Location: Akron, OH | Metro: Akron, OH MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $970 | $119,430 | 0.81% | C |
| 2BR | $1,260 | $177,065 | 0.71% | D |
| 3BR | $1,510 | $250,314 | 0.6% | D |
| 4BR | $1,660 | $331,655 | 0.5% | F |
| 5BR | $1,926 | $319,584 | 0.6% | D |
U.S. Census Bureau data (2024)
The ZIP code 44240, located in Kent, OH, is characterized by a significant rental market. With a population of 37,788, nearly half (49.5%) are renters, indicating a robust demand for rental properties. This makes it an ideal location for landlords and small-portfolio investors looking to tap into a vibrant tenant pool.
The median household income in this area stands at $57,627, which is a key figure when assessing the financial health of potential tenants. The average market rent for the area is $1,661, which represents approximately 28.8% of the median household income. This ratio suggests that while rent is a substantial portion of income, it remains within manageable limits for most households.
Comparing the market rent to the Fair Market Rent (FMR) set by the U.S. Department of Housing and Urban Development ($1,040 for FY 2024), there is a notable difference. The market rent exceeds the FMR by $621, highlighting that landlords may need to adjust their expectations regarding rental assistance vouchers. Tenants relying solely on Section 8 vouchers will likely find it challenging to afford the average market rent without additional income sources.
In this ZIP code, landlords can expect a diverse tenant profile. While many tenants will have incomes that align with the median household income, others will be recipients of housing assistance. However, due to the gap between the FMR and the actual market rent, landlords should anticipate that tenants receiving vouchers might require supplementary income to cover the full rent amount. This could mean seeking out tenants who combine voucher support with personal earnings or other forms of financial aid.
To summarize, ZIP 44240 presents a strong rental market with high demand but also a reality where typical rents consume a considerable share of local incomes. Landlords must be prepared to either accept lower rents closer to the FMR or find tenants capable of bridging the gap between the voucher amount and the market rent.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.