Investors looking for affordable rental property in a market with steady increases in home values and rent growth may want to consider Akron. Median listing prices in Akron are $84 per square foot, and homes are selling for approximately the asking price on average, which means investors may be able to avoid bidding wars.
Home values in Akron have increased by nearly 19% year over year, while rent prices for 3-bedroom properties have grown by 10% over the past 12 months. Although home prices in Akron are relatively affordable, nearly half of residents rent their homes.
Here are 15 areas in the Akron metropolitan area in which to consider purchasing investment property, including several suburbs where 50% or more of households are occupied by renters.
Key takeaways
- Akron is home to over 190,000 residents in the city and more than 703,000 in the metropolitan area.
- Home values in metropolitan Akron have increased by 18.9% over the past year, while rent prices have grown by 10% year over year.
- Areas in Akron with large percentages of renters include Kent, Ravenna, and Akron.
>>Explore Roofstock's Akron investment properties.
Why invest in Akron?
Although the population of Akron has declined by about 4% over the past 10 years, suburban cities in the metropolitan area are posting population growth increases of 8% or more. As the Akron Beacon Journal notes, some of the fastest-growing cities in metro Akron are Twinsburg, Macedonia, Green, and Hudson.
The job market in Akron is also recovering, with unemployment down to 4.8%, according to the Bureau of Labor Statistics (January 2022). Employment sectors showing the strongest growth include construction, leisure and hospitality, information, and professional business services.
Even though median listing prices for homes in Akron are less than $110,000, there still are a large percentage of renters in the metropolitan area. Zumper reports that 47% of the households in Akron are occupied by renters, while monthly rents for 3-bedroom properties have increased 10% year over year. Over the same time period, the value of a middle-price-tier home in Akron has increased by 18.9% (Zillow through February 2022).
15 great areas in Akron for investment properties
Akron is home to 24 neighborhoods and dozens of suburban cities and towns, offering potentially countless opportunities for owning rental property.
Here are 15 areas in and around Akron to consider, based on data from:
- Niche.com (suburb descriptions, population, median rent, percentage of renter-occupied households, and median household income)
- Redfin (median sales price, change in sales price, and days on market)
Akron
Akron may be a good place to look for investment property because 50% of residents rent their homes, indicating a strong potential demand for rental housing. Akron has a dense suburban feel and is among the largest communities in Ohio:
- Population: 190,469
- Median sale price: $113,925
- Change in sales price (year over year): 4.3%
- Days on market: 32
- Median rent: $759
- Renter-occupied households: 50%
- Median household income: $38,739
- ZIP codes include: 44223, 44303, 44306, 44311
Cuyahoga Falls
Cuyahoga Falls is the second-largest city in the Akron metropolitan area. Located 5 miles north of Akron, Cuyahoga Falls has a dense suburban feel, with a lot of restaurants and entertainment options:
- Population: 49,192
- Median sale price: $167,000
- Change in sales price (year over year): 8.4%
- Days on market: 19
- Median rent: $840
- Renter-occupied households: 38%
- Median household income: $57,101
- ZIP codes: 44221, 44224, 44264, 44333
Stow
Stow is 8 miles northeast of Akron, between Cuyahoga Falls and Hudson. Stow has a dense suburban feel, and median home sale prices have increased by more than 30% over the past year:
- Population: 34,776
- Median sale price: $215,000
- Change in sales price (year over year): 34.4%
- Days on market: 25
- Median rent: $1,011
- Renter-occupied households: 31%
- Median household income: $73,201
- ZIP codes: 44221, 44224, 44278
Kent
Kent is a suburb of Akron with more renters than homeowners. Located 15 miles northeast of Akron, between Stow and Ravenna, Kent is home to Kent State University and has an urban-suburban feel:
- Population: 29,811
- Median sale price: $181,500
- Change in sales price (year over year): 32.0%
- Days on market: 30
- Median rent: $801
- Renter-occupied households: 61%
- Median household income: $32,993
- ZIP codes: 44240, 44242, 44243
Green
The Akron suburb of Green is 12 miles south of the city along I-77, near the Akron-Canton Airport. Green has a sparse suburban feel, with a lot of coffee shops, dining options, and parks:
