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 | $860 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $107,528 | 1.11% | B |
| 3BR | $1,420 | $134,915 | 1.05% | B |
| 4BR | $1,560 | $143,011 | 1.09% | B |
| 5BR | $1,810 | $122,149 | 1.48% | A |
U.S. Census Bureau data (2024)
The ZIP code 44305 in Akron, OH, presents a dynamic rental market with clear indications of how supply and demand interact. The Fair Market Rent (FMR) for the area stands at $1060 for the fiscal year 2024, while the actual market rent, as indicated by Zillow's ZORI, is slightly higher at $1,209. This suggests that landlords can charge a premium above the government-set benchmark, indicating strong tenant interest and potentially tight rental supply.
A key metric in understanding the balance between supply and demand is the price-cut share, which is currently at 0.2%. This low figure implies that very few listings are being reduced in price, suggesting that landlords do not need to lower rents to attract tenants. Coupled with a relatively short days on market (DOM) of 26 days, it becomes evident that rental properties are moving quickly, further reinforcing the notion that demand is robust and possibly outstripping supply.
The median home value in ZIP 44305 is $121,433, a figure that underscores the affordability of homeownership in the area. However, with a significant 42.7% of residents choosing to rent rather than own, there is an indication of long-term housing pressure. This high percentage of renters could be due to various factors, including financial constraints, job instability, or a preference for the flexibility that renting offers. Regardless of the cause, it points to sustained demand for rental properties, making it a viable investment opportunity for landlords and small-portfolio investors.
The interplay between these metrics paints a picture of a market where demand is likely keeping pace with, if not exceeding, supply. Landlords can capitalize on the strong rental market by maintaining competitive pricing and ensuring their properties meet the needs of potential tenants. The high renter share also suggests that rental properties will continue to be sought after, providing a steady stream of income for those who invest wisely.
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.