OH, Yes!
Read why Ohio is an attractive market for residential investment property owners.
Learn about opportunities for Ohio residential investment property owners and renters.
As a fifth generation Ohioan, I believe in opportunity in my home state. My ancestors arrived here in the mid- to late-1800s, and many of their descendants remain today. Each generation struggled with challenges, from making ends meet to building more stable lives for their families. For some, residential investment property has been a means to meet both challenges.
Today, some of Richey-Barrett’s insurance clients are actively engaged in acquiring and/or managing one or more residential investment properties for long-term financial stability. Ohio is unique in that many of its metropolitan areas, relative to other states, has affordable entry prices and healthy occupancy rates. Properly managed, this dynamic translates to consistent cash flow.
As enticing as cash flow is, a residential rental property is not an open spigot of cash flow. It requires both thoughtful financial planning and careful management. The best path to attracting and maintaining reliable and responsible tenants is a well-kept property in which the owner is hands-on, attends to ongoing maintenance and regular upkeep. Insurance credits may be available to qualifying residential investment property owners.
While I am not an expert, I am aware of some BIG demographic and geographic pluses in Ohio, all of which are favorable to the residential rental market:
- Job opportunities.
Ohio is headquarters or a significant presence for big players in high-tech manufacturing, petroleum, health care, finance, insurance, supply chain, and logistics. Skilled tradespeople and construction workers are in huge demand to build out Ohio’s new economy, as well as provide ongoing maintenance and repairs. - Health care.
Top-tier hospitals in Cleveland, Columbus, and Cincinnati are reasonably accessible to a majority of Ohio’s population. - Abundant supply of fresh water.
Fresh water in Ohio is a resource, whereas, in the American Southwest and California, it is increasingly a commodity. Two general caveats, specific to certain areas of Ohio, are 1) lead pipes; and 2) water supply strains due to data center and high-tech manufacturing water use. These concerns should be carefully screened by residential investment property owners before investing. - Vast, accessible park networks.
From Northeast Ohio’s prized Emerald Necklace to top-ranked Mohican State Park and Hocking Hills State Park and many more, Ohio boasts some of the best park systems in the United States. - Four seasons.
Outdoor enthusiasts may experience Mother Nature full circle. Hike, bike, golf, garden, camp, boat, paddleboard, swim, ski, sled — there’s a season for everything!
Compared to other states, property and liability insurance is affordable in Ohio. That said, don’t fall for insurance sales pitches that don’t provide the insurance protection you need. While your independent insurance agent should be willing to present some cost-saving options, cutting corners on adequate liability and property limits is a fool’s roll of the dice. It only takes one claim or loss to obliterate the few dollars saved by choosing low limits, a choice that could wipe out your entire investment.
Richey-Barrett Insurance is a Trusted Choice Independent Insurance Agency for insurance for investment properties.
