Nestled in the Miami Valley, just north of Cincinnati, you'll find Dayton, Ohio. Like many former industrial cities, Dayton's population is declining. That's only partially true. Sure, over the past five decades Dayton has lost upwards of 100,000 residents, but it's also showing signs of a few growth spurts here and there. So, don't write off this rust-belt city too quickly.
Dayton is innovative - always ready for something new. This can currently be spotted in Dayton's burgeoning startup culture, but it's always been that way. The Wright Brothers certainly fit in when they patented their invention of powered flight. To this day, aviation is important to the city. In 1995, Wright-Patterson Air Force Base became the site of negotiations for the Dayton Accord (the peace agreement finalizing conflict in the Balkans). And the base draws 1.3 million visitors annually to the National Museum of the U.S. Air Force.
That figure doesn't mean that Dayton has a major tourism drawcard. It doesn't, but it does have an impressive array of activities for locals. In 2012, Dayton was awarded the No. 2 spot nationally as an arts destination by American Style magazine. "Its numerous performance art facilities, art museums, community theaters and galleries combine to give it an edge," Martine Meredith Collier tells Dayton Business Journal's Laura Englehart.
Despite no major league teams to call their own, sports are still a major part of life for Daytonians as well. The University of Dayton Flyers basketball games fill the 13,000-seat arena, and that's before the NCAA tournament games the city often hosts.
Dayton's denizens are a happy bunch. In fact, a CareerBliss.com 2013 survey finds that Dayton employees are the happiest in the country. Employees cite the company they work for and the people they work with as being most responsible for their happy work environment. Many (roughly 32,000) of these employees are settled into jobs with the area's hospitals, creating an annual shot to the local economy of approximately $6.8 billion.
As if this city hasn't received enough kudos from the press, Livability.com ranks it second on its 2015 list of Best Affordable Places to Live for families. "Residents here spend nearly 8 percent less on combined living expenses than the average American, according to The Council for Community and Economic Research," say the list's editors.
Q2 2015 Dayton Rental Market Update
Dayton is currently the worst market in the Midwestern U.S. for rental real estate investment; it was ranked 15th out of 15 Midwestern metropolitan areas in the Q2 2015 Rental Ranking Report. From a national perspective, Dayton is slightly more attractive yet still overall a poor market for rental real estate investment; it was ranked 59th last quarter out of the 75 total markets included in the Rental Ranking Report.
Of the many statistics that can be used to evaluate Dayton on its attractiveness for rental real estate investment, year-over-year median rental price appreciation paints the most alarming picture. Dayton rents increased by 0.00 percent between Q2 2014 and Q2 2015, a fact that should make any sensible prospective rental property owner balk at the idea of investing there. Dayton's annual property value appreciation rate, a modest 3.00 percent, is significantly better than its (nonexistent) rental price appreciation but is still fairly poor when compared to the national average for that metric during Q2 2015, 5.08 percent. The low local annual job growth rate in Q2 2015, 1.00 percent (less than half the national average for that metric), indicates that the demand for Dayton housing will likely continue to be low for quarters to come.
What data is this Rental Ranking Report based on?
To calculate the statistics found in the Q2 2015 Rental Ranking Report, All Property Management gathered data, including the most recent government housing and jobs data, for 75 metros across the United States. Specifically, we looked at home vacancy, capitalization, home value appreciation and job growth rates, changes in rental prices, and the average number of days properties have been on the market to determine which U.S. metros will give investors the highest returns on rental investments. Click here to learn more about the Rental Ranking metrics.
Should I invest in Dayton rental property?
Thinking about renting out a property in Dayton? Save time, avoid hassle and maximize your rental income by having a professional property management company operate your rental property for you. Click here to get a free quote from a local property manager or call 877-780-4510 to have the All Property Management staff get quotes for you.
All Property Management specializes in connecting rental property owners with professional property managers in communities across the United States. These property managers help set rental rates, advertise properties, screen and manage tenants, collect rent, manage vendor relationships and ensure compliance with local, state and federal housing regulations. They take the hassle and worry out of managing rental properties - all while maximizing rental property owners' rental incomes.