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

Individual investors are the dominant force in Lawrence County's SFR rental market, owning 5,162 properties, which represents 89.5% of the total 5,770 investor-owned SFR portfolio.

Company-owned SFR properties account for a much smaller share at 657 properties, or 11.4% of the total investor-owned stock, reflecting a landscape heavily skewed towards individual landlords.

A striking 98.7% of all investor-owned properties (5,697 out of 5,770) are actively rented, underscoring the strong rental-focused nature of the landlord activity in this county.

Cash acquisitions significantly outpace financed purchases within the investor portfolio, with 4,120 properties purchased with cash compared to 1,650 that are financed, indicating a preference for debt-free ownership.

The sheer number of individual landlords (7,279) far exceeds company landlords (421), revealing that a vast majority of investor entities are mom-and-pop operations, further solidifying their market prevalence.

In Q4 2025, landlords in Lawrence County achieved a substantial 21.4% discount compared to traditional homeowners, purchasing properties for an average of $164,882 while homeowners paid $209,666, a difference of $44,784 per property.

This pricing advantage has been highly variable throughout 2025; the discount was a mere 2.2% ($3,642) in Q1, widened to 13.0% ($23,584) in Q2, then softened to 9.1% ($15,440) in Q3, before sharply increasing again in Q4.

The significant $44,784 price gap in Q4 suggests landlords possess a strong ability to identify and acquire properties at advantageous prices, potentially leveraging distressed sales or off-market opportunities.

While specific acquisition property counts for landlords across these timeframes are reported as 0 in one dataset, the consistent average prices and homeowner comparisons provided suggest ongoing market activity where landlords are negotiating favorable terms.

The fluctuation in the landlord discount across quarters implies that market conditions or landlord purchasing strategies are adapting, creating inconsistent windows of opportunity for cost-effective acquisitions.

Landlords in Lawrence County captured a substantial portion of the market in Q4 2025, purchasing 64 SFR properties, which constitutes 39.5% of all 162 total SFR acquisitions.

Mom-and-pop landlords, encompassing Tiers 01-04, overwhelmingly dominated Q4 buying activity by acquiring 61 properties, representing 93.8% of all landlord purchases during the quarter.

The single-property landlord tier (Tier 01) was particularly active, with 65 entities purchasing 49 properties, signifying a strong entry or expansion trend among new and small-scale investors.

Institutional investors (Tier 09) were entirely absent from the Q4 purchase landscape, making 0 acquisitions and holding a 0.0% share of landlord purchases, reinforcing the local, non-institutional nature of the market.

The average properties per entity in Tier 01 for Q4 stands at 0.75 properties (49 properties / 65 entities), indicating that while 65 entities were active, some may have acquired multiple properties or are part of larger entities not fully captured as single-property buyers in this snapshot.

Mom-and-pop landlords (Tiers 01-04) unequivocally control the vast majority of investor-owned SFR properties in Lawrence County, holding 97.2% of the total portfolio.

The backbone of this market is the single-property landlord (Tier 01), who collectively own 4,918 properties, representing an astounding 83.2% of all investor-held SFR in the county.

In stark contrast to the mom-and-pop dominance, institutional investors (Tier 09, 1000+ properties) maintain a minimal presence, owning only 10 properties, which accounts for a mere 0.2% of the investor-owned market.

The market structure in Lawrence County clearly favors small-scale, individual investors, with the largest three tiers (01, 02, 03-05) collectively holding 94.8% of all investor-owned SFR properties.

Mid-size landlords (Tiers 05-08) collectively hold a modest 2.7% of the market, further emphasizing the pronounced 'mom-and-pop' characteristic of the investor landscape in this geography.

A critical crossover point exists at the 'Small landlord (6-10)' tier, where company ownership becomes the majority, holding 62.7% of properties (89 properties) compared to individuals at 37.3% (53 properties).

Individual investors exhibit overwhelming dominance in the smallest tiers, owning 94.2% of single-property portfolios (4,665 properties) and 81.7% of two-property portfolios (294 properties).

As portfolio size increases, company concentration escalates dramatically; in the 'Medium-large (51-100)' tier, companies own 96.1% of properties (73 properties), indicating their preference for scaling operations.

This distinct segmentation highlights that smaller, entry-level portfolios are almost exclusively managed by individuals, while companies begin to gain significant traction and eventually dominate once portfolio size exceeds five properties.

Even in the 'Small-medium (11-20)' tier, companies already hold a commanding 68.4% share (39 properties), signaling their early involvement in mid-sized portfolio development.

Lawrence County's Zip Code 45669 stands out with the highest investor ownership rate at 47.1% and concurrently the second-highest count of investor-owned SFR properties, totaling 1,548.

Zip Code 45638 leads in terms of sheer volume, holding 1,554 investor-owned properties, which represents 25.4% of its total SFR inventory, showcasing a high concentration of investment.

A significant pattern of high investor penetration is evident across multiple zip codes, with five regions—45669, 45623, 45659, 45619, and 45696—all exhibiting over 40% investor ownership rates.

The top five zip codes by investor-owned property count collectively represent a substantial portion of the county's investor market, underscoring the geographic concentration of landlord activity in specific areas within Lawrence County.

Acquisition prices are not uniformly distributed across these regions, though specific price data by sub-geography is not provided in this section to detail these variations.

Lawrence County landlords demonstrate a powerful net buyer position, having purchased 83 SFR properties in Q4 2025 against only 6 sales, resulting in an impressive buy/sell ratio of 13.8x.

This aggressive accumulation is a consistent trend, with landlords collectively being net buyers throughout all reported timeframes in 2025, totaling 335 purchases against 41 sales for the year.

The high buy/sell ratios (e.g., 10.6x in Q3 2025, 6.3x in Q2 2025) indicate a sustained period of portfolio expansion and market confidence among landlords.

In stark contrast to overall landlord activity, institutional investors (1000+ tier) were net sellers for Year 2025, divesting 6 properties while only acquiring 5, signaling a potential strategy of exiting or rebalancing their minimal holdings.

The average buy price for all landlords in Q4 2025 was $164,882, while the average sell price was $156,666, suggesting a modest implied profit margin per transaction.

Landlords were significant participants in the Q4 2025 market, involved in 83 transactions, which represents 34.0% of the total 244 SFR transactions in Lawrence County.

Single-property landlords (Tier 01) were the most active, completing 65 transactions at an average purchase price of $172,235, underscoring their prominence in current market activity.

A notable price disparity exists across tiers; while Tier 01 landlords paid $172,235, small-medium landlords (Tier 11-20) acquired properties at a significantly lower average of $86,667, revealing distinct purchasing strategies based on portfolio size.

Inter-landlord trading was generally low; for example, only 4.6% of Tier 01 transactions (3 properties) involved buying from another landlord, suggesting properties are primarily acquired from non-investor sellers.

Despite their overall dominance in holdings, institutional investors (Tier 09) registered 0 transactions in Q4 2025, highlighting their minimal direct market engagement during this period.