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 | $1,000 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,390 | $264,451 | 0.53% | F |
| 3BR | $1,660 | $395,885 | 0.42% | F |
| 4BR | $1,830 | $514,168 | 0.36% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 44264, which covers Peninsula, Ohio, is set at $1,140 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge a tenant participating in the Section 8 housing choice voucher program. It is important to note that this is not the actual rent you would receive, but rather the payment standard used by the government to determine the subsidy amount.
In comparison, the average market rent for the area, based on Census American Community Survey (ACS) data, is $1,212. This suggests that the FMR is slightly below the local market rate, meaning that landlords may need to adjust their expectations for rental income when accepting Section 8 tenants. However, the difference between the two rates is relatively modest, indicating that participation in the program should still be financially viable for most landlords.
The 8.8% renter share in Peninsula, Ohio, indicates that nearly 9 out of every 100 residents are renters. This statistic points to a moderate level of rental demand in the area. While it is not a high percentage, it does suggest that there will be a steady flow of potential tenants interested in renting properties through the Section 8 program.
When considering acquiring a property to use as a Section 8 rental, the median home value in Peninsula, Ohio, stands at $419,384. This is the typical price you would expect to pay for a house in the area, and it sets the baseline for your investment costs. Given the FMR and the local rental market, you can estimate the potential return on investment, keeping in mind the payment standard and the average market rent.
Before proceeding with a Section 8 rental in ZIP 44264, one key factor to verify is the physical condition of the property. The government requires that all Section 8 homes meet certain standards known as Housing Quality Standards (HQS), which ensure that the units are safe and habitable. Landlords must pass an inspection to confirm compliance with these standards. This step is crucial to avoid delays and additional expenses that could arise from failing to meet HQS requirements.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.