Invest In Apartment Buildings In Akron, OH

Akron's Renters And The Hospitals That Employ Them

Nearly half of Akron rents. The city has 41,805 renter households, and 49.3% of households rent, against 32.8% across Ohio (U.S. Census ACS 2020–2024). That renter count slipped 1.3% in five years as the population fell 4.4% to 189,247. Median gross rent in Akron is $955 a month, up 25.8% from $759 in the 2015–2019 survey and still below the Ohio median of $1,034. Median household income is $48,076, up 24.1%, and 53.8% of renters spend 30% or more of their income on housing.

Health care is now Akron's largest employer group. Crain's Cleveland's 2024 list puts Summa Health at 6,509 local employees and Akron Children's at 5,595, and Matthews pointed to Summa's new hospital tower as a recent investment. FirstEnergy (4,235 employees) and Goodyear Tire & Rubber (2,747) keep their headquarters in the city, and Bridgestone Americas employs 1,082. Public employers add depth: Akron Public Schools (3,655), Summit County (3,138), the City of Akron (1,904) and the University of Akron (1,826). GOJO Industries, maker of Purell, has about 1,650 local workers, and Signet Jewelers about 1,980.

For an apartment owner, Akron is a value market with a large, lower-income renter base. The Census shows unemployment at 7.8% and employed residents down 3.8% in five years, and Matthews reported regional employment still 3% below pre-pandemic levels in 2024. Demand rests more on steady hospital and headquarters payrolls than on new job growth, though Matthews also cited the city's polymer industry and the Bounce Innovation Hub as sources of new activity.

Akron Apartment Supply And Rent Trends

Akron added more apartments than it absorbed in 2023 and early 2024. Matthews reported about 700 units delivered and 300 absorbed in the 12 months to mid-2024, with vacancy at 7.1% after five straight quarters of negative net absorption. Average rents still rose 3.6% year over year, well above the 0.8% national benchmark Matthews cited. Construction then slowed sharply, with only 95 units under way because of high interest rates and building costs.

The Census tells a different story inside city limits. Akron has just 17,251 homes in buildings with five or more units, 18.4% of the housing stock, and that count fell 4.7% in five years (U.S. Census ACS 2020–2024). Most of the city's housing is single-family homes and small buildings, and the median home was built in 1954. Census rental vacancy is 2.2%. It covers every kind of rental, including single-family houses, so it isn't comparable to the Matthews figure for managed apartment communities, which also covers suburbs.

The HUD fiscal 2027 two-bedroom fair market rent for the Akron metro is $1,231, well above the city's $955 Census median. Investment sales were thin, under $10 million in the second half of 2023, with The Towers in downtown Akron trading for $15.5 million in May 2024 as the top sale. Downtown supply has come mostly from conversions, such as a $31.6 million plan announced in 2021 to turn the former Akron Beacon Journal building on East Exchange Street into more than 100 apartments with help from a $3.125 million state tax credit. For apartment syndications in Akron, that mix points to older stock bought at low prices, where the work is capital repairs and operations. A buyer should budget for buildings with decades of deferred maintenance and test rents against what a renter earning near the $48,076 median can pay.

Akron Neighborhoods We Watch

Akron's apartment activity splits between downtown conversions and smaller projects in outlying neighborhoods.

How Akron Ranks For Apartment Investors

We track 63 Ohio cities. Akron places 47th for median gross rent, 12th for renter share and 36th for five-year rent growth. Its rents fall in the middle of the pack. Put in counts rather than percentages, that is roughly 8,804 fewer residents, 551 fewer renter households and 851 fewer homes in buildings with 5 or more units than five years earlier. With fewer renter households than before, a building has to win tenants from competitors rather than from new demand.

Akron And Nearby Markets Side By Side

Akron's median gross rent of $955 is below the Ohio median of $1,034, and its renter share is 49.3% compared with 32.8% statewide.

Akron Rent Affordability In Dollars

The median rent in Akron works out to $11,460 a year, about 23.8% of the median household income of $48,076. Under the common 30% guideline, a household needs about $38,200 a year to cover that rent comfortably. That's a heavier load than the Ohio average of 17.4%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $196 a month ($2,352 a year), while median household income rose $9,336 a year. The two have moved together, so affordability today looks much like it did five years ago. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,231, is 28.9% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Akron Apartment Market Key Facts

These are the core numbers for Akron, OH, each from the Census Bureau's American Community Survey.

• Akron, OH has 189,247 residents, down 4.4% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Akron, OH is $48,076, up 24.1% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Akron, OH is $955 a month, up 25.8% over five years (U.S. Census ACS 2020–2024).
• 49.3% of households in Akron, OH rent, about 41,805 renter households (U.S. Census ACS 2020–2024).
• 18.4% of homes in Akron, OH are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Akron, OH is 2.2%, and 53.8% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Akron, OH was built in 1954 (U.S. Census ACS 2020–2024).

What We Look For In An Akron Apartment Building

In Akron we focus on apartment buildings with 5 or more units. Some are stabilized and well run. Others have below-market rents or deferred maintenance that a better operator can fix. Either way, the deal has to make sense on current numbers.

Property taxes are a big line item for any Ohio apartment building. We estimate the tax bill as it will be after the purchase, because a sale can trigger a reassessment in many places. Ohio has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Ohio reflect winter storm and frozen-pipe claims, so we get a quote before we make an offer.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Questions To Ask About An Apartment Syndication In Akron

Whoever the sponsor is, these are the questions we would want answered about any apartment syndication in Akron, based on the local numbers above.

• What vacancy does the plan assume? Rental vacancy in Akron is 2.2%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 25.8% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Akron was built in 1954, so roofs, plumbing and electrical systems deserve their own line items.
• How will the building hold occupancy? Renter households in Akron fell 1.3%, so the plan should show how it keeps units full.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In An Akron Apartment Syndication Works

A syndication splits the work from the capital. As general partner, Skyline sources and buys the building, sets the business plan and runs it with a property manager. Limited partners invest money, own part of the property and receive reports, but they don't manage anything day to day.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

Getting Started

The first step is the investor network. It's free, and it's how we share market notes and get to know investors. If we buy in Akron or elsewhere and you're eligible, we'll reach out privately with the details.