Location: Akron, OH | Metro: Akron, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
ZIP code 44285, located within the Akron, OH MSA, stands out with a Fair Market Rent (FMR) of $1030 for fiscal year 2024. This figure is critical for landlords and small-portfolio investors interested in properties that cater to tenants eligible for Section 8 housing assistance.
The Akron, OH MSA typically has higher FMRs, indicating that ZIP 44285 offers more affordable rental options compared to the broader metropolitan area. The fact that the market rent and home value data are not available for ZIP 44285 suggests limited private investment activity, potentially due to economic conditions or other factors affecting the area's attractiveness to non-subsidized renters and buyers.
A key indicator for the nature of this ZIP code is its 42.1% renter share, which is notably high. In the context of Akron, OH MSA ZIP codes, a high percentage of renters combined with an FMR below the typical range for the metro could signal a value pocket for Section 8 properties. Landlords can expect a significant portion of their potential tenant pool to be seeking subsidized housing, making it a prime location for those focused on this type of investment.
Given the data at hand, it is reasonable to infer that ZIP 44285 is a value pocket within the Akron, OH MSA. This inference is based on the below-average FMR and the substantial renter share, which aligns with characteristics of areas where Section 8 housing is particularly prevalent and beneficial for both tenants and landlords.
Landlords and investors should consider the implications of operating in a value pocket. While rents might be lower, the stability provided by government subsidies can offset risks associated with higher vacancy rates or less desirable locations. Additionally, the concentration of renters indicates strong demand for affordable housing units, which can ensure consistent occupancy rates.
To make informed decisions, it is advisable to conduct further research into the specific conditions and trends within ZIP 44285, such as local employment rates, school quality, and recent development activities. These factors can influence the long-term viability and profitability of investments in this area.
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.