Since the end of 2019 and encompassing the pandemic era to date, the average asking rental rate has grown $162 per month or over 22%. Over the same period, the overall market vacancy rate has declined from 6% at December 2019 to stand at 2.7% in December 2021. Based solely on the increased occupancy and the higher rental rates, the average apartment property in the Toledo area has appreciated over 26% in the past two years.