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 | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $89,927 | 1.25% | A |
| 3BR | $1,340 | $116,156 | 1.15% | B |
| 4BR | $1,470 | $126,432 | 1.16% | B |
| 5BR | $1,705 | $117,636 | 1.45% | A |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 44314 in Akron, Ohio, for fiscal year 2024 is set at $940. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you will receive; it's the standard used by the government to determine what a reasonable rent should be for the area.
In comparison, the Zillow Observed Rent Index (ZORI) for the same ZIP code is $1,187. This index reflects the average rent paid by tenants in the area for similar properties. Given that the FMR is lower than the ZORI, landlords participating in Section 8 might find themselves charging less than market rates, but still receiving a guaranteed income from the voucher program.
Akron has a 48.0% share of renters, indicating strong demand for rental properties. With a median household income of $105,964, this suggests that while there is ample demand for rentals, the acquisition cost of properties in this area could be relatively high. For instance, if you're looking to purchase a property for your rental portfolio, you would need to consider that the median home value is likely to reflect this income level, making it an investment with higher upfront costs.
Before deciding to participate in the Section 8 program, it is crucial to verify that your property meets all the required standards. The Housing Quality Standards (HQS) ensure that homes are safe, decent, and sanitary. Failure to meet these standards can result in penalties or even termination of the contract. Make sure to conduct a thorough inspection and address any potential issues to avoid future complications.
To summarize, the FMR of $940 means that you can only charge up to this amount for rent under the Section 8 program, whereas the local average rent is $1,187. With a significant portion of the population renting, demand is high, but so is the price tag for acquiring properties. Ensure your property meets the necessary standards to avoid any legal or financial repercussions.
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.