space and features a detached garage, a fenced yard, a deck, and a basement. But there are additional charges of $25 per month for pets plus a $325 pet fee. Residents are also enrolled in a resident benefits package at $49.99 a month and a building protection plan that costs $11 per month.

Another three-bedroom house that rents for the the median $1,250 figure is located in the 1600 block of Shady Drive and offers 1,250 square feet of living space. It doesn’t include a garage, but does include a shed. 

In the first half of 2025, average rents in Toledo rose 4.6 percent year over year.  This figure is considerably less than the 8.6 percent year-over-year increase in rent the city experienced in the first half of 2024.

Toledo’s 4.6 percent average rent increase is less than the Midwest regional average of 6.1 percent, but more the national average increase of 1.7 percent.