Department of Numbers

Akron Ohio Residential Rent and Rental Statistics

The median monthly gross residential rent in Akron, OH (the Akron metro area) was $757 in 2015 according to the Census ACS survey.1 Average gross rent in Akron was $764 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Akron median and average rent data will be released in September of 2017.

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.

Show dollars as: Nominal Real

Real Gross Rent in Akron Ohio (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Ohio Median Gross Rent $746 +2.05% +6.27%
Akron, OH Median Gross Rent $757 +0.66% +1.88%

Akron, OH Real Gross Rent Trends

Median gross rent for Akron peaked in real terms in 2006 at $804 and is now $47 (5.85%) lower. From a recent low of 727.0 in 2011, real median gross rent has now increased by $30 (4.13%). Average gross rent for Akron peaked in real terms in 2008 at $784 and is now $20 (2.55%) lower. From a recent low of 747.0 in 2011, real average gross rent has now increased by $17 (2.28%).

Real Gross Rent in Akron: Akron OH Median, Akron OH Average, Ohio Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Akron

Date US
Median
Ohio
Median
Akron, OH
Median
Akron, OH
Average
2015 $959 $746 $757 $764
2014 $930 $731 $752 $758
2013 $898 $704 $731 $755
2012 $886 $702 $743 $751
2011 $887 $705 $727 $747
2010 $901 $722 $739 $753
2009 $905 $720 $777 $776
2008 $920 $745 $788 $784
2007 $874 $712 $783 $762
2006 $883 $726 $804 $778
2005 $858 $722 $790 $767

Akron Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Akron Ohio was 7.60% according to Census ACS data.

Rental Vacancy Rate in Akron Ohio

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Ohio 5.56% -0.70% -1.52%
Akron, OH 7.60% +1.77% +0.63%

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 4.52% to 7.60%. Data records for this series originated in 2005. From a 2014 post peak low of 5.83%, the rental vacancy rate has increased by 1.77%.

Rental Vacancy Rate: Akron OH, Ohio, US

Rental vacancy rate in Ohio

Historical Rental Vacancy Rate data for Akron

Date US Ohio Akron, OH
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%
2008 7.86% 9.68% 9.27%
2007 7.87% 10.00% 8.81%
2006 7.70% 10.68% 9.40%
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 17.61% in 2015 according to the ACS.

Akron Ohio Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Ohio 17.53% -0.36% -0.41%
Akron, OH 17.61% -0.34% -0.27%

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 2006 (relative to the 2005 series origin) at 18.74%. Since then it has fallen by 1.13% to 17.61%. From a 2008 low of 16.93%, the fraction of income going to rent has increased by 0.68%.

Fraction of Income towards Rent: Akron OH, Ohio, US

Percent of median household income going towards median monthly gross rent in Akron Ohio

Historical Data for Annual Rent as a Fraction of Income in Akron Ohio

Date US Ohio Akron, OH
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%
2008 19.00% 16.68% 16.93%
2007 18.66% 16.56% 17.71%
2006 18.90% 16.90% 18.74%
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 2015 34.51% of households were renters according to Census ACS data.

Akron Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Ohio 34.59% -0.08% +0.88%
Akron, OH 34.51% +0.19% +1.49%

Trends in the Akron, OH Renter Fraction

At 34.51%, the 2015 household based renter fraction in Akron was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Akron OH, Ohio, US

Fraction of renters in Akron

History of Akron Renter Fraction

Date US Ohio Akron, OH
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%
2008 33.36% 30.95% 31.44%
2007 32.80% 30.32% 30.23%
2006 32.73% 29.99% 29.98%
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.