Akron, Ohio is about 30 miles south of Cleveland City and is the fifth-largest city in the U.S. state of Ohio. It is located in the Great Lakes region of Cleveland and has a population of over 700,000.
Akron is a city undergoing significant expansion, with more than $1 billion in investment planned by the likes of tyre companies, real estate developers and government agencies.
Akron is home to many large corporations centred around high-tech research and development, which include WGC-Bridgestone Invitational, Stan Hywet Hall and Gardens, Akron City Hospital, and the Goodyear Polymer Center.
Local leaders have rebranded Akron the “City of Invention” and there are many examples of how this is coming to fruition, through urban renewal and community revitalization projects.
The city is also home to many festivals held throughout the year. This includes the National Hamburger Festival, the Italian Festival, the Rib, White & Blue food festival, as well as a convergence of art, music, and community called Art in the Square.
Akron is also home to a number of performance halls such as the E.J. Thomas Hall which hosts a number of world-class performances, lectures, and entertainers attracting hundreds of thousands of visitors annually. The Akron Art Museum, Akron Civic Theatre and Akron-Summit County Public Library are also located within the city along with several other galleries and museums.
The median home value in Akron is $125,200 and home values have gone up 3.1% over the past year. Interestingly, the average household income is $505 higher than the average for Ohio as a whole.
There are many recent projects launched to demonstrate the social and economic development. NBA star LeBron James and his foundation opened a new school in his hometown of Akron to wide acclaim, while Mayor Dan Horrigan released the City’s plan for spending “Issue 4” funds in 2018. The budget outlines a plan for more than $13 Million in increased investment in police and fire protection and roadway improvements in Akron.
Akron was once seen as a city grappling with a decreasing population and a dearth of investment. But this picture has changed significantly in recent years with a huge number of opportunities presenting themselves in the area. Low competition between buyers means that there is greater availability and lower prices compared to the likes of Cleveland.
That is why Akron is considered to be something of a hidden gem. As investment comes into the area, prices are expected to rise and this makes now the perfect time to invest in rental properties.
The Rental Market
Renters make up 39.9% of the Akron population, the average rent for an apartment in Akron is now $810, which is a 1.74% increase from last year when the average rent was $789. Demand in general for rentals is lower than Cleveland but with the right management there is no need for vacancy, tenants are stable and tend to be long term. Akron is seen and affordable rental market which makes it an attractive place to live and if necessary commute to Cleveland.
Akron is the fifth-largest city in the U.S. state of Ohio and is the county seat of Summit County. As of the 2017 Census estimate, the city proper had a total population of 197,846, making it the 119th-largest city in the United States. The Greater Akron area, covering Summit and Portage counties, had an estimated population of 703,505.
Growth and Returns
A 2008 Brookings Institution paper cited Akron as a model of “how cities could recover from the decline of their city’s primary economic engine” and suggested that Akron was “on the road to a full turnaround.” The city has launched a number of promising initiatives and programs in recent years which has the potential to grow into a thriving, urban center. The city’s young professionals are having a growing influence, which the Greater Ohio Policy Center researchers believe is key to getting the city back on the right track.
Management and Aftercare
In Akron we work different management companies who are all well established companies with years of experience under the belt. Each management company we use have a presence and offices in both Cleveland and Arkon so our best suited to meet our investors needs ,The management companies will collect and deposit your rent, maintain and repair the property, assess and interview tenants and keep you updated on a regular basis.