Airbnb City Guide: The Best Places To Invest in Akron, Ohio

Airbnb Rules and Regulations in Akron, Ohio

As of 2024, Akron, Ohio, has implemented a set of regulations governing short-term rentals to ensure a fair and safe experience for hosts, guests, and the community. Hosts are required to obtain a permit from the city's Department of Planning and Urban Development before listing their property on any short-term rental booking platform. The permit application process involves submitting proof of ownership, liability insurance, and compliance with safety standards. Additionally, hosts must collect and remit the applicable transient occupancy tax to the city on a quarterly basis.

Short-term rentals are limited to a maximum of 90 days per calendar year for non-owner-occupied properties, while owner-occupied properties have no such restriction. The city also mandates that hosts provide guests with a copy of the house rules, emergency contact information, and a guide to local noise and parking regulations. Failure to comply with these rules may result in fines, permit revocation, and legal action. By adhering to these regulations, hosts can contribute to the responsible growth of the short-term rental market in Akron while providing a safe and enjoyable experience for their guests.

Akron Airbnb Market Data:

• Average Revenue – $27.1K per year
• Average Daily Rate – $151.8 per night
• Average Occupancy Rate – 49%
• Average RevPAR – $74.5
• Average Home Prices – $126,631

1. Top Place to Invest in Akron, Ohio - Highland Square

Highland Square is a vibrant, eclectic neighborhood in the heart of Akron, Ohio, known for its unique blend of urban convenience, historic charm, and thriving arts and culture scene. This walkable community offers diverse housing options, locally-owned businesses, and a strong sense of community, making it an attractive choice for aspiring short-term rental investors.

Highland Square Airbnb Market Data:

• Average Revenue – $27.9K per year
• Average Daily Rate – $141.6 per night
• Average Occupancy Rate – 54%
• Average RevPAR – $78.7

Convenience - 8/10

One of Highland Square's greatest strengths is its exceptional walkability and convenience. The neighborhood's compact layout puts a wide range of amenities within easy walking distance, including grocery stores, restaurants, bars, and shops. The nearby Akron METRO bus lines provide convenient access to the rest of the city and beyond.

Tourist Attractions - 6/10

While Highland Square itself may not be a primary tourist destination, its proximity to various Akron attractions makes it an appealing base for visitors. The Akron Art Museum, Stan Hywet Hall & Gardens, and the Akron Civic Theatre are all within a short drive. The neighborhood's unique local businesses, such as the Highland Square Theatre and Square Records, also offer interesting experiences for tourists.

Things to Do - 7/10

Highland Square offers diverse activities and experiences for residents and visitors alike. The neighborhood's thriving arts and culture scene is evident in its galleries, live music venues, and community events like the PorchRokr Festival. Outdoor enthusiasts can enjoy nearby parks and trails like the Portage Path and the Ohio & Erie Canal Towpath Trail.

Average Home Prices - 7/10

As of 2024, the median home price in Highland Square is $143,000, with a 5.9% appreciation rate over last year. With its diverse housing stock and desirable location, Highland Square tends to command slightly higher prices than the city average. However, the neighborhood still offers investors a range of affordable options, with appreciation rates tracking above average over the past decade.

Proximity to Work-Related Travel - 8/10

Highland Square's strategic location makes it convenient for work-related travel. The neighborhood is just minutes from major employers like Akron Children's Hospital, Summa Health System, and the University of Akron. Easy access to Interstate 77 and other major thoroughfares facilitates travel to nearby cities like Cleveland and Canton.

X-Factor - 8/10

Highland Square's strong sense of community and unique neighborhood character sets it apart. The area's diverse population, which includes artists, professionals, and families, contributes to a vibrant and inclusive atmosphere. The neighborhood's historic architecture, its thriving local business scene, and community events create a distinctive sense of place that appeals to both residents and visitors.

