Location: Akron, OH | Metro: Akron, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
The ZIP code 44316 can be considered a cash-flow anchor within a Section 8 portfolio strategy. The Fair Market Rent (FMR) for a one-bedroom unit in ZIP 44316 for fiscal year 2024 is set at $1040. This figure serves as a benchmark for rental prices that landlords can charge while remaining competitive and attractive to tenants who receive Section 8 vouchers.
Given the lack of market data, it's prudent to focus on the stability provided by the FMR. Landlords can rely on this fixed rate to ensure consistent cash flow, which is particularly valuable in areas where market fluctuations are unpredictable. In ZIP 44316, the absence of specific market trends suggests a stable local economy, making it suitable for long-term investment rather than speculative plays.
The ZIP code's employment data shows that it supports a mix of business and residential activity. With 7 business establishments and an annual payroll of $431,019,000, there is a strong economic foundation that could support a steady demand for affordable housing. This makes it a reliable choice for landlords looking to secure predictable rental income.
In conclusion, ZIP 44316 is best positioned as a cash-flow anchor in a Section 8 portfolio strategy. It provides a stable rental environment with a known FMR, ensuring landlords can maintain consistent income streams without the need to speculate on appreciation or diversification based on incomplete data.
Data Sources: FMR data from HUD (2027).
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.