1

Studio Apartment for Rent in Lima, OH

Section Image
  • /21

    Starting at $225 Per Month

    • Studio - 1 Bed

    72 Town Square, Lima, OH 45801

    Welcome Home to Town Square Apartments. Located in Downtown Lima.62+ community and/ or HUDWe are an elderly (62 or older) and/ or HUD community with laundry on site, elevator, close parking, and located right downtown. Our apartment homes offer new plank flooring in the kitchen and bathroom and are all freshly painted. We have 1 bedroom apartment homes available. We are

    Town Square Senior Apartments - 62+ or HUD

    72 Town Square, Lima, OH 45801

Why Live in Lima

Lima's cultural scene centers around the Veterans Memorial Civic and Convention Center, which hosts diverse performances throughout the year. Art lovers frequent ArtSpace/Lima for rotating exhibitions, while history buffs explore the Allen County Museum's extensive local collections. The city's outdoor spaces include Ottawa Metro Park with its tranquil lakes and walking trails, plus Schoonover Park featuring a public pool and playground. The Johnny Appleseed Metropolitan Park District maintains several recreational areas, including the Lippincott Bird Sanctuary for nature observation. Local dining ranges from upscale American cuisine at The Met in the historic Metropolitan Block to authentic Mexican fare at El Cazador.

The Lima housing market presents affordable options across multiple neighborhoods. Single family homes make up the primary housing stock, with a median price of $180,000 citywide. The Lakewood West neighborhood commands the highest median single family home price at $180,000, while Fifth Ward presents more affordable options with a median of $43,300. Condominiums provide additional choices, with one bedroom units at a median price of $70,000 and two bedroom units at $152,000.

The cost of living in Lima sits 7.6% below the national average. A family with school age children needs approximately $98,000 annually to live comfortably, while renters require about $51,000. Property taxes in Allen County stand at 1.13%, comparing favorably to nearby Findlay at 1% and Wapakoneta at 0.96%. The local income tax rate is 1.50%. Education options include the A rated Maplewood Elementary School and Lima Central Catholic High School, rated B plus. The Ohio State University Lima Campus serves higher education needs. The Allen County Regional Transit Authority provides public transportation throughout the region.

Frequently Asked Questions

How much does it cost to rent a home in Lima, OH?
The median rent for a home in Lima, OH is $1,295 per month, though prices vary by neighborhood, size, and property type. As of July 2026, townhouses tend to be the most affordable option while single-family homes and condos are currently more expensive.
How much do you need to make to afford rent in Lima, OH?
To comfortably afford the median rent in Lima, OH, a household needs to earn roughly $51,800 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,295 per month in Lima, OH, renters typically need to show $3,885 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Lima, OH?
In Lima, OH, the price-to-rent ratio is 11.6, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.

Rental Home Trends

Number of Homes for Rent
1
Median Rent
$1,295
Median Single Family Home Rent
$1,298
Median Townhouse Rent
$1,125
Median Condo Rent
$1,475
How to Rent a Home