Hocking (OH) Investor Pulse Report (2026-Q1)

Real estate investors hold a significant footprint in Hocking County, owning 1,974 single-family residential properties, which constitutes 21.3% of the total 9,281 SFRs in the market.

Individual investors are the primary force, owning 1,482 properties, or 75.1% of the investor-owned housing stock. Company-owned portfolios, while smaller, still represent a substantial 518 properties, making up the remaining 26.2%.

The market is composed of 2,309 distinct landlord entities, with 1,910 individuals and 399 companies. This shows that the average landlord portfolio is small, reinforcing the dominance of local, small-scale real estate investing.

A strong indicator of investor strategy is the preference for cash purchases. Landlords own 1,216 properties free of financing, compared to 758 that are financed. This 61.6% cash position suggests a well-capitalized investor base that can move quickly on opportunities.

The portfolio is heavily geared towards generating rental income. Of the 1,974 investor-owned homes, 1,915 are classified as non-owner-occupied, representing a 97.0% rental focus. This highlights the critical role investors play in providing rental housing in Hocking County.

Investor acquisition pricing in Hocking County defies national trends, with landlords paying significantly more than traditional homeowners. In Q1 2026, landlords acquired properties for an average of $525,506, a stunning $264,326 premium over the average homeowner price of $261,180.

This 101.2% premium marks the peak of a rapidly accelerating trend. The price gap has consistently widened over the last five quarters, expanding from a 44.9% premium ($110,412) in Q1 2025 to its current level, signaling intense competition for specific types of properties targeted by investors.

The price appreciation for investor-acquired properties is also notable. The average acquisition price during the 2020-2023 period was $330,797, which has since surged to $525,506 in Q1 2026. This reflects both general market appreciation and the specific, high-value assets investors are targeting.

This unusual pricing dynamic suggests investors in Hocking County may be focused on properties with unique features, such as those suitable for short-term rentals or with significant acreage, which command higher prices than typical residential homes.

Investor activity surged in Q4 2025, with landlords purchasing 36 of the 80 single-family homes sold, representing a dominant 45.0% market share of all purchases.

The market's new activity is overwhelmingly driven by small-scale investors. Mom-and-pop landlords, owning between 1 and 10 properties, were responsible for 34 of the 36 investor purchases, or 94.4% of the total.

New entrants are the lifeblood of the local market. First-time or single-property landlords (Tier 01) were the most active group, purchasing 26 properties, which accounts for 72.2% of all landlord acquisitions for the quarter.

Mid-size landlords (Tiers 05-08) showed minimal activity, with only two properties purchased. Meanwhile, institutional investors (Tier 09) were completely absent from the purchasing landscape, acquiring zero properties.

This data clearly illustrates a market fueled by new and small investors, not large corporations. The 39 distinct entities that entered the market at the single-property level underscore a grassroots expansion of real estate investment in Hocking County.

The ownership structure in Hocking County is overwhelmingly dominated by small-scale, mom-and-pop investors. Landlords owning 1-10 properties (Tiers 01-04) collectively hold 97.5% of the entire investor-owned SFR portfolio.

Single-property landlords form the bedrock of the market. This tier alone accounts for 1,470 properties, representing 72.6% of all investor-owned housing and demonstrating the highly fragmented nature of ownership.

Conversely, large-scale and institutional ownership is virtually nonexistent. Investors in the 1,000+ property tier (Tier 09) own a mere 7 properties, which translates to only 0.3% of the investor market share. This finding challenges any narrative of a corporate takeover of local housing.

The middle-market tiers are also very thin. Mid-size landlords (11-1000 properties) collectively own just 50 properties, or 2.5% of the total investor portfolio, further highlighting the market's concentration at the smallest end of the investor spectrum.

This distribution, heavily skewed toward individuals and small entities, suggests that the local rental market is supplied by community-level investors rather than large, out-of-state corporations.

