Toledo a city in Lucas County, Ohio

This city is served by the Lucas Metropolitan Housing Authority

Market Overview

Toledo is a city in Lucas County, Ohio. The population of Toledo, according to the 2010 Census, is 287,208. The total number of households in the city is 119,730. The average household size for Toledo is 2.27. The total number of renter households in the city is 53,270 which means that 44.5% of households are renter households.

Toledo’s Federally assisted affordable rental housing stock includes properties financed through the following programs:

ProgramPropertiesUnits
Section 8 45 4,018
LIHTC 57 3,240
Section 202 17 908
Section 811 10 120
Public Housing 17 1,838
Total 114 7,943
Note: The total does not necessarily equal the sum of each program as some properties may participate in multiple funding programs.

The average number of units per property for affordable rentals in Toledo is 69.70. The largest Federally assisted affordable rental community in the city is Cloisters Apartments at 506 units and the smallest is White Street at 1 unit(s). 17 apartment properties provide housing for seniors containing 908 units. Of the 7,943 units, 5,046 units include some form of rental assistance (like Section 8) to make rent more affordable for very low income families.

Federally Assisted Units By Property

Name Total Units
Southbridge Square Apartments 326
Vistula Heritage Village 251
Northgate Apartments 230
Country Creek Apartments 229
Ashland Manor 189
Greenbelt Place Apartments 176
Greenbelt Apartments 176
Cherrywood Apartments 172
Madonna Homes 171
Oakwood Garden Apartments 168
Heathergate Park Apartments 168
Project Alpha 165
New Alpha Housing Lt 165
Vistula Heritage II 165
The Plaza 160
Commodore Perry Apartments 156
Covenant House 156
Beacon Place Corp. Ltd. 139
Swan Creek Apartments 136
Macy 130
Greenview Gardens 120
Cambridge Court 120
Moody Manor 119
Hillcrest Apartments 106
Pelham Manor 101
Hope Manor 101
Briarwood Apartments 100
Pinewood Place Apartments 100
Byrneport Apartments 100
Westland Gardens 100
Southgate Woods Apartments 100
The Glendale 100
Oblate Residences 100
Ottawa Cove Apartments 100
New Town 100
Bancroft Court Apartments 96
Woodruff Village 96
Michaelmas Manor 94
Hilltop Village 90
Garden View Acres 90
The Lakewoods 89
Norwich Apartments 77
Swan Cove Apartments 76
Palmer Gardens 75
Toledo Elderly Homes 74
Luther Crest 70
North Towne Village 70
Luther Hills Apartments 70
Museum Place 65
Keygate Manor 58
Warren Sherman Flats 55
Adams Street Development 52
Luther Crest Apartments 52
St. George's Manor 51
Arlington By The Lake 51
Luther Grove 51
Pilgrim Port 50
Ahepa Apartments No.118 50
Dove's Manor 50
North River Homes I 49
Hampton Court 48
Toledo Homes Lp 48
The Lakewoods - Phase II 48
Autumn Wood Village 48
Renascence Ottawa Area Residences 47
Autumn Wood Village II 42
Oakwood Homes I 40
Douglas Square Apartments 40
Oakwood Homes II 40
George Mance Commons 40
Toledo Homes II 38
Oakwood Homes IV 35
West Central Homes 32
Totco Homes 31
Sandpiper 30
Southeast Toledo Homes 28
South Toledo Homes II 25
United North School Homes 24
The Oaks 20
Highland Crest Apartments 20
Vistula Building Ltd 19
South Toledo Associa 18
Ide Apartments II 18
South Toledo Homes 18
Brook View Gardens 16
Accessible Country Trail 16
Byram Properties 15
Willard Apartments 15
Cherry Street Manor 14
Ottawa River Estates 14
Woodside Village 12
Mercy Outreach Ministries II 12
Mercy Outreach Ministries IV 12
St Paul Senior Citizens 12
Pontiac Place Homes 11
Frisch Properties 10
Maumee House 9
Ottawa House 9
Stewart Apartments 8
Turner Properties 8
Ide Center Apartments 8
Perry Apartments 8
Kelly Apartments 6
Living Stream 5
Norwood & Stickney 5
Airline Manor 4
Jac Rentals 4
Mulberry 4
Willis Rentals 3
Maple Street 3
Montgomery Rental 2
Dean's Rentals 2
Maplewood Manor 2
White Street 1
† This Property is Federally Assisted though Unit Counts are not available from HUD.

Rental Assistance for Tenants in Toledo

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties.

In Toledo, there are 60 affordable housing properties providing rental assistance to 5,046 very low income households. In addition, Lucas Metropolitan Housing Authority provides 4,516 Section 8 rental vouchers in Toledo and the surrounding area.

To qualify for most rental assistance programs a renter must earn no more than 50% of the Area Median Income (AMI). In some cases, rental assistance is reserved for renters earning 30% or less of the AMI. In Toledo, to qualify for Section 8 assistance, a renter household containing four persons must earn $35,000 or less. For some targeted rental assistance programs, a renter household of four can’t earn more than $21,000.

It’s important to remember that in many rental assistance programs there are minimum rent regulations requiring assistance recipients to make a minimum payment of between $25 and $50 per month no matter how low their income.

