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

Landlords in Licking County possess a substantial portfolio of 5,958 Single Family Residential (SFR) properties, representing 10.8% of the county's total SFR market.

Individual investors overwhelmingly dominate this market, owning 4,038 properties, which accounts for 67.8% of all landlord-held SFR. In contrast, company-owned entities hold 1,998 properties, representing 33.5% of the market.

The primary focus of these landlords is rental income, with 5,677 properties (95.3% of the total landlord portfolio) being rented and therefore non-owner-occupied, underscoring the market's strong rental orientation.

A significant portion of properties, 3,988, were acquired with cash, indicating a strong cash-buying capacity among investors, while 1,970 properties are financed.

By entity count, individual landlords significantly outnumber company landlords, with 5,096 individuals compared to 969 companies, establishing a ratio of approximately 5.26 individual landlords for every single company entity in Licking County.

In Q4 2025, landlords in Licking County consistently acquired SFR properties at a significant discount compared to traditional homeowners, paying an average of $315,752. This represents a $71,973 reduction, or 18.6% less than the $387,725 average paid by homeowners.

The landlord discount has fluctuated quarter-over-quarter; the 18.6% discount in Q4 2025 is narrower than the 23.8% ($92,203) discount observed in Q3 2025, yet wider than Q2's 17.6% ($67,878) discount, suggesting dynamic market conditions influencing pricing advantages.

Average landlord acquisition prices have shown a strong upward trend, increasing from $231,814 during the 2020-2023 period to $302,176 in Year 2025, signifying substantial market appreciation.

From the pandemic-era average of $231,814 (2020-2023), landlord acquisition prices have surged by 36.3% to $315,752 in Q4 2025, indicating significant property value appreciation over recent years.

The consistent ability of landlords to acquire properties at a substantial discount compared to homeowners underscores their market intelligence, negotiation power, or access to different purchasing channels in Licking County.

Landlords were a significant force in Licking County's Q4 2025 housing market, responsible for 112 of the 574 total SFR purchases, representing a substantial 19.5% share of all acquisitions.

Single-property landlords (Tier 01) led investor activity, purchasing 66 properties and accounting for 58.4% of all landlord acquisitions, demonstrating their ongoing dominance in market entry and expansion.

Mom-and-pop landlords (Tiers 01-04) collectively drove the vast majority of Q4 investor purchases, acquiring 96 properties, which amounts to 85.0% of all landlord buying activity, reinforcing their role as the primary market participants.

This quarter saw 100 new single-property landlords (Tier 01 entities) entering the market, indicating a steady influx of small-scale investors despite only purchasing an average of 0.66 properties per entity in this tier.

In stark contrast to mom-and-pop activity, institutional investors (Tier 09, 1000+ properties) made only 4 purchases, representing a modest 3.5% of landlord acquisitions in Q4, highlighting a relatively limited presence in recent buying behavior.

The average properties per entity varied, with small-medium landlords (Tier 04: 6-10 properties) showing the highest buying intensity at 1.43 properties per entity, suggesting a more focused expansion strategy for this group.

The distribution of landlord-owned properties in Licking County is heavily concentrated among small-scale investors, with Mom-and-Pop landlords (Tiers 01-04) collectively controlling an overwhelming 87.8% of all investor-owned SFR, totaling 5,366 properties.

Single-property landlords (Tier 01) form the largest segment, owning 3,693 properties, which accounts for a substantial 60.0% of the entire investor-owned housing stock, positioning them as the primary owners in the market.

In stark contrast to media narratives, institutional investors (Tier 09, 1000+ properties) hold a significantly smaller share, accounting for just 5.9% (363 properties) of the total investor-owned portfolio, indicating limited large-scale corporate ownership in the county.

While the overall tier distribution showcases mom-and-pop dominance, comparing this to Q4 2025 purchase activity (Section 7) where mom-and-pops also accounted for 85.0% of purchases suggests a consistent and ongoing trend of small investor growth and market participation.

The pronounced asymmetry in ownership, with 5,366 mom-and-pop properties versus 363 institutional properties, highlights Licking County's investor market as predominantly decentralized and individually driven.