2. Top Place to Invest in Akron, Ohio - Firestone Park

Nestled in the heart of Akron, Firestone Park is a hidden gem that offers a unique blend of natural beauty, convenient amenities, and a strong sense of community. This historic neighborhood, spanning over 3 square miles, boasts diverse housing options, a thriving local economy, and easy access to the best that Akron has to offer.

Firestone Park Airbnb Market Data:

• Average Revenue – $20.5K per year
• Average Daily Rate – $ 96.9 per night
• Average Occupancy Rate – 58%
• Average RevPAR – $55.9

Convenience - 8/10

One of Firestone Park's greatest strengths is its exceptional convenience. The neighborhood's strategic location puts it within easy reach of major highways, public transportation, and the heart of downtown Akron. Residents enjoy quick access to a wide range of amenities, including grocery stores, restaurants, and local businesses, all within walking distance or a short drive.

Tourist Attractions - 6/10

While Firestone Park itself may not be a primary tourist destination, its proximity to various Akron attractions makes it an appealing base for visitors. The nearby Akron Art Museum, Stan Hywet Hall & Gardens, and Akron Civic Theatre offer a wealth of cultural experiences, while the Firestone Metro Park provides a beautiful natural setting for outdoor recreation.

Things to Do - 7/10

Firestone Park offers diverse activities and experiences for residents and visitors alike. The neighborhood's crown jewel, Firestone Metro Park, features hiking trails, fishing spots, picnic areas, and stunning natural scenery. Local favorites like Ido Bar & Grill, Taqueria El Paso, and A Walk in the Park Cafe provide delicious dining options, while community events and festivals foster a strong sense of neighborly spirit. These numerous businesses open the door to potential local partnerships that owners can establish to help enhance their visitors' experience.

Average Home Prices - 8/10

As of 2024, the median home price in Firestone Park stands at $124,496, according to Zillow. This represents an impressive appreciation rate of 9.6% over the past year, outpacing the overall Akron market. The neighborhood's affordable housing options, desirable location, and strong rental demand make it an excellent choice for short-term rental investors.

Proximity to Work-Related Travel - 7/10

Firestone Park's location in Akron provides convenient access to major employment centers, hospitals, and convention venues. The neighborhood is just a short drive from the Akron Children's Hospital, Summa Health System, and the John S. Knight Center. Its proximity to highways and public transportation also facilitates easy travel to nearby cities like Cleveland and Canton.

X-Factor - 8/10

What sets Firestone Park apart is its unique blend of history, nature, and community. The neighborhood's ties to the Firestone Tire and Rubber Company give it a distinct identity and sense of place. The stunning natural beauty of Firestone Metro Park, with its wetlands, meadows, and diverse wildlife, provides a serene escape from the urban bustle. Moreover, the area's strong sense of community, evident in its local events and tight-knit neighborly spirit, creates a welcoming atmosphere for both residents and visitors.

3. Top Place to Invest in Akron, Ohio - Wallhaven

Situated just northwest of downtown Akron, Wallhaven is a well-established neighborhood that seamlessly combines residential tranquility with urban amenities. The area's diverse housing stock, ranging from cozy apartments to stately historic homes, caters to a variety of lifestyles and preferences, making it an appealing choice for both residents and visitors alike.

Wallhaven Airbnb Market Data:

• Average Revenue – $39.5K per year
• Average Daily Rate – $180.3 per night
• Average Occupancy Rate – 60%
• Average RevPAR – $106.6

Convenience - 9/10

One of Wallhaven's greatest strengths is its exceptional convenience. The neighborhood's strategic location puts it within easy reach of major highways, public transportation, and the heart of downtown Akron. Residents and visitors enjoy quick access to a wide range of amenities, including grocery stores, restaurants, cafes, and local businesses, all within walking distance or a short drive.

