Belmont (OH) Investor Pulse Report (2025-Q4)

Landlords in Belmont County, OH, collectively own 5,491 Single Family Residential (SFR) properties, constituting a significant 23.2% of the county's total SFR market of 23,711 properties. This indicates a substantial investor presence within the local housing landscape.

Individual investors overwhelmingly dominate the market, owning 4,510 properties, which accounts for 82.1% of all investor-owned SFR. In contrast, company-owned SFR properties total 1,053, representing 19.2% of the portfolio, demonstrating that smaller, individual investors are the primary force in the county.

The landlord portfolio shows a strong rental focus, with 5,356 properties (97.5% of all investor-owned SFR) classified as rented. This high proportion underscores that nearly all investor-held properties are actively generating rental income rather than being held vacant or for other non-rental purposes.

Cash acquisitions are the prevailing method for property ownership among landlords, with 4,439 properties (80.8% of the investor portfolio) being cash-owned. Only 1,052 properties (19.2%) are financed, suggesting a preference for debt-free assets or a strong capital base among investors.

Individual landlords also comprise the vast majority of entities, with 5,758 individual owners accounting for 90.8% of the 6,339 total landlords. Company landlords, while owning a smaller share of properties, represent 581 entities, or 9.2% of all landlords, highlighting a market structure heavily skewed towards smaller, private owners.

In Q4 2025, landlords in Belmont County paid an average of $146,416 for properties, securing a significant discount of $133,060, or 47.6%, compared to traditional homeowners who paid $279,476. This substantial price difference highlights landlords' ability to acquire properties at a considerably lower cost.

The trend of landlords paying less than homeowners was consistent throughout 2025. The most significant discount occurred in Q2, where landlords paid $142,429, a $138,938 (49.4%) less than homeowners at $281,367. This pattern underscores a consistent pricing advantage for investor purchases.

The landlord discount fluctuated slightly but remained substantial across quarters. The Q4 2025 discount of 47.6% was higher than Q3's 42.1% but slightly lower than Q2's 49.4% and Q1's 49.2%, indicating a dynamic but consistently strong negotiating position for landlords.

While specific property acquisition volumes for landlords were recorded as zero in some timeframes within `section6-1.csv`, the consistent price comparison data in `section6-2.csv` reveals a clear and sustained pricing divergence. This suggests that even with fluctuating acquisition volumes, landlords are accessing different, often more affordable, segments of the market.

The average acquisition price for landlords shows an upward trend from $116,528 in Q1 2025 to $146,416 in Q4 2025, despite some quarterly dips. This indicates a general increase in property values for landlord acquisitions throughout the year.

Landlords in Belmont County were active buyers in Q4 2025, accounting for 68 of the 229 total SFR purchases, which represents a significant 29.7% share of the market. This indicates that nearly one in three properties sold in the quarter was acquired by an investor.

Mom-and-pop landlords (Tiers 01-04) overwhelmingly dominated Q4 purchases, securing 54 properties and making up 79.4% of all landlord acquisitions. This highlights the foundational role of smaller investors in the county's real estate market.

The single-property landlord tier (Tier 01) was particularly active, with 65 entities purchasing 44 properties. This suggests a strong influx of new or expanding small-scale investors entering the market, forming the largest segment of Q4 landlord buyers.

In stark contrast to mom-and-pop activity, institutional investors (Tier 09, 1000+ properties) made a minimal impact in Q4, purchasing only 3 properties, which constituted just 4.4% of all landlord acquisitions. This illustrates a limited direct acquisition presence from very large-scale investors in the county during this period.

Mid-size landlords (Tiers 05-08) also contributed to Q4 activity, with tiers like 21-50 properties purchasing 6 units and 51-100 properties purchasing 2 units, demonstrating diverse investor engagement across various portfolio sizes.

Mom-and-pop landlords, defined as those owning 1-10 properties (Tiers 01-04), collectively control an overwhelming 93.4% of the investor-owned SFR housing stock in Belmont County. This concentration underscores that the vast majority of rental properties are held by small-scale investors rather than large entities.

The single-property landlord segment (Tier 01) is the most dominant, owning 4,132 distinct SFR properties, which alone accounts for 73.0% of the entire landlord-owned portfolio. This demonstrates the critical role of first-time or single-property investors in the market structure.

In sharp contrast to the high concentration among smaller investors, institutional investors (Tier 09, with 1000+ properties) hold a very minimal presence, owning only 12 properties, which represents a mere 0.2% of the total landlord-owned SFR. This debunks any notion of significant institutional dominance in Belmont County.

Mid-size landlords (Tiers 05-08, 11-1000 properties) collectively own a smaller but notable share, with segments like 51-100 properties (2.4%) and 21-50 properties (2.1%) contributing to the diverse ownership landscape. However, their combined influence is dwarfed by the mom-and-pop segment.

