Updated 2026 · Based on median market data for Norwalk, OH
The median monthly rent in Norwalk, OH is $1,450, translating to $17,400 in annual gross rental income per unit. The rent-to-price ratio is 0.78% — below the 1% rule but within a range where deals can work with good financing.
Renters in Norwalk spend approximately 36% of the local median household income ($47,711) on rent. This exceeds the standard 30% affordability threshold, suggesting rent growth may face resistance — but it also means a large portion of the population finds buying even more out of reach, supporting rental demand.
The vacancy rate in Norwalk 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.
Norwalk's GRM (price divided by annual rent) is 10.6x. A GRM under 12x is excellent — it means you're paying less than 12 years of gross rent for the property, suggesting strong income relative to price. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $1,450/mo, a single-family rental in Norwalk generates approximately $17,400 in gross annual income. After accounting for 6.7% vacancy ($1,166 lost), property taxes of $2,923, insurance (~$740), and maintenance (~$740), the estimated NOI is $11,831 per year, or $986/mo.
Norwalk vs Ohio state average and national average across key investment metrics. Norwalk outperforms both benchmarks on cap rate.