Akron Ohio Residential Rent and Rental Statistics
The median monthly gross residential rent in Akron, OH (the Akron metro area) was $830 in 2019 according to the Census ACS survey.1 Average gross rent in Akron was $836 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Akron median and average rent data will be released in September of 2021.
Data is also available below for Akron rental vacancy rates, Akron rent as a percent of median income and the fraction of renters in Akron.
Real Gross Rent in Akron Ohio (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Ohio Median Gross Rent | $813 | +0.25% | +2.26% |
| Akron, OH Median Gross Rent | $830 | +0.97% | -1.66% |
Akron, OH Real Gross Rent Trends
Median gross rent for Akron peaked in real terms in 2006 at $853 and is now $23 (2.70%) lower. From a recent low of 771.0 in 2011, real median gross rent has now increased by $59 (7.65%). Average gross rent for Akron peaked in real terms in 2016 at $874 and is now $38 (4.35%) lower.
Real Gross Rent in Akron: Akron OH Median, Akron OH Average, Ohio Median, US Median
Real Gross Rent History for Akron
| Date | US Median |
Ohio Median |
Akron, OH Median |
Akron, OH Average |
|---|---|---|---|---|
| 2019 | $1,097 | $813 | $830 | $836 |
| 2018 | $1,077 | $811 | $822 | $829 |
| 2017 | $1,043 | $796 | $836 | $841 |
| 2016 | $1,027 | $795 | $844 | $874 |
| 2015 | $1,017 | $791 | $803 | $810 |
| 2014 | $986 | $776 | $798 | $804 |
| 2013 | $953 | $747 | $775 | $801 |
| 2012 | $940 | $745 | $788 | $797 |
| 2011 | $941 | $747 | $771 | $793 |
| 2010 | $955 | $765 | $784 | $799 |
| 2009 | $960 | $764 | $824 | $823 |
| 2007 | $927 | $755 | $831 | $808 |
| 2005 | $910 | $766 | $838 | $814 |
Akron Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Akron Ohio was 3.53% according to Census ACS data.
Rental Vacancy Rate in Akron Ohio
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Ohio | 4.67% | -0.87% | -0.77% |
| Akron, OH | 3.53% | -2.00% | -1.25% |
Trends in Akron, OH Rental Vacancy Rate
The rental vacancy rate in Akron peaked in 2005 at 12.12%. Since then it has fallen by 8.59% to 3.53%. Data records for this series originated in 2005. From a 2017 post peak low of 2.82%, the rental vacancy rate has increased by 0.71%.
Rental Vacancy Rate: Akron OH, Ohio, US
Historical Rental Vacancy Rate data for Akron
| Date | US | Ohio | Akron, OH |
|---|---|---|---|
| 2019 | 5.97% | 4.67% | 3.53% |
| 2018 | 6.15% | 5.54% | 5.53% |
| 2017 | 6.18% | 5.62% | 2.82% |
| 2016 | 5.89% | 5.44% | 4.78% |
| 2015 | 5.85% | 5.56% | 7.60% |
| 2014 | 6.32% | 6.26% | 5.83% |
| 2013 | 6.49% | 6.15% | 6.96% |
| 2012 | 6.77% | 7.08% | 6.97% |
| 2011 | 7.40% | 7.89% | 9.64% |
| 2010 | 8.17% | 9.45% | 9.40% |
| 2009 | 8.43% | 9.17% | 7.67% |
| 2007 | 7.87% | 10.00% | 8.81% |
| 2005 | 7.74% | 10.37% | 12.12% |
Rent as a Fraction of Income
Using median household income data for Akron, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Akron, median monthly gross rent as a fraction of median household income was 17.43% in 2019 according to the ACS.
Akron Ohio Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Ohio | 16.64% | -0.41% | -0.77% |
| Akron, OH | 17.43% | +1.29% | -1.32% |
Trends in Akron, OH Rent as a Fraction of Income
The fraction of median Akron household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 18.74%. Since then it has fallen by 1.32% to 17.43%. From a 2018 low of 16.13%, the fraction of income going to rent has increased by 1.29%.
Fraction of Income towards Rent: Akron OH, Ohio, US
Historical Data for Annual Rent as a Fraction of Income in Akron Ohio
| Date | US | Ohio | Akron, OH |
|---|---|---|---|
| 2019 | 20.03% | 16.64% | 17.43% |
| 2018 | 20.50% | 17.04% | 16.13% |
| 2017 | 20.13% | 17.15% | 17.35% |
| 2016 | 20.43% | 17.40% | 18.74% |
| 2015 | 20.63% | 17.53% | 17.61% |
| 2014 | 20.89% | 17.89% | 17.95% |
| 2013 | 20.78% | 17.70% | 17.67% |
| 2012 | 20.65% | 17.94% | 17.88% |
| 2011 | 20.70% | 18.15% | 18.22% |
| 2010 | 20.50% | 18.23% | 18.11% |
| 2009 | 20.12% | 17.71% | 18.27% |
| 2007 | 18.66% | 16.56% | 17.71% |
| 2005 | 18.89% | 16.91% | 17.98% |
Renter Fraction in Akron Ohio
You can calculate the renter fraction in Akron in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Akron as a fraction of total Akron households. In 2019 33.89% of households were renters according to Census ACS data.
Akron Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Ohio | 33.96% | -0.17% | -0.68% |
| Akron, OH | 33.89% | +1.84% | -0.51% |
Trends in the Akron, OH Renter Fraction
The Akron household renter fraction peaked in in 2015 at 34.51% and is now 0.62% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Akron OH, Ohio, US
History of Akron Renter Fraction
| Date | US | Ohio | Akron, OH |
|---|---|---|---|
| 2019 | 35.89% | 33.96% | 33.89% |
| 2018 | 36.05% | 34.13% | 32.05% |
| 2017 | 36.13% | 34.22% | 33.26% |
| 2016 | 36.88% | 34.64% | 34.40% |
| 2015 | 36.97% | 34.59% | 34.51% |
| 2014 | 36.90% | 34.67% | 34.32% |
| 2013 | 36.50% | 33.93% | 34.11% |
| 2012 | 36.09% | 33.71% | 33.02% |
| 2011 | 35.42% | 33.02% | 32.25% |
| 2010 | 34.65% | 31.60% | 30.96% |
| 2009 | 34.13% | 31.95% | 31.97% |
| 2007 | 32.80% | 30.32% | 30.23% |
| 2005 | 33.10% | 30.06% | 28.55% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
