Unlocking Investment Potential: A Guide to Rental Properties in Summit County, OH

Introduction

Investing in rental properties can be a lucrative venture, but selecting the right property requires careful consideration of various factors. A good rental property is characterized by its location, amenities, potential for appreciation, and demand. The location is paramount as it affects the property's attractiveness to potential tenants, rental income, and long-term value. Summit County, OH, with its mix of urban, suburban, and rural areas, offers diverse opportunities for real estate investors. In this guide, we will explore the best neighborhoods in Summit County, grading each area based on convenience, tourist attractions, things to do, average home prices, return on investment, proximity to work-related travel, and the unique ‘x-factor’ that makes each area desirable.

Best Neighborhoods and Areas in Summit County, OH

1. Downtown Akron

Grades:

• Convenience: A
• Tourist Attractions: B+
• Things to Do: A
• Average Home Prices: C+
• Return on Investment: B
• Proximity to Work-Related Travel: A
• X-Factor: A

Convenience: Downtown Akron offers excellent public transportation, proximity to major highways, and easy access to essential services such as grocery stores, hospitals, and schools.

Tourist Attractions: The area boasts attractions like the Akron Art Museum, the Akron Civic Theatre, and the Cuyahoga Valley National Park, which are significant draws for both locals and visitors.

Things to Do: There are numerous dining, shopping, and entertainment options. The nightlife is vibrant, with a variety of bars, restaurants, and cultural venues.

Average Home Prices: The average home prices in Downtown Akron are moderate, making it accessible for investors looking for affordable properties with growth potential.

Return on Investment: Due to its central location and amenities, rental properties in this area offer a decent return on investment. The demand for rental units is steady.

Proximity to Work-Related Travel: The area is close to major business hubs, hospitals, and the John S. Knight Center, making it ideal for professionals who travel frequently.

X-Factor: Downtown Akron’s unique mix of urban living, historical landmarks, and cultural vibrancy makes it a highly desirable location for renters.

2. Hudson

Grades:

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B+
• Average Home Prices: B-
• Return on Investment: A-
• Proximity to Work-Related Travel: B+
• X-Factor: A

Convenience: Hudson offers a suburban feel with excellent schools, parks, and local services. It has good access to highways, though public transportation options are limited compared to urban areas.

Tourist Attractions: While not a major tourist destination, Hudson’s charming Main Street, with its boutique shops and historic buildings, attracts visitors.

Things to Do: The town has a variety of recreational activities, including parks, trails, and community events. There are also several dining and shopping options.

Average Home Prices: Home prices in Hudson are higher than in some other parts of Summit County, reflecting its desirability and the quality of life it offers.

Return on Investment: Hudson is known for its strong property values and high-quality schools, making it a top choice for families and a stable investment for rental property owners.

Proximity to Work-Related Travel: The area is reasonably close to business districts and hospitals, though it requires some commuting.

X-Factor: Hudson’s top-rated schools, safe neighborhoods, and picturesque setting make it a standout choice for families, thus ensuring a consistent demand for rental properties.

3. Cuyahoga Falls

Grades:

• Convenience: A-
• Tourist Attractions: B+
• Things to Do: A
• Average Home Prices: B
• Return on Investment: B+
• Proximity to Work-Related Travel: A-
• X-Factor: B+

Convenience: Cuyahoga Falls offers great accessibility with its proximity to highways, public transportation, and a wide range of services and amenities.

Tourist Attractions: The area is home to attractions like the Blossom Music Center and the Cuyahoga Valley National Park, which draw visitors throughout the year.

Things to Do: Residents enjoy a variety of activities, including concerts, outdoor recreation, and shopping at the Portage Crossing shopping center.

Average Home Prices: Home prices are reasonable, providing good value for investors. The area offers a mix of single-family homes and apartments.

Return on Investment: The demand for rental properties is strong, with many families and young professionals seeking housing in this vibrant community.

Proximity to Work-Related Travel: Cuyahoga Falls is well-connected to nearby business centers and hospitals, making it convenient for working professionals.

X-Factor: The community’s blend of natural beauty, cultural events, and suburban charm makes it a highly attractive location for renters and investors alike.

4. Fairlawn

Grades:

• Convenience: B+
• Tourist Attractions: B-
• Things to Do: B
• Average Home Prices: C+
• Return on Investment: B+
• Proximity to Work-Related Travel: B+
• X-Factor: B

Convenience: Fairlawn offers good accessibility to shopping centers, schools, and healthcare facilities. It is well-connected by major roads, though public transit is limited.

Tourist Attractions: While not a primary tourist spot, Fairlawn has several parks and recreational facilities that appeal to residents.

Things to Do: The area has a variety of dining options, retail stores, and parks, providing ample activities for residents.

Average Home Prices: Home prices in Fairlawn are moderate, offering a good entry point for investors looking for affordable properties with growth potential.

Return on Investment: Fairlawn offers a stable return on investment with steady rental demand, particularly from families and professionals.

Proximity to Work-Related Travel: The area is close to business districts and hospitals, providing good options for work-related travel.

X-Factor: Fairlawn’s family-friendly environment and convenient amenities make it a desirable place to live and invest in.

5. Stow

Grades:

• Convenience: B
• Tourist Attractions: B-
• Things to Do: B
• Average Home Prices: B-
• Return on Investment: B
• Proximity to Work-Related Travel: B
• X-Factor: B

Convenience: Stow offers a suburban setting with good access to schools, parks, and shopping centers. Transportation options are decent, with several major roads passing through.

Tourist Attractions: While not a major tourist hub, Stow’s local parks and community events are popular among residents.

Things to Do: There are various recreational activities available, including parks, trails, and community events. Dining and shopping options are also adequate.

Average Home Prices: Home prices are relatively affordable, making it a good choice for investors seeking cost-effective properties.

Return on Investment: Stow offers a steady return on investment, with consistent demand for rental properties from families and young professionals.

Proximity to Work-Related Travel: The area is reasonably close to business districts and hospitals, making it convenient for work-related travel.

X-Factor: Stow’s community-oriented atmosphere and affordable housing make it a solid choice for both residents and investors.

Conclusion

Summit County, OH, presents a variety of promising opportunities for rental property investment. Each neighborhood and area offers unique advantages, from the urban vibrancy of Downtown Akron to the suburban charm of Hudson. By carefully considering factors such as convenience, attractions, things to do, home prices, ROI, proximity to work-related travel, and the unique x-factor, investors can make informed decisions that maximize their returns and provide quality housing for tenants.