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Ohio: The Buckeye State
Ohio has an estimated population of 11,799,448 residents, making it the seventh-most populated state in the nation. Columbus functions as both the state’s capital and largest city, though other major cities include Cleveland, Cincinnati, and Toledo. Apart from the Buckeye State, Ohio is also known as the Mother of Presidents, as seven U.S. presidents have come from Ohio.
Ohio has a vibrant arts and culture scene. There are many performing arts venues here, such as Playhouse Square, as well as performing arts companies such as the Cleveland Orchestra, the Dayton Performing Arts Alliance, and the Cincinnati Ballet. Ohio is also home to countless museums, including the Columbus Museum of Art, the Cleveland Museum of Art, and the Cincinnati Art Museum.
Music also plays an important role in the culture of Ohio. The state is even home to the Rock and Roll Hall of Fame, the Rhythm and Blues Music Hall of Fame, and the American Classical Music Hall of Fame and Museum. Professional sports teams based in Ohio include the Cincinnati Reds (MLB), the Cleveland Cavaliers (NBA), and the Cleveland Browns (NFL), among many others.
Colleges and universities in Ohio include Ohio University, the Ohio State University, Bowling Green State University, Case Western Reserve University, and the University of Cincinnati. Other attractions include the Cuyahoga Valley National Park, Cedar Point, the Cincinnati Zoo & Botanical Garden, Kings Island, and Hocking Hills State Park.
The State of Ohio's Rental Market
Ohio has a fairly attractive rental market. The median sale price
for a home in the Buckeye State is $205,000, indicating a 10.2% year-over-year change. Despite the increase, Ohio's price of entry is comparatively lower than other states, making it a good place to invest in rental property. There are also many renters in the state, with 33.9% of its population renting their homes.
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As for returns, landlords can expect to charge a median rent of $813. This is notably below the national median. But, thanks to its affordable properties, $813 is still pretty decent. Rent has also been steadily rising since 2012.
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Additionally, landlords won't have a hard time filling vacancies. In 2019, the vacancy rate in the state was 4.67%, whereas the national vacancy rate was 5.97% at the time. Vacancies in Ohio have been decreasing since 2017.
To top it all off, Ohio is generally a landlord-friendly state. There are limited regulations when it comes to disclosures and few rent control policies.
Why You Need an Ohio Property Management Company
Ohio is already packed with rental properties, and its prospering rental market will unquestionably attract more property investors. While this is definitely a viable way to make extra income, not everyone has the time or expertise needed to operate a rental property without fail.
As a landlord, you are obligated to fulfill a number of tasks, including but not limited to:
- Listing your property for rent
- Finding tenants
- Screening tenants
- Showing your property to prospects
- Writing a lease agreement
- Enforcing your lease terms
- Conducting property inspections
- Ensuring your property is properly maintained
- Making necessary repairs
- Fielding tenant concerns
You also need to manage your budget wisely, make tax preparations, and process evictions when necessary. When it comes down to it, landlord duties are hard to perform.
This is where an Ohio rental management company can help. A professional company can assign you a property manager who will take care of your rental unit or home. They will be the person to manage all of your duties as a landlord, thus, making it easier for you overall.
In Need of Property Management in Ohio?
Searching for a professional property management company to help with your Ohio rental home? Rental Choice is a great place to start your search. Our user-friendly online directory lets you locate Ohio property management companies and vendors by your city or zip code.