Rents are 4% below what Lakewood's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,422 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in Lakewood usually run 0.6% below trend in January and 0.4% above it in August, about $14 a month apart at today's median. Based on 10 years of data.
Rent in Lakewood is at its highest level since Zillow's records here began in April 2016.
Rent in Lakewood changed +4.9% over the year to September 2026. Across the 93 Ohio cities Zillow tracks, the typical change was +4.3%.
From 2019 to 2024, rent in Lakewood rose 36.9% while median household income rose 29.4% ($53,290 to $68,954). Rent outpaced income.
Rent in Lakewood is 46.3% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 4 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($68,954) is $1,724 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,720).
Brookpark, 6 miles away, rents for 21% less ($1,125/mo), about $3,600 a year in savings.
From Zillow's monthly rent index (ZORI) for Lakewood. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Lakewood, OH is majority renter-occupied, skews toward younger working-age adults, 55.3% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Lakewood, OH has changed in 5 years
Across the past five years, the going rent in Lakewood, OH has shifted from $1,061 to $1,422, up 34.0% since 2021. Median household income climbed from $57,588 to $68,954 between 2021 and 2024, a 19.7% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Lakewood, OH losing about 834 residents over the five-year window, down 1.6% on net. Bachelor's-degree-or-higher attainment moved from 49.6% to 55.3% across the same window. Taken together, the five-year picture in Lakewood, OH reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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At $1,422/mo, how Lakewood rent compares to typical pay (30% rule).
Lakewood rent by bedroom count
Median rent for each apartment size in Lakewood. Click any size for full breakdown.
Tips for renters in Lakewood
Last updated: October 17, 2026
The median rent in Lakewood is $1,422/mo as of October 2026. A studio apartment averages $910/mo while a 2-bedroom runs $1,250/mo. One-bedroom apartments average $1,030/mo and 3-bedroom units go for $1,610/mo.
At 25% of local median household income ($68,954/yr), Lakewood ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.9% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Lakewood?
At $1,422/mo, rent takes ~25% of Lakewood's median household income ($68,954/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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