HUD Assistance Income Limits

Persons
1234
$24,500$28,000$31,500$35,000
Persons
1234
$14,700$16,800$18,900$21,000

Income Limits

All affordable housing programs provided by or through the government have maximum income limits to qualify for assistance. These income limits are typically derived from the Area Median Income (AMI), the theoretical family income of the average household in a given geography.

The AMI is updated each year for each geographical area taking into consideration numerous economic indicators. The geographical areas used for establishing the AMI are either Metropolitan Statistical Areas (MSA’s) or counties.

Toledo is in the Toledo, OH MSA. The 2014 Area Median Income for a family of four in Toledo is $70,000.

The income limits used for Section 8, public housing, Low Income Housing Tax Credits. the HOME program and other Federal programs all are derived from the HUD defined AMI.

Low Income Housing Tax Credit Income Limits

Persons
1234
$29,400$33,600$37,800$42,000
Persons
1234
$24,500$28,000$31,500$35,000
Persons
1234
$19,600$22,400$25,200$28,000
Persons
1234
$14,700$16,800$18,900$21,000

Rent Limits For Affordable Rental Housing

All apartment units that receive Federal assistance whether that assistance is used to subsidize rents or the cost of construction and development, have dollar limits on the amount of rent a landlord may charge each month. These rent limits are based on the incomes of the renters the property is meant to serve.

As we explained in the income limits section, the maximum income a renter can earn to qualify is based on the Area Median income for the market where the apartment community is located. Likewise, the maximum rent is usually determined by multiplying the annual income limit by 30% (the National housing affordability standard) and dividing by 12 months.

In Toledo, a family of four that qualifies for a three bedroom apartment under the Low Income Housing Tax Credit program will not pay more than $1,092. Rent limits can range greatly within the same apartment community. If the same apartment property in this example also targets persons earning less than 30% of AMI, our four person family’s 68 year old neighbor who earns less than $14,700 will never pay more than $394.

Low Income Housing Tax Credit Rent Limits

Bedrooms
01234
$735$788$945$1,092$1,218
Bedrooms
01234
$613$656$788$910$1,015
Bedrooms
01234
$490$525$630$728$812
Bedrooms
01234
$368$394$473$546$609

Fair Market Rents (FMR)

HUD establishes a Fair Market Rent each year for each Metropolitan Statistical Area in the country. This rent standard is used to establish payment limits for Section 8 Housing Choice Vouchers, maximum rents in HOME financed rental projects and initial or renewal rents for Section 8 project based assistance. HUD establishes FMR’s for 530 MSA’s and 2,045 counties nationwide each fiscal year.

The FMR is largely a statistical derivative of the US Census Bureau's American Community Survey (ACS) 5 year estimates for 2 bedroom median rent. For the most part, in Toledo, a landlord with a two bedroom apartment to rent, could not receive more than $806. Likewise, a renter in need of a 3 bedroom apartment with a Section 8 voucher would have to find a rental in Toledo that rented for less than $1,039.

2014 Fair Market Rents

Bedrooms
01234
$498 $620 $806 $1,039 $1,202

Fair Market Rent Year Over Year Change

The affordable housing industry has long used the FMR as barometer for local rents. Though the geographic areas FMR’s are based on are broad and there are often wide variations in neighborhood rents throughout an MSA, in general, the FMR is one of the best quick tools one can use to judge housing costs in a place.

We took a look at historic FMR’s in Toledo and found that they have risen an average of 3.50% year over year. The first year in our sample is 1985 when the two bedroom FMR was $308. That same 2 bedroom apartment rent had increased to $782 by 2013. In 2006 the two bedroom FMR in Toledo saw it’s largest single year increase going up by 25.72%.

It’s also interesting to look at the FMR compared to the Consumer Price Index’s housing index to understand how Toledo rents have fluctuated in comparison to the rest of the Nation. The consumer price index grew an average of 2.68% year over year. The two bedroom FMR in Toledo has remained in step with National housing inflation costs.

The largest single year of 2 bedroom FMR growth was in 2006 at 25.72% while the smallest year of growth was 1995 with a 1.87% decrease.

287,208

Population

2.27

Average Household Size

119,967

Total Renters

53,270

Renter Households

Renter
(80th percentile)

Renters or Owners

44.5%

% of Renter Households

7,943

Federally Assisted Units

114

Federally Assisted Projects

57/3,240

Tax Credit Projects/Units

45/4,018

Section 8 Projects/Units

17/908

Section 202 Projects/Units

10/120

Section 811 Projects/Units

17/908

Senior Projects/Units

5,046

Units with Project Based Rent Subsidy

69.7

Average Units Per Property

$623

Median Rent

51.7%

Renters Overburdened

$396,112,800/year

Gross Rent Paid By All Renters

25.2%

Renters with No Vehicle

18.1%

Renters Below Poverty Level

9.8%

Renters Who Taxi, Bike, or Walk to Work

1.5%

Renters Who Use Public Transit to Work

33.5%

Renters With Children

5,566

Vacant Units For Rent

9.5%

Vacancy Rate

13.6%

Units With Utilities Included In Rent

Lucas County

County

Ohio

State