Is Richfield, Ohio Good for Airbnb Investment?

To start an Airbnb in Richfield, Ohio, begin by researching local zoning laws and regulations through the Village of Richfield's planning department, as short-term rentals may require special permits or be restricted in certain residential zones. Contact the Summit County Health Department for any required health permits and ensure compliance with Ohio state tax requirements including registering for sales tax collection. Find a suitable property by searching residential areas that allow short-term rentals, considering proximity to attractions like Cuyahoga Valley National Park and Brandywine Falls which are major draws for visitors to the area. Once you secure a property, furnish it with quality basics including comfortable beds, linens, towels, kitchen essentials, WiFi, and local guidebooks highlighting nearby attractions like the Ohio & Erie Canal Towpath Trail. Create your listing on Airbnb with professional photos, competitive pricing (typically $80-150 per night in the Richfield area based on 2023-2024 market rates), and detailed descriptions emphasizing the location's proximity to outdoor recreation and Cleveland attractions. For ongoing management, establish check-in procedures, maintain cleaning schedules between guests, respond promptly to inquiries, and consider using property management software or hiring local cleaning services like those available in nearby Akron or Cleveland to handle turnovers efficiently while ensuring compliance with Richfield's noise ordinances and parking requirements.

To identify profitable short-term rental properties in Richfield, Ohio, focus on locations within 15-20 minutes of major attractions like Cuyahoga Valley National Park, Brandywine Falls, and Boston Mills/Brandywine Ski Resort, as well as properties near corporate centers in nearby Akron and Cleveland for business travelers. Target 2-4 bedroom single-family homes or condos built after 1980 with modern amenities, full kitchens, parking, outdoor spaces, and unique features like fireplaces or hot tubs that command premium rates of $120-200 per night compared to the market average of $80-150. Conduct pricing analysis using AirDNA and Mashvisor to identify properties where potential STR revenue exceeds long-term rental income by 40-60%, typically requiring purchase prices under $200,000 in Richfield's market. Research competition by analyzing existing Airbnb and VRBO listings within a 5-mile radius, identifying gaps in amenities or underserved dates, particularly during peak seasons like fall foliage (September-October) and winter sports months (December-March). Utilize tools like Rabbu, BiggerPockets calculators, and local MLS data through Realtor.com, while consulting with Richfield's zoning department regarding STR regulations and connecting with local property management companies like Awning or RedAwning for market insights and operational support.

To obtain an Airbnb/STR permit in Richfield, Ohio, you must first contact the Richfield Building Department at 4410 W Streetsboro Road or call (330) 659-3155 to submit a short-term rental application, which typically requires a completed application form, proof of property ownership or lease agreement, floor plan of the rental unit, proof of liability insurance (minimum $1 million coverage), fire safety inspection certificate, and a site plan showing parking availability. The application fee is approximately $150-200 with an annual renewal fee of $75-100, and you must also obtain a business license from the Summit County Clerk of Courts for an additional $25-50. Required documents include a valid Ohio driver's license, property tax records, utility bills, and contact information for a local property manager if you live more than 50 miles away. The approval timeline is typically 30-45 days after submitting a complete application, during which the city will conduct inspections for fire safety, building code compliance, and zoning verification. Richfield requires STR properties to have adequate off-street parking (minimum 2 spaces), functioning smoke and carbon monoxide detectors in all bedrooms and common areas, emergency contact information posted inside the unit, and compliance with occupancy limits based on bedroom count (typically 2 guests per bedroom plus 2 additional guests). Properties must also maintain quiet hours from 10 PM to 7 AM, provide trash collection arrangements, and ensure the rental does not exceed 30 consecutive days to maintain STR classification rather than long-term rental status.

Short-term rentals (STRs) in Richfield, Ohio are generally permitted but subject to local zoning regulations and licensing requirements. The village typically requires STR operators to obtain a business license and comply with residential zoning restrictions, which may limit operations in certain residential districts. Properties must meet safety standards including smoke detectors, carbon monoxide detectors, and proper egress requirements. Richfield has implemented occupancy limits based on property size and parking requirements to address neighborhood concerns about traffic and noise. The village prohibits STRs in some exclusively residential zones while allowing them in mixed-use areas and certain residential districts with proper permits. Recent changes around 2022-2023 have included stricter enforcement of existing regulations and enhanced complaint procedures for neighbors. Operators must maintain liability insurance, provide emergency contact information, and ensure properties comply with health department standards. The village reserves the right to revoke licenses for repeated violations or complaints, and there are specific rules about signage, waste management, and guest behavior to maintain community standards.

The most promising Airbnb investment areas in Richfield, Ohio include the neighborhoods near Cuyahoga Valley National Park, particularly properties within 2-3 miles of the park's southern entrance, which attract year-round outdoor enthusiasts, hikers, and nature tourists visiting the Ohio & Erie Canal Towpath Trail. The Brecksville Road corridor offers excellent potential due to its proximity to both the national park and easy highway access via I-77 and I-80, making it ideal for business travelers heading to Cleveland or Akron while providing recreational access. Properties near the Richfield Coliseum site and surrounding Summit County fairgrounds area benefit from seasonal events, concerts, and agricultural shows that draw visitors throughout the year. The residential areas along Broadview Road present opportunities for family-oriented rentals, as they're centrally located between Cleveland and Akron, offering guests access to both metropolitan areas while maintaining a quieter, suburban atmosphere that appeals to longer-term stays and corporate housing needs.

