According to the Ohio Rental Housing Vacancy Report, Ohio's rental vacancy rate hit just 5.8% in 2024 - nearly 30% below the historical average - and savvy investors are racing to claim their stake in Akron's increasingly competitive rental market before inventory disappears completely.
While the short-term rental gold rush has slowed, strategic investors are still securing impressive 14% returns by purchasing rental property that others overlook.
Looking to purchase rental property in Akron? The window of opportunity remains open - if you know exactly where to look and how to move decisively. This guide reveals the insider strategies that separate successful Akron landlords from those left wondering what might have been.
Target Neighborhoods With Strong Rental Demand
When buying a rental house in Akron, choose areas where people want to live. Places near The University of Akron, hospitals, and big job centers are great. Neighborhoods like Highland Square, Goodyear Heights, and Firestone Park have steady renters like students and workers.
These areas tend to have parks, shops, and buses nearby. People like to live where they can walk to things and feel safe. A good property investment guide will advise you to visit at different times of the day to see what the area is like.
Analyze Property Taxes and Insurance Costs
Even though homes in Akron are cheaper, taxes can vary depending on the neighborhood. Use the Summit County Fiscal Office website to see how much you'll pay in taxes. Also, ask for landlord insurance prices early in your real estate investing journey so you're not surprised by extra costs.
Prioritize Cash Flow Over Appreciation
In Akron, buying homes that give you monthly rent is better. Look for houses that make money right away from rent. One of the key rental property tips is that the monthly rent should be at least 1% of what you paid for the house.
Consider Off-Market and Distressed Properties
Some houses in Akron aren't listed online or need fixing, but they can be great deals. However, finding them can be a challenge. Here are some investment strategies that'll help you locate off-market properties:
- Talk to local wholesalers who find houses before they go on the market
- Ask real estate agents if they know of quiet deals
- Speak with the city about homes that have been reported for problems
- Check out local auctions and foreclosure lists
These homes may need repairs, but you can fix and rent them out. Just ensure you know how much time and money the property maintenance will take.
Working With a Local Property Manager (Even If You're Local)
The Akron property market has rules for rentals that can be hard to keep up with. A good property manager helps with finding renters, fixing problems, and following the rules. They're helpful even if you live in Akron, especially if you want to grow your rental business.
Take the Next Step in Purchasing Rental Property Today
Purchasing rental property in Akron, OH, is a smart way to earn a steady income. With the right planning and local support, your investment can grow. Use these tips to make strong choices and start your journey today.
PMI Cuyahoga Valley RAL offers full-service property management to make things easy for owners and tenants. Get a free rental analysis today - no pressure, just helpful advice.
