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What It Costs to Live in Downtown Akron Right Now – And Why Rents Might Drop Soon
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Date:
13 Jan 2026
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A studio apartment in downtown Akron currently rents for about $1,000 per month. For a two-bedroom unit, expect to pay between $1,200 and $2,000, depending on the building and the quality of finishes.
Compared to Cleveland, these prices are relatively low – downtown Akron rents are less than half of what you would pay in Cleveland’s city center, and parking is significantly cheaper. But these rates may not last. A surge of new construction, not an economic downturn, could soon drive rents lower.
Christopher Hardesty, Executive Director of the Downtown Akron Development Corporation, attributes this to a straightforward supply-and-demand equation. Downtown Akron has about 2,800 residents. Six major apartment projects are underway, with 700 to 800 new units expected over the next several years.
“With all the residential we have working right now, our rents will probably soften a bit as the market absorbs that demand,” Hardesty says. This influx of new apartments stands to benefit renters, who may soon have more room to negotiate. For landlords and developers, the days of automatic rent increases are likely over.
Current Downtown Akron Apartment Prices
Most downtown Akron apartments rent for $2 to $2.20 per square foot, according to Hardesty. Studios typically command a higher per-square-foot rate due to fixed costs such as kitchens and bathrooms. Larger two-bedroom units drop closer to $2 per square foot.
This pricing reflects where demand is strongest: one-bedrooms and studios. “We do really well with one bedrooms and studios,” Hardesty says. “We do less well with two bedrooms.”
Two main groups are driving demand. Empty nesters looking for walkable access to restaurants and events are moving downtown, as are young professionals. However, Hardesty notes that recent college graduates often cannot afford $1,200 per month on an entry-level salary.
To address this, some new projects are including affordable units priced below $1,000, targeting younger renters interested in downtown living but not yet able to afford market rates.
Akron’s 5,000-Resident Goal
In 2018, Akron set a target to grow its downtown population from 2,800 to 5,000 by 2030, requiring roughly 1,200 new apartments.
The six projects currently in progress could meet most of that goal. If all projects secure financing and stay on schedule, construction and lease-up could take 24 to 36 months from financial closing. This timeline puts Akron on track to reach the 1,200-unit mark by around 2030.
“We’re pretty close to that number,” Hardesty says. “Once we get these buildings financed and closed, we’ll probably have to do another market study to see what more our market can absorb.”
Hardesty believes that filling these new apartments will signal to other developers that Akron is a viable place to invest. Success with the current wave of projects could lead to further residential development downtown.
Why Rents Could Drop – And Why That’s Not a Crisis
The arrival of 700 new apartments in a market of 2,800 residents will increase competition among landlords. When supply grows faster than demand, rents tend to soften. Landlords may respond by offering move-in specials, waiving fees, or providing a free month’s rent. Rent increases could slow or stall.
This is good news for renters, who will have more options and leverage. For developers, the outlook is more complex. Lower rents mean reduced revenue projections, which can make it harder to secure financing for future projects. Lenders and investors want to see steady or rising rents before committing capital.
Despite these challenges, Hardesty remains confident. “If we get all those online and they’re successful and they fill, it’s going to be attractive to other people and developers,” he says. He expects that vigorous leasing activity could spur additional demand, helping the market stabilize at a new, sustainable rent level.
What Renters Should Do Now
For those considering a move to downtown Akron, timing could make a significant difference. Currently, landlords have the advantage due to the limited supply. However, as the new 700 units begin leasing – likely starting in mid-2026 or later – the balance will shift, giving renters more negotiating power.
Prospective renters should look for move-in specials, discounted rents, or flexible lease terms as landlords compete to fill new apartments. Those already renting downtown may want to secure lease renewals before the new supply comes online, as landlords may become less flexible once competition increases.
What Landlords Should Do Now
Owners of downtown rental property should not assume that current rent levels will remain stable. Softer pricing is likely once the new apartments open.
To retain quality tenants, landlords should consider offering early lease renewals or modest rent freezes. Losing a tenant and re-leasing in a softer market could be more costly than keeping rents steady.
For those thinking about selling, the next 12 to 24 months may be the best window. As rents soften, property values may follow.
This article provides information about Akron’s rental market and does not constitute legal, financial, or investment advice.
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