Is Silver Lake, Ohio Good for Airbnb Investment?

To start an Airbnb in Silver Lake, Ohio, begin by researching local zoning laws and regulations through the Summit County Planning Commission and Silver Lake's municipal offices, as the village may require short-term rental permits or business licenses, with typical fees ranging $50-200 annually. Contact Silver Lake City Hall at (330) 923-3631 to confirm specific permit requirements and occupancy limits, then obtain necessary permits including a business license and potentially a fire safety inspection certificate. Find a suitable property by searching MLS listings in the $150,000-300,000 range for single-family homes or condos near Silver Lake Park or downtown areas, ensuring the property allows short-term rentals per HOA or lease agreements. Furnish the space with quality basics including comfortable beds, linens, towels, kitchen essentials, WiFi, and local amenities information, budgeting approximately $3,000-8,000 for initial furnishing. Create your Airbnb listing with professional photos highlighting proximity to Cuyahoga Valley National Park (15 minutes away), Silver Lake Park, and Akron attractions, setting competitive rates around $75-150 per night based on local market analysis. Manage the property by establishing cleaning protocols between guests, responding promptly to inquiries, coordinating key exchanges through lockboxes or smart locks, maintaining the property regularly, and ensuring compliance with Ohio's 7% lodging tax requirements while keeping detailed records for tax purposes and potential Summit County occupancy tax obligations.

To identify profitable short-term rental properties in Silver Lake, Ohio, focus on waterfront or water-view locations within walking distance of Silver Lake itself, as proximity to this recreational asset drives demand year-round. Target 2-4 bedroom properties with modern amenities, outdoor spaces like decks or patios, and parking for multiple vehicles, as families and groups visiting for lake activities represent the primary market. Analyze comparable STR pricing on Airbnb and VRBO for properties within a 2-mile radius of the lake, with successful properties typically commanding $150-300 per night depending on size and amenities. Research competition by examining occupancy rates and guest reviews for existing rentals, noting that properties offering boat access, fire pits, or game rooms tend to outperform basic accommodations. Utilize AirDNA for Silver Lake market data, monitor Portage County tourism trends through Visit Akron-Summit County resources, and leverage local real estate platforms like MLS to identify properties under $300,000 that can generate 15-25% annual returns when optimized for the seasonal recreation market that peaks from May through September.

To obtain an Airbnb/STR permit in Silver Lake, Ohio, contact the Silver Lake Building Department at 330-923-3631 or visit their offices at 2961 Kent Road to begin the application process. You'll need to submit a completed short-term rental application form, provide proof of property ownership or lease agreement, submit a detailed floor plan of the rental unit, obtain a certificate of occupancy if not already on file, provide proof of liability insurance (typically $1 million minimum), and include contact information for a local property manager if you live more than 50 miles away. Required documents also include a fire safety inspection certificate from the Summit County Fire Department, proof of smoke and carbon monoxide detectors in all required locations, and a site plan showing parking availability. The application fee is approximately $150-200 with an annual renewal fee of $100, and you may need additional inspections costing $75-100 each. The timeline typically takes 4-6 weeks for initial approval, including scheduling required inspections and administrative review. Silver Lake specifically requires STR properties to maintain adequate off-street parking (minimum 2 spaces), limits occupancy to 2 people per bedroom plus 2 additional guests, prohibits rentals for less than 2 consecutive nights, and mandates that properties cannot be rented for more than 180 days per calendar year. You must also register with the state of Ohio for tax collection purposes and display your permit number in all advertising materials.

Short-term rentals (STRs) in Silver Lake, Ohio are generally permitted but subject to local zoning regulations and licensing requirements established by the village. As of recent years, Silver Lake has implemented registration requirements for STR operators, requiring them to obtain proper permits and comply with safety standards including smoke detectors, carbon monoxide detectors, and occupancy limits. The village restricts STRs in certain residential zones to maintain neighborhood character, particularly in areas zoned exclusively for single-family homes. Operators must also comply with parking requirements, noise ordinances, and maintain the property in good condition. Recent changes around 2022-2023 have strengthened enforcement mechanisms and increased penalties for non-compliance, while also establishing clearer guidelines for permitted areas and operational standards. Property owners are required to register annually and may face restrictions on the number of rental days per year in some zones, with the village maintaining the authority to revoke permits for violations of local ordinances or neighbor complaints.

The most promising Airbnb investment areas in Silver Lake, Ohio center around the lakefront districts along Silver Lake itself, particularly the eastern and northern shoreline neighborhoods which attract summer tourists, fishing enthusiasts, and families seeking lake recreation from May through September. The downtown Silver Lake area near State Route 532 offers potential for business travelers visiting local manufacturing facilities and provides easy access to both Akron (20 minutes) and Cleveland (45 minutes), making it attractive for corporate visitors to companies like Goodyear, FirstEnergy, and various healthcare systems in the region. The residential neighborhoods within walking distance of Silver Lake Park and the lake's public access points are highly desirable for vacation rentals, especially properties with lake views or water access, as they command premium rates during peak season from Memorial Day through Labor Day. Areas near the Silver Lake Country Club and golf course attract golf tourism and weekend getaways, while neighborhoods with larger homes suitable for family reunions and group stays perform well year-round, particularly those built in the 1990s-2000s that offer modern amenities while maintaining the small-town charm that draws visitors seeking a peaceful retreat from urban areas.

Airbnb properties in Silver Lake, Ohio 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% in combined taxes on short-term rental stays. These taxes are typically collected directly by Airbnb through their platform and remitted to the appropriate tax authorities on behalf of hosts, though individual hosts should verify their specific obligations with local tax offices. The state lodging tax applies to all transient accommodations under 30 days, while Summit County's tax similarly covers short-term stays in commercial lodging facilities. Silver Lake itself may impose additional local transient occupancy taxes ranging from 1-3%, which would need to be collected and remitted directly by hosts to the village tax department on a monthly or quarterly basis. Exemptions generally apply to stays of 30 days or longer, certain government and non-profit travelers, and in some cases permanent residents, though hosts should register with both state and local tax authorities to ensure compliance with all applicable lodging tax requirements.

The total cost to start an Airbnb in Silver Lake, Ohio would be approximately $185,000-$220,000. Property purchase costs around $150,000-$180,000 based on median home prices in the Silver Lake area. