Renters in Lima have seen double-digit inflation for two- and three-bedroom units since last August.
Photo by Mackenzi Klemann | The Lima News
LIMA — Renters in Lima are encountering double-digit inflation when searching for two- and three-bedroom rentals.
Estimates from Rent.com show a two-bedroom rental in Lima costs an average of $712 per month today, an 11% increase since last August. Meanwhile, a three-bedroom rental will cost a family an average of $950 a month, an increase of 14% in one year’s time, according to Rent.com, which tracks rental listings across the U.S.
From January to February, the average monthly rate for a three-bedroom unit in Lima jumped from $835 per month to $950 a month, according to Rent.com. Similarly, the average monthly rate for a two-bedroom rental spiked in April, increasing from $628 a month to $712 a month.
Still, rents have been mostly flat in the months since that time, while the average rate for a one-bedroom or studio apartment here has seen little to no change in the last year, according to Rent.com.
The trend is most acute within city limits, where more than 50% of households are renters and where an estimated one in four households spend more than 30% of their monthly income on housing, exceeding the recommended standard, according to U.S. Census data and the Allen County Health Atlas.
A single person here would need to earn at least $11.96 an hour at full time to afford a modest one-bedroom apartment in Lima, a challenge for low-wage fast food workers, retail workers and home health aides, according to the National Low Income Housing Coalition’s Out of Reach report and federal Bureau of Labor Statistics data.
A modest two-bedroom rental would be out of reach for single nursing assistants, janitors or restaurant supervisors, who would need to earn at least $14.75 per hour or $30,680 a year to avoid spending more than 30% of their income on housing, according to NLIHC and BLS data.
And for a three-bedroom rental, the NLIHC estimates a family in Lima would need to earn $39,960 per year, the equivalent of $19.21 an hour.
Still, rents here remain more affordable than other parts of the state. In Union County, the most expensive rental market in Ohio, a person would need to earn $20.56 for a two-bedroom rental, according to NLIHC. The Columbus rental market isn’t much cheaper, with an estimated housing wage of $19.85 an hour.
How much does it cost to rent in Lima?
• Studio: $550 a month for an average studio apartment; +3% change since last August
• One bedroom: $550; no change
• Two bedrooms: $712; +11% change
• Three bedrooms: $950; +14% change
Source: Rent.com
Median hourly wage for common occupations in Lima:
Restaurant server: $9.59
Fast food worker: $10.59
Cashier: $10.66
Studio housing wage: $10.90
Home health aide: $11.18
Retail salesperson: $11.53
One-bedroom housing wage: $11.96
Janitor: $13.63
Stocker: $13.78
Nursing assistant: $13.85
Restaurant supervisor: $14.42
Two-bedroom housing wage: $14.75
Customer service representative: $16.48
General office clerk: $16.93
Three-bedroom housing wage: $19.21
Maintenance worker: $21.20
Licensed practical nurse: $22.45
Heavy truck driver: $22.59
Machinist: $29.23
Registered nurse: $35.94
Sources: Bureau of Labor Statistics and National Low Income Housing Coalition
