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

In Lawrence County, investors hold a significant 18.4% of the single-family residential market, totaling 3,080 properties.

Ownership is overwhelmingly concentrated among individual investors, who control 2,589 properties, representing 84.1% of the investor-owned portfolio. Company-owned properties account for the remaining 513 homes (16.7%).

This individual dominance extends to the entity level, where 3,428 individual landlords make up 92.3% of all investors in the county, compared to just 284 company landlords.

Investors in this market heavily favor cash transactions. A substantial 80.6% of the portfolio (2,483 properties) is owned free and clear, while only 19.4% (597 properties) carry financing.

The primary strategy for investors is clear, with 2,968 properties identified as rented. This indicates that 96.4% of the investor-owned portfolio is actively used for rental income, underscoring the focus on buy-and-hold strategies.

In the first quarter of 2026, landlords demonstrated a significant pricing advantage, acquiring properties for an average of $108,866. This price is 39.9% lower than the $181,185 paid by traditional homeowners, translating to a substantial discount of $72,319 per home.

The price gap between landlords and homeowners has been extremely volatile. While Q1 2026 saw a deep discount for investors, this followed a Q2 2025 where landlords surprisingly paid a 20.0% premium, or $35,326 more than homeowners.

This volatility contrasts with the more consistent discounts seen in other recent quarters, such as the 35.6% discount in Q1 2025 and the 11.7% discount in Q3 2025.

Overall acquisition prices for landlords in Lawrence County show a downward trend. The average price has fallen from $169,238 in 2024 to $160,835 in 2025, and further to just $108,866 in the most recent quarter.

This trend suggests that investors are successfully identifying and acquiring lower-cost properties, potentially distressed or off-market deals, allowing them to expand their portfolios at a significant discount compared to the general market.

Investors were a significant force in the Lawrence County housing market during Q4 2025, purchasing 28 of the 115 single-family homes sold, which constitutes a 24.3% market share.

The backbone of this purchasing activity was mom-and-pop landlords (1-10 properties), who were responsible for 78.6% of all investor acquisitions, totaling 22 properties.

New and small investors led the charge, with the single-property tier alone accounting for 16 purchases (57.1% of the investor total). This activity was driven by 18 distinct entities, signaling a fresh influx of small-scale landlords entering the market.

In stark contrast, institutional investors (1,000+ properties) had a minimal presence, acquiring only 2 properties. This represents just 7.1% of investor purchasing volume, underscoring their limited role in the local market.

The data clearly shows that the market's acquisition landscape is dominated by smaller, local investors rather than large, corporate entities. Mid-size landlords (11-1000 properties) collectively purchased just 4 homes.

The investor landscape in Lawrence County is overwhelmingly dominated by small-scale operators. Mom-and-pop landlords, who own between 1 and 10 properties, control a staggering 94.8% of all investor-owned single-family homes.

First-time and single-property investors are the bedrock of the local market, with the '1 property' tier alone accounting for 2,359 homes, or 74.2% of the entire investor portfolio. This highlights the importance of individual real estate investing strategies.

The influence of large investors is virtually nonexistent. Institutional landlords (1,000+ properties) own just 12 properties, which amounts to a mere 0.4% market share. This challenges the narrative of large corporations controlling the rental market.

Even mid-size landlords (11-1,000 properties) hold a relatively small portion of the market, collectively owning just 152 properties or 4.9% of the investor-owned inventory.

This distribution reveals a highly fragmented market structure, where the rental housing supply is primarily provided by thousands of small, local landlords rather than a few large entities.

Individual investors form the foundation of the market, owning 92.5% of all single-property landlord portfolios (2,195 homes) and 78.9% of two-property portfolios.

A clear crossover point occurs as portfolios grow. Companies become the majority owners starting in the '6-10 properties' tier, where they control 68.9% of the homes. This signals a shift toward more formal business structures for larger-scale operations.

Company ownership concentration intensifies in larger tiers. In the '11-20 properties' tier, companies own 66.7% of homes, and their dominance peaks in the '51-100 properties' tier at 96.2% ownership.

Even with this shift, individuals maintain a presence across nearly all portfolio sizes, holding 33.3% of properties in the '11-20' tier and even 3.8% in the '51-100' tier.

This pattern suggests a natural lifecycle for investors in Lawrence County: starting as individuals and incorporating as their portfolios expand beyond five properties to manage liability and assets more formally.

Investor ownership in Lawrence County is highly concentrated geographically, with the top five zip codes accounting for a significant portion of the 3,080 investor-owned properties. The 45638 zip code is the epicenter of activity, with 1,039 properties held by investors.

Following 45638, the zip codes 45669 (604 properties) and 45680 (591 properties) represent the next largest clusters of investor ownership, demonstrating specific neighborhood-level focus.

There is a clear distinction between areas with the highest *count* of investor properties and those with the highest *percentage*. The zip code 45688 has the highest penetration rate at 31.6%, meaning nearly one in three homes is investor-owned, despite not being in the top five for absolute count.

Similarly, 45659 has the second-highest investor ownership rate at 28.8% but only ranks fifth for total count with 146 properties. This indicates that some smaller housing markets within the county are more saturated with investors.

This divergence suggests different investment strategies are at play: some investors target larger, more liquid markets for volume, while others focus on smaller areas where they can achieve higher market saturation.

Landlords in Lawrence County are actively growing their portfolios, consistently acting as net buyers. In the first quarter of 2026, they purchased 33 properties while only selling 7, a buy-to-sell ratio of nearly 5-to-1.

This aggressive acquisition trend is not new. Throughout 2025, landlords bought 167 properties and sold only 40, and in 2024 they bought 172 while selling 33, demonstrating a sustained period of accumulation.

Institutional investors (1,000+ properties) are moving in the opposite direction. For the full year of 2025, they were net sellers, having acquired 5 properties but sold 6. This indicates a strategy of divestment or portfolio rebalancing, contrasting sharply with smaller investors.

While institutions slightly shifted to a net buyer position in Q1 2026 (2 buys vs. 1 sell), their overall trend in the past year points towards a reduction of their already small footprint in the county.

The market dynamic is clear: small and mid-size landlords are the primary drivers of portfolio growth, while the largest players are either static or slowly exiting their positions.

In Q1 2026, landlords participated in 20.4% of all single-family home transactions in Lawrence County, making 33 purchases out of a market total of 162.

Transaction activity was heavily weighted towards smaller investors. Mom-and-pop landlords (Tiers 01-04) were responsible for 26 of the 33 investor transactions, representing 78.8% of the total volume.

A notable pricing pattern emerged: institutional investors paid more than new entrants. The average purchase price for the 1,000+ tier was $140,582, a 4.0% premium over the $135,175 average paid by single-property landlords.

This suggests that larger investors may be competing for higher-quality, market-rate properties, while smaller investors are finding better deals. The lowest average price was paid by small-medium landlords in the 21-50 and 101-1000 property tiers, both at $30,667, indicating a focus on distressed assets.

Significantly, 100% of investor purchases in Q1 2026 came from outside the investor community. With 0% of transactions occurring between landlords, it's clear investors are acquiring their inventory directly from traditional homeowners.