Akron, OH: Rental Property Market Guide

Updated March 2026 · Pop. 187,882

Akron lives in Cleveland's shadow, and that's actually an advantage for investors. The same institutional healthcare employment that drives Cleveland (Summa Health, Akron Children's Hospital) exists here at lower price points. A 3-bedroom that costs $110K in Akron costs $130K in comparable Cleveland neighborhoods. Rents are only 10-15% lower. The result: Akron consistently produces higher cap rates than its larger neighbor, and you can build a diversified Ohio portfolio by pairing Cleveland and Akron properties — same state laws, same tenant demographics, different employers.

Highland Square and the University Corridor

The University of Akron (enrollment ~14,000) sits in the center of the city, and Highland Square — just west of campus — is Akron's version of a walkable, hip neighborhood. Properties here run $80-120K for a 2-3 bedroom and rent for $850-1,050. Tenants are a mix of university employees, graduate students, and young professionals working at nearby hospitals. Vacancy in Highland Square is consistently below 5%, and the neighborhood has a loyal following — people who live here tend to stay. For investors, the risk is that the University of Akron has struggled with enrollment declines, losing about 30% of students since 2012. If that trend continues, the student portion of the tenant base weakens. But the neighborhood has enough non-university demand to sustain itself regardless.

The Goodyear Legacy

Akron was the rubber capital of the world for a century. Goodyear still has its headquarters here (though with a fraction of its former workforce), and the industrial legacy shows in the housing stock — sturdy brick and frame homes built for factory workers in the 1920s-1950s. These properties are well-built but often need updating: galvanized plumbing (should be replaced with PEX — $3,000-5,000), old electrical panels (upgrade to 200-amp service — $2,000-3,500), and single-pane windows. Budget for systems upgrades on any pre-1960 Akron property, and your cap rate projections will be much closer to reality.

Summit County Tax Details

Summit County's effective property tax rate is approximately 2.1%. On a $100K property, that's about $2,100/year. Akron also has a 2.25% city income tax — the highest in Summit County — which reduces tenant purchasing power. The Summit County Fiscal Office (fiscaloffice.summitoh.net) provides online property records and tax histories. One important note: Summit County reassessed in 2023 and many Akron properties saw 15-25% increases in assessed value. If you're buying based on an old tax bill, verify the current assessment — your taxes may be higher than the seller represents.

The Affordable Portfolio Builder

Akron's real value proposition is portfolio scale. With a $100K average entry point, $30K gets you a 25% down payment plus closing costs and reserves on a single property. The same $30K in Indianapolis or Columbus barely covers the down payment alone. For investors building from zero to 10 properties, Akron lets you reach critical mass faster. A 5-property Akron portfolio costs roughly the same all-in cash as a 2-property Indianapolis portfolio, but generates more total monthly cash flow. The trade-off is more doors to manage and less appreciation upside. If your strategy is cash flow over growth, Akron is one of the fastest paths to scale in the Midwest.

Pairing Akron with Cleveland

The smartest Ohio investors I've talked to run a paired portfolio: Cleveland for slightly higher rents and stronger institutional employment, Akron for lower entry points and higher cap rates. The cities are 35 minutes apart on I-77, close enough for a single property manager to service both. This gives you employer diversification (Cleveland Clinic vs. Summa Health), geographic diversification (Cuyahoga County vs. Summit County), and price tier diversification (mid vs. low). If one city has a rough year, the other provides ballast. It's a simple strategy that reduces risk without adding operational complexity.