While the tiered distribution of ownership is clearly established, specific acquisition pricing data by tier was not provided for this geography, preventing an analysis of how larger or smaller investors' buying prices differ over time.

Individual investors maintain a strong hold on smaller portfolios in Belmont County, owning 3,782 (90.4%) of single-property (Tier 01) SFRs and 352 (81.7%) of two-property (Tier 02) SFRs. This pattern extends up to the 6-10 property tier, where individuals still own 59.4% (120 properties).

A clear crossover point occurs as portfolio sizes increase, with companies becoming the majority owners in tiers greater than 10 properties. In the 11-20 property tier, company ownership surges to 82.7% (67 properties), while individual ownership drops to just 17.3% (14 properties).

This indicates a strategic shift where individuals are the primary actors in initiating and managing smaller rental investments, while companies begin to dominate once portfolios scale beyond the mom-and-pop threshold of 10 properties.

Even within the larger small-landlord tiers, companies are a significant minority, holding 25.4% (134 properties) in the 3-5 property tier and 40.6% (82 properties) in the 6-10 property tier, suggesting a gradual increase in corporate involvement.

The absence of data for individual vs. company acquisition prices within each tier prevents a deeper analysis of pricing strategies based on owner type and portfolio size for Belmont County.

Within Belmont County, the zip code OH-Belmont-43950 stands out with the highest volume of investor-owned properties, totaling 988 units, representing 19.1% of its SFR market. This area exhibits the highest concentration of landlord-owned housing by count.

Following closely in terms of volume are OH-Belmont-43906 with 676 investor-owned properties (24.3% rate) and OH-Belmont-43935 with 675 properties (23.0% rate), demonstrating significant pockets of investor activity across different parts of the county.

In contrast to sheer volume, the zip code OH-Belmont-43916 displays the highest investor ownership rate at a striking 83.3%, indicating that a vast majority of SFR properties in this specific area are landlord-owned. This suggests a highly penetrated rental market.

Other areas with high investor penetration rates include OH-Belmont-43934 at 65.9% and OH-Belmont-43951 at 59.0%, showing that certain smaller geographies within the county are predominantly composed of rental housing.

These findings reveal a clear distinction between regions with high counts of investor properties (larger areas with more total housing stock) and those with high investor ownership rates (areas where investors own a higher proportion of the existing housing), indicating diverse investor strategies and market dynamics across Belmont County's sub-geographies.

Landlords in Belmont County are overall net buyers, showing a robust appetite for property acquisition throughout 2025. They collectively purchased 331 properties and sold 78, resulting in a strong buy-to-sell ratio of 4.24x for the year.

This net buying trend continued into Q4 2025, where landlords acquired 92 properties while selling 29, maintaining a healthy buy/sell ratio of 3.17x. This indicates sustained confidence and investment in the local SFR market.

Institutional investors (1000+ properties) also ended 2025 as net buyers, albeit with a much narrower margin than the overall landlord segment. They purchased 9 properties and sold 8 throughout the year, yielding a buy/sell ratio of 1.125x, suggesting cautious accumulation.

Quarterly, institutional activity saw fluctuations; in Q3 2025, institutions were net sellers (1 buy vs 2 sells), but they returned to a strong net buyer position in Q4 2025 (3 buys vs 1 sell), demonstrating dynamic, yet net positive, acquisition strategies.

The absence of data regarding the percentage of buy or sell transactions originating from or going to other landlords prevents a detailed analysis of inter-landlord trading activity and market liquidity within this section.

Landlords in Belmont County were significant participants in the Q4 2025 transaction market, accounting for 92 out of 333 total transactions, representing a 27.6% share. This indicates that over a quarter of all property transfers involved an investor, showcasing their active role in market fluidity.

A notable pricing disparity exists between investor tiers: single-property landlords (Tier 01) paid the highest average purchase price in Q4 at $171,291. In contrast, institutional investors (Tier 09) secured properties at a substantially lower average of $93,003, representing a 45.7% discount compared to Tier 01 buyers.

The mom-and-pop segment (Tiers 01-04) collectively engaged in 76 transactions during Q4, indicating their continued high volume of activity. Institutional investors (Tier 09) were less active in total transactions, participating in 3 sales.

Inter-landlord trading activity varied by tier; the medium-large landlord tier (51-100 properties) showed the highest reliance on other landlords for acquisitions, with 100.0% of their 2 transactions bought from other investors. Single-property landlords (Tier 01) sourced 12.3% of their 65 transactions from other landlords.

The wide price spread between the smallest and largest investor tiers suggests differing acquisition strategies, access to off-market deals, or property conditions. Larger investors appear to be targeting lower-priced assets, potentially for value-add strategies.