Dayton Apartment Performance Bolstered by Affordable Class C Units

The small apartment market of Dayton, OH reported strong apartment rent growth of 5.3% in the year-ending February 2024, according to data from RealPage Market Analytics. That marked a top 10 performance nationwide, among the nation’s 150 largest apartment markets. Within the market’s most affordable Class C units, however, that rate was considerably higher at 6.4%. Likewise with occupancy, Dayton’s Class C occupancy of 96% in February boosted the marketwide occupancy reading, which clocked in at 95.1% as of February. The market’s priciest product – Class A units – recorded the poorest performance for occupancy at 94% in February. Class B units, meanwhile, garnered the market’s poorest annual effective rent change reading at 4.1%. Still, rent change across all asset classes came in well above the national norm of 0.2% in February. Dayton has 58,000 apartment units and is located about 50 miles north of Cincinnati – another one of the nation’s top performing apartment markets of late.