Toledo, Ohio, is becoming a battleground in the ongoing American housing crisis, as an influx of out-of-state and international investors exacerbates the challenges faced by local residents. Many tenants, like Kwiona Sprott, are experiencing skyrocketing rents and deteriorating living conditions as limited liability companies (LLCs) snap up properties, leaving communities vulnerable and disillusioned.
Deteriorating Living Conditions
Executive Towers, once a sought-after residential complex, has seen a drastic decline since Kwiona Sprott and her teenage son moved in last July. Paying $851 a month, Sprott was drawn to the amenities such as a gym and swimming pool, along with its proximity to her job and her son’s school. However, the reality has proven starkly different. The once-vibrant facility now bears the scars of neglect, with rusted balconies and a parking lot covered in ice days after a snowstorm.
Inside, the situation is even grimmer. Sprott, who works at a group home for individuals with developmental disabilities, describes a nightmare scenario: non-functional gym equipment, an unusable pool, and persistent leaks from air conditioning units and radiators flooding her dining room and son’s bedroom.
“There’s mould smells coming from the radiators,” Sprott laments, highlighting the bleak environment she and her family now endure.
The property, which houses over 140 units, is owned by M1M6 Executive Towers Holdings LLC, connected to corporations such as Monarch Investment and Management Group, which has faced allegations of imposing illegal fees on tenants in other states. Efforts to engage with local property management companies for comments yielded no responses.
The Impact of Out-of-State Investment
Toledo has become a focal point for property investors since the pandemic, as they seek affordable housing markets to offset rising costs in larger cities. More than 3,000 properties in Lucas County have been acquired by LLCs linked to investors from as far afield as Saudi Arabia and Australia. A recent report by the Wall Street Journal labelled Toledo as “ground zero” for Wall Street property investors, while Realtor.com ranked it as the fourth-best housing market in the country for 2026, with a staggering 13.1% increase in median house prices year-on-year.
However, this surge in investment has not translated into prosperity for local residents. For many, Toledo has shifted from a haven of affordable living to a market driven by speculative ventures, outpacing wage growth and housing affordability.
“[Residents] continue to hear that we have the hottest housing market for two years in a row, but they are struggling to make it, and for many, home ownership isn’t a reality,” says Theresa Gadus, a city council member. The stark contrast between rising rents—up 43% since 2021—and stagnant wages has left many Toledoans feeling disillusioned and trapped.
Legal Battles and Rising Costs
The struggles faced by tenants like Sprott are compounded by the actions of property management companies that often rely on automated systems, resulting in unexpected charges and fees. Noah Woods, a staff attorney at the Fair Housing Center in Toledo, notes a significant rise in litigation against property companies, from 20 cases in 2023 to 74 last year.
“Tenants will sometimes receive unexpected charges, leading to fees in the hundreds of pounds if left unpaid,” Woods explains. When faced with a choice between paying these charges or risking eviction, many residents find themselves in a precarious position.
Sprott’s water bill has skyrocketed to over £200 a month, increasing by £50 every month. “I don’t make that much money; there are all these extra fees. It eats away at my paycheck,” she states, underscoring the financial strain that comes with living in an increasingly unaffordable city.
The Human Cost of Housing Speculation
Sprott’s predicament is emblematic of the plight faced by many Toledo residents. Having moved from Alabama during the Great Migration, her family has long sought stability in their housing. Yet, as they navigate the complexities of a rental market increasingly dominated by investors, their search for a decent home is fraught with challenges.
The escalating housing crisis in Toledo mirrors a broader trend affecting smaller American cities, where working-class families grapple with rising costs and diminishing access to affordable housing. As families like Sprott’s endure the struggles of constant relocation and instability, the American dream slips further out of reach.
Why it Matters
The situation in Toledo serves as a stark reminder of the urgent need for reform in the housing market. As investors prioritise profit over community well-being, the ramifications are felt by those who depend on affordable housing to build their lives. The struggle for residents to maintain stable homes amid rising rents and deteriorating conditions highlights the critical need for policy changes that prioritise local communities over speculative investments. The story of Toledo is not just about housing; it encapsulates the fight for dignity and stability in a rapidly changing economic landscape.