In Richfield, Ohio, Airbnb hosts are subject to multiple lodging taxes including Ohio's state lodging tax of 5.75% and Summit County's lodging tax of 3%, totaling 8.75% on short-term rental bookings. The City of Richfield does not impose an additional municipal lodging tax as of 2023. These taxes are typically collected by Airbnb directly from guests at the time of booking through their automated tax collection system, which began in Ohio around 2019, and the platform remits payments quarterly to the Ohio Department of Commerce and Summit County. Hosts who collect taxes independently must register with the Ohio Department of Commerce and file monthly returns by the 23rd of each month, remitting taxes collected from the previous month. Exemptions generally apply to stays exceeding 30 consecutive days, which are considered long-term rentals rather than transient lodging, and bookings made by certain government employees or tax-exempt organizations with proper documentation. Hosts should maintain detailed records of all bookings and tax collections for at least four years and may be required to provide additional documentation during audits by state or county tax authorities.

To start an Airbnb in Richfield, Ohio, expect total costs around $185,000-$220,000. Property purchase represents the largest expense at approximately $150,000-$180,000 based on median home prices in the area as of 2023-2024. Furnishing costs typically range $8,000-$15,000 for a complete 2-3 bedroom setup including furniture, appliances, linens, and décor to create an attractive rental space. Initial setup costs including professional photography, listing creation, and basic marketing materials run $500-$1,500. Permits and fees vary but budget $200-$800 for business licenses, short-term rental permits, and any required inspections from Summit County and local authorities. Insurance premiums for short-term rental coverage average $1,200-$2,400 annually, with many providers like Proper Insurance or CBIZ offering specialized Airbnb policies. Utility setup and deposits for electricity, gas, water, internet, and cable typically cost $300-$600 initially. First six months of operating expenses including utilities ($150-$250/month), cleaning services ($50-$100 per turnover), supplies and maintenance ($100-$200/month), platform fees (3% of bookings), and property management software subscriptions total approximately $2,500-$4,500, assuming moderate occupancy rates of 50-70% during the initial period.

Airbnb properties in Richfield, Ohio typically generate annual revenues between $15,000-$35,000 for entire homes, with average daily rates ranging from $80-$150 depending on property size and amenities. Operating expenses generally consume 40-60% of gross revenue, including cleaning fees ($30-50 per turnover), utilities ($150-300 monthly), property management (10-20% of revenue), insurance ($1,200-2,000 annually), and maintenance costs ($2,000-4,000 yearly). Profit margins typically range from 15-35% after all expenses, with successful properties achieving occupancy rates of 60-75% annually. Success factors in Richfield include proximity to Cuyahoga Valley National Park, which drives weekend and seasonal demand, modern amenities like hot tubs or fire pits, professional photography, and responsive host communication. Properties within 10 miles of the national park and those offering unique experiences like rural retreats or family-friendly spaces tend to outperform urban listings, with some hosts reporting net profits of $8,000-$15,000 annually on well-managed properties purchased specifically for short-term rental investment.

Airbnb investments in Richfield, Ohio typically generate annual ROI of 8-12% with cash-on-cash returns ranging from 6-10%, depending on property type and location within the city. Single-family homes near Cuyahoga Valley National Park and downtown areas tend to perform better, with investors like Vacasa and RedAwning reporting stronger returns in these zones. Properties generally reach profitability within 18-24 months, with initial investment recovery timeframes of 3-4 years for well-positioned rentals. The market benefits from proximity to Cleveland and Akron, driving consistent demand from business travelers and tourists, with companies like Awning and Mashvisor estimating that properly managed properties in Richfield can achieve occupancy rates of 65-75% annually, supporting the 8-12% ROI range when factoring in seasonal fluctuations and operating expenses.

STRSearch is a national platform that specializes in identifying profitable short-term rental properties for investors looking in Richfield, Ohio. Local real estate agents like those at Howard Hanna Real Estate Services and Keller Williams Greater Cleveland Northeast have experience helping investors find Airbnb-suitable properties in the Richfield area since around 2018. National services include Mashvisor, which provides rental property analytics, and AirDNA, offering market data for short-term rentals in Ohio markets since 2015. BiggerPockets connects investors with local agents familiar with Richfield's rental regulations, while Awning provides end-to-end Airbnb investment services including property management. Local property management companies like RedAwning and Vacasa have expanded into the Cleveland suburbs including Richfield around 2019-2020. Real estate investment firms such as Roofstock and Fundrise have also facilitated purchases of rental properties in Ohio markets, and local mortgage brokers like Fairway Independent Mortgage Company assist with investment property financing for Airbnb purchases in the Richfield area.