Reichle Klein Group’s 2025 Mid-Year Apartment Market Overview

The Reichle Klein Group mid-year 2025 survey of the Toledo, Ohio apartment market found that core market metrics improved over year-end 2024.  The overall market vacancy rate dropped from 5.3% at year-end 2024 to 4.2% at June of 2025.  Over the same period, the average asking rental rate increased by 4.1% to $1,055 per unit.  A positive picture indeed.

Looking at the numbers at the submarket level, the Central business district recorded the greatest improvement in vacancy, which dropped from 8% at year end 2024 to 4.7% at mid-year 2025.  Clearly the submarket had no issue absorbing the new units in The Overmyer which was delivered in 2024.  Newer properties in the West Toledo/Sylvania submarket also had a fine first half of 2025 with vacancy dropping to 2.2% and Holland/Maumee also recorded a big jump in occupancy.  Student housing in the University of Toledo area also improved over the first half of 2025 with vacancy dropping from 11.8% at year-end 2024 to 7.8% in June of 2025 – still soft but trending better.  The only submarket that experienced an increase in vacancy was older properties in Perrysburg/Northwood/Rossford.

Rents were generally up across all submarkets and unit sizes with only a few outliers recording average rent declines over the first half of the year. The most noteworthy outlier was student housing around the University of Toledo where rent per bed dropped from $741 to $690.

The number of new units under construction dropped in the second half to 713 units in June 2025 from 1,027 units at the year-end 2024.  This after delivery of 379 units in the first half.  The deliveries were comprised of 262 units in the Colony Lofts near Toledo Hospital in the West Toledo/Sylvania submarket and the 117 units in the first phase of the Villas at Bonita Farms in Perrysburg.  Of the 713 units under construction, 65% are in the Perrysburg/Northwood submarket which has by far absorbed the most apartment development over the prior ten years plus.  The remaining units are in the West Toledo/Sylvania submarket.  Looking forward, a total of 1,476 new units is proposed in six different developments.  Only 27% of this total is to be built in Perrysburg.  The remaining projects are scattered around the market from Oregon to downtown and in Maumee.