DAYTON, Ohio (WDTN) – The Dayton rental market is on a 10-year upswing that local realtors have called unprecedented.
Sham Reddy, President of Dayton Realtors and a member of the board with the Greater Dayton Apartment Association, said demand for apartments in the area has grown since the economy began recovering from the Great Recession, and it hasn’t stopped.
“It’s known as the seven-year cycle,” Reddy told WDTN.com on Thursday. “We will have strong demand that lasts three or four years, followed by a downturn for a couple of years. Lately, it’s beaten all trends and been high since 2013.”
Kevin Johnson, a realtor based in Tipp City, said apartment demand in his area has been due to a shortage in housing. He said this has led to rent payments being higher than mortgage payments. Reddy said on average, the rent for a 1,000 square foot apartment is $130 more than the mortgage would be for a 1,000 square foot house in the area.
“People still need housing and they’re having to turn to apartments,” Johnson said. “With the demand high and the supply low, rents skyrocket.”
Reddy said the most in-demand areas in the Miami Valley continue to be Dayton suburbs. Centerville, Washington Twp., Kettering and Bellbrook are also popular while Fairborn and Huber Heights remain in high demand because of their proximity to Wright-Patterson Air Force Base. He said occupancy has stayed as high as 96-to-98 percent in some of these areas with some complexes having a waiting list.
If you’re new to the area, Reddy recommended doing research on websites like apartments.com and talking to co-workers. He also said associations like the Dayton Realtors and the Greater Dayton Apartment Association will also provide good information.