While individual investors dominate the Hocking County market overall, a clear pattern emerges as portfolio sizes increase. Companies transition from a minority to a majority stake in the 6-10 property tier (Tier 04), where they own 41 properties, or 52.6% of that segment.

At the entry level, individuals are the undisputed leaders. For single-property portfolios (Tier 01), individuals own 1,221 homes (81.7%) compared to just 274 owned by companies (18.3%).

The trend continues in the 2-property and 3-5 property tiers, where individuals maintain a strong majority with 65.9% and 60.8% ownership, respectively. This demonstrates that the path to becoming a landlord is most often started by individuals.

The crossover point at 6-10 properties signals a strategic shift, where the scale and complexity of managing a larger portfolio likely favor the legal and financial structures of a formal company.

This data shows a clear lifecycle: individuals initiate and dominate small portfolios, while corporate structures become the preferred vehicle for investors scaling their operations beyond a handful of properties.

Geographic analysis reveals extreme concentration of investor ownership within Hocking County. The 43138 zip code is the epicenter of activity, containing 1,048 investor-owned properties, which accounts for more than half (53.1%) of the entire county's investor portfolio.

Beyond this central hub, investor presence drops off sharply. The next four largest zip codes by investor property count, 43149 (248 properties), 43135 (208), 43152 (145), and 43155 (119), collectively hold just 36.3% of the portfolio.

A key finding emerges when comparing property counts to ownership rates. While 43138 leads in volume, the 43152 zip code boasts the highest concentration, with 39.2% of its SFRs being investor-owned. This highlights that raw counts don't always equate to market saturation.

Other areas with high investor penetration include the 45622 (37.5%), 43127 (36.4%), and 43144 (28.6%) zip codes, indicating specific smaller neighborhoods that are highly attractive to investors.

This data suggests investors employ distinct strategies: a high-volume approach in the core market of 43138 and a high-saturation approach in smaller, targeted sub-markets like 43152. Understanding these varied patterns is crucial for analyzing local market dynamics.

Transaction data confirms a strong and sustained accumulation phase among Hocking County landlords. In Q1 2026, investors were decidedly net buyers, with 51 acquisitions against only 10 sales, resulting in a net gain of 41 properties.

This behavior is not a recent development. The net buying trend has been robust for years, with 192 purchases versus 22 sales in 2025 and 221 purchases versus 23 sales in 2024. This reflects deep, long-term confidence in the local market.

The contrast between the broader investor market and the institutional tier is stark. While small landlords are buying heavily, institutional investors (1,000+ properties) have shown no net growth, executing only one purchase and one sale for the entirety of 2024.

This divergence underscores that the market's growth is driven from the bottom up by smaller operators, while the largest players remain on the sidelines in Hocking County.

The persistent net buying activity from the mom-and-pop segment is a primary driver of the high investor market share and signals continued upward pressure on demand for rental-suitable properties.

In Q1 2026, landlords played a central role in market liquidity, participating in 51 of the 110 total SFR transactions, a share of 46.4%. This high level of activity highlights their importance as both buyers and sellers.

Pricing strategies varied significantly across different investor tiers. Newcomers in the single-property tier conducted the most transactions (39) and paid a high average price of $529,691, suggesting they are competing for premium, move-in-ready assets.

In contrast, established small landlords in the 6-10 property tier appeared more price-sensitive, acquiring 5 properties at a much lower average price of $139,500. This wide price gap, from $139,500 to $839,000 for a mid-size investor, indicates different tiers are targeting entirely different segments of the housing market.

Inter-landlord trading activity hints at market maturity. While only 12.8% of purchases by new investors were from other landlords, 40.0% of acquisitions by the 6-10 property tier were from peers. A mid-size landlord's single purchase was also sourced from another investor, showing a preference for off-market or specialized deals among experienced operators.

Institutional investors logged zero transactions, reinforcing their absence from the active market. The quarter's activity was exclusively driven by mom-and-pop and mid-size investors, with new entrants leading the charge in both volume and price paid.