Location: Akron, OH | Metro: Akron, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
U.S. Census Bureau data (2024)
The ZIP code 44241, located in Streetsboro, OH, has a population of 18,548. With 32.8% of residents being renters, it indicates a significant portion of the community relies on rental housing. This percentage suggests that there is a moderate demand for rental properties, but it also implies that the majority of the population owns homes.
The median household income in Streetsboro is $88,517, which provides context for the affordability of the average market rent of $1,332. To put this into perspective, the typical rent consumes approximately 15.6% of the local median income. This calculation is derived from dividing the market rent by the annual median income ($1,332 / ($88,517 / 12)), indicating that rent is relatively affordable for most households in the area.
Comparing the market rent to the Fair Market Rent (FMR) set at $1,320 for fiscal year 2024, we see that the market rent is slightly above the FMR, suggesting that landlords can charge a bit higher than the FMR without significantly deterring potential tenants who might use vouchers.
In terms of voucher availability, the FMR figure of $1,320 is close to the market rent, which means that Section 8 vouchers could cover a substantial portion of the rent for many units in the area. However, given the homeowner-dominated nature of the community, the number of available vouchers might be limited compared to areas with a higher percentage of renters.
A landlord in Streetsboro should expect a tenant pool that includes a mix of individuals and families who benefit from Section 8 vouchers. These tenants will likely have an income level below the median, as the voucher program targets low-income individuals. The typical tenant will value stability and affordability, making them good candidates for long-term tenancy if they adhere to the rules and regulations of the voucher program.
Overall, while Streetsboro has a decent number of renters, it remains a predominantly homeowner area. Landlords can expect a reasonable demand for Section 8 tenants, but they should be prepared for a competitive environment where voucher availability may influence their ability to attract tenants quickly.
Data Sources: FMR data from HUD (2027). 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.