Updated 2026 · Based on median market data for Lima, OH
The median monthly rent in Lima, OH is $1,170, translating to $14,040 in annual gross rental income per unit. The rent-to-price ratio is 0.65% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Lima spend approximately 29% of the local median household income ($47,711) on rent. This is within the healthy 25-30% range, indicating rent is affordable relative to local incomes. There may be room for moderate rent increases, especially for updated or well-located units.
The vacancy rate in Lima is 6.7%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Population growth of 0.2% annually provides stable demand.
Lima's GRM (price divided by annual rent) is 12.8x. A GRM between 12-16x is moderate and typical of balanced markets. Deals can work but you need to keep expenses controlled. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $1,170/mo, a single-family rental in Lima generates approximately $14,040 in gross annual income. After accounting for 6.7% vacancy ($941 lost), property taxes of $2,844, insurance (~$720), and maintenance (~$720), the estimated NOI is $8,815 per year, or $735/mo.
Lima vs Ohio state average and national average across key investment metrics. Lima outperforms both benchmarks on cap rate.