Department of Numbers

Akron Ohio Residential Rent and Rental Statistics

The median monthly gross residential rent in Akron, OH (the Akron metro area) was $811 in 2017 according to the Census ACS survey.1 Average gross rent in Akron was $816 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Akron median and average rent data will be released in September of 2019.

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 (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Ohio Median Gross Rent $772 +0.13% +2.52%
Akron, OH Median Gross Rent $811 -0.98% +4.78%

Akron, OH Real Gross Rent Trends

Median gross rent for Akron peaked in real terms in 2006 at $828 and is now $17 (2.05%) lower. From a recent low of 748.0 in 2011, real median gross rent has now increased by $63 (8.42%). Average gross rent for Akron peaked in real terms in 2016 at $848 and is now $32 (3.77%) lower.

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
2017 $1,012 $772 $811 $816
2016 $996 $771 $819 $848
2015 $987 $768 $779 $786
2014 $956 $753 $774 $780
2013 $924 $724 $752 $777
2012 $912 $722 $765 $773
2011 $912 $725 $748 $769
2010 $927 $742 $761 $775
2009 $931 $741 $799 $798
2008 $947 $766 $811 $806
2007 $899 $733 $806 $784
2006 $909 $747 $828 $800

Akron Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Akron Ohio was 2.82% according to Census ACS data.

Rental Vacancy Rate in Akron Ohio

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Ohio 5.62% +0.18% -0.64%
Akron, OH 2.82% -1.96% -3.01%

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 9.30% to 2.82%. Data records for this series originated in 2005.

Rental Vacancy Rate: Akron OH, Ohio, US

Rental vacancy rate in Ohio

Historical Rental Vacancy Rate data for Akron

Date US Ohio Akron, OH
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%
2008 7.86% 9.68% 9.27%
2007 7.87% 10.00% 8.81%
2006 7.70% 10.68% 9.40%

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 17.35% in 2017 according to the ACS.

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

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Ohio 17.15% -0.25% -0.74%
Akron, OH 17.35% -1.40% -0.61%

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 1.40% to 17.35%.

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
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%
2008 19.00% 16.68% 16.93%
2007 18.66% 16.56% 17.71%
2006 18.90% 16.90% 18.74%

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 2017 33.26% of households were renters according to Census ACS data.

Akron Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Ohio 34.22% -0.42% -0.45%
Akron, OH 33.26% -1.14% -1.06%

Trends in the Akron, OH Renter Fraction

The Akron household renter fraction peaked in in 2015 at 34.51% and is now 1.25% below that 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
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%
2008 33.36% 30.95% 31.44%
2007 32.80% 30.32% 30.23%
2006 32.73% 29.99% 29.98%

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.