- Population: 25,760
- Median sale price: $298,000
- Change in sales price (year over year): 9.3%
- Days on market: 27
- Median rent: $833
- Renter-occupied households: 27%
- Median household income: $75,566
- ZIP codes include: 44216, 44312, 44685, 44720
Barberton
Barberton is 8 miles southwest of Akron, between Norton and Portage Lakes. Barberton has a sparse suburban feel, and more than a third of residents rent their homes:
- Population: 26,098
- Median sale price: $128,875
- Change in sales price (year over year): 23.9%
- Days on market: 31
- Median rent: $759
- Renter-occupied households: 39%
- Median household income: $42,813
- ZIP code: 44203
Hudson
Niche.com ranks Hudson as the best place to live in Summit County. Located 15 miles northeast of Akron, between Cuyahoga Falls and Twinsburg, Hudson has a sparse suburban feel, a lot of restaurants and coffee shops, and high median rents compared to other areas of Akron:
- Population: 22,263
- Median sale price: $511,750
- Change in sales price (year over year): 25.9%
- Days on market: 27
- Median rent: $1,769
- Renter-occupied households: 13%
- Median household income: $134,963
- ZIP codes: 44224, 44236, 44237
Tallmadge
Tallmadge is 5 miles northeast of Akron, near Summa Health System – Akron Campus and Cuyahoga Falls. Tallmadge has a sparse suburban feel and a lot of parks and coffee shops:
- Population: 17,589
- Median sale price: $175,000
- Change in sales price (year over year): -9.3%
- Days on market: 34
- Median rent: $775
- Renter-occupied households: 20%
- Median household income: $75,622
- ZIP code: 44278
Twinsburg
Twinsburg is midway between Akron and Cleveland, near the suburban towns of Macedonia and Hudson. Twinsburg has a dense suburban feel and good options for dining and entertainment:
- Population: 18,707
- Median sale price value: $253,000
- Change in sales price (year over year): 4.1%
- Days on market: 14
- Median rent: $1,098
- Renter-occupied households: 26%
- Median household income: $76,674
- ZIP code: 44087
Aurora
The suburb of Aurora is 20 miles northeast of Akron, near Twinsburg and Streetsboro. Aurora has a sparse suburban feel and a lot of parks and lakes:
- Population: 16,026
- Median sale price: $379,900
- Change in sales price (year over year): 0.4%
- Days on market: 40
- Median rent: $1,494
- Renter-occupied households: 18%
- Median household income: $97,848
- ZIP code: 44202
New Franklin
New Franklin is located 14 miles south of Akron via Interstate 77. The town has a rural feel and is bordered on the east by Portage Lakes State Park:
- Population: 14,150
- Median sale price: $156,500
- Change in sales price (year over year): -5.1%
- Days on market: 131
- Median rent: $878
- Renter-occupied households: 10%
- Median household income: $72,866
- ZIP codes: 44203, 44216, 44319, 44614
Norton
Norton is adjacent to the suburb of Barberton, 10 miles southwest of Akron. Norton has a rural feel with a lot of parks and is a short drive from Portage Lakes State Park:
- Population: 12,018
- Median sale price: $166,000
- Change in sales price (year over year): -5.5%
- Days on market: 80
- Median rent: $973
- Renter-occupied households: 16%
- Median household income: $68,457
- ZIP codes: 44203, 44230, 44320, 44321
Ravenna
Located in the heart of northeast Ohio’s industrial and technology corridor, Ravenna is a suburb of Akron where 50% of residents rent their homes. Ravenna has a dense suburban feel and is near Lake Rockwell and West Branch State Park:
- Population: 11,485
- Median sale price: $141,513
- Change in sales price (year over year): -2.4%
- Days on market: 38
- Median rent: $759
- Renter-occupied households: 50%
- Median household income: $42,382
- ZIP code: 44266
Streetsboro
Streetsboro is 20 miles northeast of Akron near the intersection of I-80 and State Route 43. The town has a sparse suburban feel and is near Lake Rockwell and Boulder Creek Golf Club:
- Population: 16,406
- Median sale price: $267,920
- Change in sales price (year over year): 12.8%
- Days on market: 17
- Median rent: $1,082
- Renter-occupied households: 28%
- Median household income: $65,742
- ZIP codes: 44241, 44255
Macedonia
Macedonia is a small town between Akron and Cleveland and is one of the best places to live in Ohio, according to Niche.com. Macedonia has a rural feel with a lot of restaurants and parks nearby:
- Population: 11,873
- Median sale price: $282,000
- Change in sales price (year over year): 27.7%
- Days on market: 5
- Median rent: $979
- Renter-occupied households: 7%
- Median household income: $97,440
- ZIP code: 44056
>>Explore Roofstock's Akron investment properties.