Tourist Attractions - 7/10

While Wallhaven may not be a primary tourist destination, its proximity to various Akron attractions makes it an ideal visitor base. The nearby Stan Hywet Hall & Gardens, a historic manor and nationally recognized arboretum, offers a stunning glimpse into Akron's past. The Akron Art Museum and the Akron Civic Theatre, both just a short drive away, provide a wealth of cultural experiences.

Things to Do - 8/10

Wallhaven offers diverse activities and experiences for residents and visitors alike. The neighborhood's thriving local business scene is a major draw, with unique shops, restaurants, and cafes lining the streets. The Wallhaven Farmers Market, held weekly during the summer months, showcases the best of local produce and artisanal goods. Nearby parks, such as Hardesty Park and Wallhaven Park, provide ample green space for outdoor recreation and relaxation.

Average Home Prices - 7/10

As of 2024, the median home price in Wallhaven stands at $179,900, according to Zillow. This represents a modest appreciation rate of 3.2% over the past year, in line with the overall Akron market. The neighborhood's diverse housing options, desirable location, and strong rental demand make it an attractive choice for Airbnb and short-term rental investors.

Proximity to Work-Related Travel - 8/10

Wallhaven's location in Akron provides convenient access to major employment centers, hospitals, and convention venues. The neighborhood is just minutes away from the Akron City Hospital, Summa Health System, and the John S. Knight Center. Its proximity to Interstate 77 and other major thoroughfares also facilitates easy travel to nearby cities like Cleveland and Canton.

X-Factor - 9/10

What sets Wallhaven apart is its unique blend of history, community, and local charm. The neighborhood's historic architecture, including beautiful Victorian and Craftsman-style homes, creates a distinctive sense of place. The area's strong sense of community, evident in its local events, farmers market, and tight-knit neighborly spirit, fosters a welcoming atmosphere for both residents and visitors. Moreover, Wallhaven's thriving local business scene, with its eclectic mix of shops, restaurants, and cafes, adds to its unique appeal and vibrancy.

4. Top Place to Invest in Akron, Ohio - Ellet

Ellet, a hidden gem in the southeastern part of Akron, Ohio, has emerged as a promising destination for establishing new Airbnb rentals. This charming neighborhood offers a perfect blend of suburban tranquility, convenient amenities, and easy access to the best that Akron has to offer, making it an attractive choice for both residents and visitors alike.

Ellet Airbnb Market Data:

• Average Revenue – $19.6K per year
• Average Daily Rate – $134.1 per night
• Average Occupancy Rate – 40%
• Average RevPAR – $53.4

Convenience - 7/10

One of Ellet's strengths is its convenient location. Situated just off Interstate 76, the neighborhood offers easy access to downtown Akron and other parts of the city. Residents and visitors can quickly reach a variety of amenities, including grocery stores, restaurants, and local businesses, within a short drive. However, the area's suburban layout may require some additional navigation compared to more walkable neighborhoods.

Tourist Attractions - 5/10

While Ellet itself may not be a primary tourist destination, its proximity to various Akron attractions makes it a convenient base for visitors. The nearby Goodyear World of Rubber Museum offers a fascinating glimpse into the city's industrial heritage, while the Akron Zoo and the Akron Art Museum provide engaging experiences for all ages. The neighborhood's natural setting along the Tuscarawas River also offers opportunities for outdoor recreation.

Things to Do - 6/10

Ellet offers a range of activities and experiences for residents and visitors. The neighborhood's parks, such as Ellet Park and Rosemont Park, provide ample green space for picnics, sports, and relaxation. The nearby Portage Lakes State Park offers boating, fishing, and hiking opportunities. Local favorites like Strickland's Frozen Custard and Italo's Pizza add to the area's charm and provide delicious dining options, making Ellet a destination that foodies can enjoy.

Average Home Prices - 8/10

According to Zillow, in 2024, the median home price in Ellet was $139,900. This represents an impressive appreciation rate of 6.8% over the past year, outpacing the overall Akron market. The neighborhood's affordable housing options, desirable location, and growing rental demand make it an attractive choice for Airbnb and short-term rental investors.

