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oledo, Ohio is experiencing a surge in real estate competition due to affordable home prices and rising demand. Out-of-state investors with deep pockets are snapping up properties, driving up the median home price by 18% to $235,000. This is still significantly lower than the US median, but local buyers are being priced out of the market.

    Realtor Megan Hornsby reports that many calls she receives are from out-of-state investors looking to buy and rent properties in Toledo. The city has enacted new rental property ordinances to curb this trend, including a paint ordinance requiring landlords to maintain their properties. However, some argue this is unconstitutional as it targets landlords but not owner-occupied homes.

    Investors are buying up properties and renting them out to locals, often failing to properly manage the properties from afar. This has led to issues with lawns going uncut and small repairs remaining undone. Hornsby notes that finding a good management company in Toledo is challenging, and the city has implemented an app for reporting properties in disrepair.

    Toledo's affordable prices and high demand have pushed it to the top of the Wall Street Journal/Realtor.com Housing Market Ranking. The city's median home listing price rose 18% year-over-year in March, largely due to investor activity. Data firm Cotality reports that investor purchases of single-family homes in Toledo doubled over the last seven years.

    Many out-of-state investors are coming from large cities like New York and San Francisco, as well as countries like Canada and Italy. They see Toledo as a hidden opportunity with its thriving arts scene, outdoor events, and affordable luxury homes. However, this has led to concerns about the impact on local buyers and renters, who are being priced out of the market.

    Rents in Toledo are also rising due to high demand and property tax increases. A two-bedroom apartment that normally costs $1,000 a month now costs around $1,500. The city's downtown area is experiencing a resurgence with new investments and events, but this has also led to increased competition for housing.