Multifamily Investing in Ohio: Why Ashland & Richland Counties Are Worth Your Attention

What can you expect when focusing on the question “multifamily investing in Ohio” — and how do the two markets of Ashland County, Ohio and Richland County, Ohio stack up?

In short: These counties offer affordable entry and rental-demand potential, making them strong contenders for both single-family and multifamily investors seeking a strategic Ohio location.

1. Why Ohio’s multifamily market matters

Across Ohio, multifamily housing is showing strong fundamentals. Reporters cite that the state’s multifamily market posted an average occupancy around 95.5 % in the past year, with transaction volume climbing and rents generally trending upward. 

What this means for you: While you’re targeting smaller-scale markets like Ashland and Richland Counties (rather than large metros), these state-level dynamics give an indicator that multifamily investing remains very relevant in Ohio today.

2. Ashland County – A small-market gem

Affordability + rising values

• The average home value in Ashland County was about $232,207, up 5.5% in the past year. 
  
  
• Median sale price in the city of Ashland hit ~$227K recently, with year-over-year growth of 22.9%. 
  
  

Rental-market signals

• In the city of Ashland, average rents are around $900-$1300/month
  
• A local article points out that Ashland County offers “prime opportunities for both new and experienced investors” due to its affordable prices and growing rental market. 
  
  

Why that matters for your investor strategy

For a buy-and-hold approach—whether a duplex, small multifamily property, or single-family rental—this means your entry cost is lower, and you have the opportunity to capture rental income while benefiting from modest appreciation.

If you’re an investor who also considers converting single-family homes or small multifamily units, the dynamic in Ashland County supports both.

3. Richland County – More scale, still value

While I didn’t locate as many published micro-data points for Richland County’s rental/investment market as Ashland, the general market reports show that Richland County remains a viable investment area. 

In practice, this means:

• You may find more properties and options (including small multifamily) in Richland compared to smaller counties.
  
  
• You’ll still be buying at a value compared to large-metro Ohio markets.
  
  
• The scale can allow you to optimize operations (property management, economies of scale) if you hold more than one unit.
  
  

4. Single-Family vs. Small Multifamily – Which path for you?

Single-Family Rentals

• Easier to manage and finance
  
  
• Greater liquidity (resale market is larger)
  
  
• Good as a starting point
  
  

Small Multifamily (2-4 units, small apartment buildings)

• Higher income potential (per property)
  
  
• Ability to spread risk across units (if one unit is vacant, others still produce income)
  
  
• Slightly more management intensity (but manageable in small-town markets)
  In Ashland or Richland Counties: Both pathways are open. Because costs are lower, you can build cash-flowing portfolios without entry barriers that you’d face in large metros.
  
  

5. Key metrics & what to watch

When you’re evaluating a property in these counties, pay attention to:

• Purchase price / rental income ratio – Lower purchase price means higher potential cash flow.
  
  
• Rent levels – In Ashland city you’re looking at ~$900-$1300/month average. That gives you a baseline. 
  
  
• Vacancy & turnover risks – Small markets can sometimes have fewer tenants, so ensure the property is in a location that supports stable rental demand.
  
  
• Unit mix – For multifamily focus, units with 2-3 bedrooms often hit the sweet spot for families or renters in these markets.
  
  
• Local economic factors – While you’re avoiding “school quality” in your messaging (compliance note), you should still know job base, commuting patterns, and regional appeal for renters.
  
  

6. Why investing now in Ashland & Richland counts

• Entry prices remain attractive compared to large metros.
  
  
• The broader Ohio multifamily market momentum supports investor confidence.
  
  
• A dual-strategy: You can start with a single-family or duplex, then scale into a small multifamily portfolio in the same area.
  
  
• As local specialist in the region you I can offer on-the-ground expertise to identify deals and structure them effectively.
  
  

Final Takeaway

If you’re wondering why multifamily investing in Ohio should include Ashland and Richland Counties, simple answer: these markets allow you to buy smart, invest without the high barrier of large cities, and position yourself for rental income with manageable competition.

You don’t have to go big to be profitable — you just need the right property, cash flow discipline, and local insight. And that’s exactly where I step in.

As you review your next potential property, remember:
If you’d like my help identifying single-family or small multifamily properties, reviewing the numbers, or walking you through acquisition logistics, let’s connect now.

Text or call 419-908-3330 to schedule a time or join my email list and follow me on social media for regular investment-market updates. I’m here to support your success as your trusted local investment specialist.

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This blog was written by Christina Roberto, Realtor.