Proximity to Work-Related Travel - 6/10

Ellet's location in Akron provides relatively convenient access to major employment centers, hospitals, and convention venues. The neighborhood is within a 15-minute drive of the Akron Children's Hospital, Summa Health System, and the John S. Knight Center. However, its distance from the heart of downtown Akron may require slightly longer commutes compared to more centrally located neighborhoods.

X-Factor - 7/10

Ellet's unique blend of suburban charm and natural beauty sets it apart. The neighborhood's tree-lined streets, well-maintained homes, and friendly community create a welcoming atmosphere for both residents and visitors. The area's proximity to the Tuscarawas River and nearby parks offers a serene escape from the urban bustle while still being conveniently located near the city's amenities and attractions.

5. Top Place to Invest in Akron, Ohio - Elizabeth Park Valley

Elizabeth Park Valley, a picturesque neighborhood nestled in the heart of Akron, Ohio, has emerged as a top destination for Airbnb and short-term rental investors. This hidden gem offers a perfect blend of natural beauty, convenient amenities, and a strong sense of community, making it an attractive choice for both residents and visitors seeking an authentic Akron experience.

Elizabeth Park Valley Airbnb Market Data:

• Average Revenue – $23.9K per year
• Average Daily Rate – $123.8 per night
• Average Occupancy Rate – 53%
• Average RevPAR – $64.5

Convenience - 7/10

One of Elizabeth Park Valley's strengths is its convenient location. The neighborhood is situated just minutes from downtown Akron, providing easy access to the city's amenities, restaurants, and local businesses. Residents and visitors can quickly reach major highways, such as Interstate 76 and Route 8, facilitating travel to other parts of the city and beyond. However, the area's residential layout may require some additional navigation compared to more walkable neighborhoods.

Tourist Attractions - 6/10

While Elizabeth Park Valley itself may not be a primary tourist destination, its proximity to various Akron attractions makes it a convenient base for visitors. The nearby Akron Zoo, with its diverse collection of animals and engaging exhibits, is a popular draw for families. The Akron Art Museum, just a short drive away, showcases an impressive collection of contemporary art. The neighborhood's scenic setting along the Little Cuyahoga River also offers outdoor recreation and nature appreciation opportunities.

Things to Do - 7/10

Elizabeth Park Valley offers a range of activities and experiences for residents and visitors. The neighborhood's centerpiece, Elizabeth Park, provides ample green space for picnics, sports, and leisurely walks along the river. The nearby Ohio & Erie Canal Towpath Trail offers miles of scenic hiking and biking opportunities. Local favorites like the Wally Waffle and the Oakdale Diner add to the area's charm and provide delicious dining options.

Average Home Prices - 7/10

As of 2024, the median home price in Elizabeth Park Valley stands at $164,900, according to Zillow. This represents a modest appreciation rate of 3.5% over the past year, in line with the overall Akron market. The neighborhood's diverse housing options, desirable location, and growing rental demand make it an attractive choice for Airbnb and short-term rental investors.

Proximity to Work-Related Travel - 8/10

Elizabeth Park Valley's location in Akron provides convenient access to major employment centers, hospitals, and convention venues. The neighborhood is within a 10-minute drive of the Akron Children's Hospital, Summa Health System, and the John S. Knight Center. Its proximity to downtown Akron and major highways also facilitates easy travel to nearby cities like Cleveland and Canton.

X-Factor - 8/10

What sets Elizabeth Park Valley apart is its unique blend of natural beauty, community spirit, and convenient location. The neighborhood's scenic setting along the Little Cuyahoga River creates a serene and inviting atmosphere, while its proximity to downtown Akron offers the best of both worlds. The area's strong sense of community, evident in local events and friendly neighbors, fosters a welcoming environment for both residents and visitors.