Individual investors overwhelmingly dominate the smallest property tiers in Licking County, accounting for 84.6% of single-property (Tier 01) ownership and maintaining a majority share through the 3-5 property tier (64.1%).

A significant crossover point occurs at the 6-10 property tier (Tier 04), where company ownership overtakes individual ownership, with companies holding 215 properties (73.1%) compared to individuals at 79 properties (26.9%).

The concentration of company ownership dramatically increases with portfolio size, culminating in the 21-50 property tier where companies own a commanding 118 properties, representing 98.3% of holdings, while individuals hold only 2 properties (1.7%).

This distribution reveals a clear strategic division: smaller portfolios are primarily the domain of individual investors, while larger portfolios are almost exclusively managed by company entities, indicating distinct operational scales and investor types.

The pattern demonstrates that while individual landlords form the numerical backbone of the market, company structures are leveraged for scaling investment, becoming near-exclusive owners as portfolios grow beyond 20 properties.

Within Licking County, investor-owned properties are heavily concentrated in specific zip codes, with OH-Licking-43055 leading by count with 2,741 landlord-owned SFR properties, representing 14.8% of its local market.

Following OH-Licking-43055, other significant areas by property count include OH-Licking-43062 with 710 properties (7.0% ownership rate) and OH-Licking-43056 with 411 properties (8.3% ownership rate), indicating localized hubs of investor activity.

When considering investor ownership rate, OH-Licking-43008 stands out with the highest percentage at 37.3% investor-owned, closely followed by OH-Licking-43027 at 36.4%, revealing zones of deep landlord penetration within the county.

There is a partial correlation between high count and high percentage regions; OH-Licking-43055 appears in both top lists, signifying it as a highly active and saturated investor market. However, other high-percentage regions like OH-Licking-43008 and OH-Licking-43027 are not among the top by raw count, suggesting smaller sub-markets with disproportionately high investor interest.

These localized concentrations illustrate that investor activity is not uniformly distributed across Licking County but targets specific areas for either sheer volume of properties or high market penetration, reflecting varied investment strategies.

Overall, landlords in Licking County remained strong net buyers in Q4 2025, acquiring 151 properties while selling 51, resulting in a healthy 2.96x buy/sell ratio and adding 100 properties to their collective portfolios.

This net buying trend is consistent throughout the year 2025, where landlords purchased 603 properties against 171 sales, reflecting a 3.53x buy/sell ratio and indicating a continuous strategy of portfolio expansion.

In stark contrast to the overall landlord market, institutional investors (1000+ properties) acted as net sellers in Q4 2025, divesting 5 properties while only acquiring 4, signaling a slight reduction in their holdings.

This shift in institutional behavior is notable: they were net buyers in Year 2024 (9 buys vs 7 sells), but transitioned to being net sellers in Year 2025 (8 buys vs 10 sells), suggesting a strategic divestment trend by large-scale investors.

The divergent transaction patterns between overall landlords (net buyers) and institutional investors (net sellers) highlight a split in market sentiment and strategy, with smaller investors continuing to accumulate while larger entities may be rebalancing their portfolios.

In Q4 2025, landlord transactions represented a substantial 16.5% of all SFR transactions in Licking County, with 151 purchases out of a total of 915, signifying their active role in market fluidity.

Single-property landlords (Tier 01) were the most active, accounting for 100 transactions in Q4, far surpassing all other tiers and underscoring their prominence in the transactional landscape.

A notable price disparity exists across tiers: single-property landlords (Tier 01) paid the highest average price at $322,506, whereas institutional investors (Tier 09) secured properties at a significantly lower average of $206,400, a discount of 36.0% or $116,106 per property compared to Tier 01.

Inter-landlord trading was most pronounced among small landlords (Tier 03-05), where 31.2% of their 16 transactions were acquired from other landlords, suggesting a circulating inventory within this segment. In contrast, institutional investors (Tier 09) made 0.0% of their purchases from other landlords.

This transactional data reinforces the pattern observed in ownership distribution, with Tier 01 leading both in total ownership and Q4 transaction volume, highlighting their consistent engagement across all facets of the market.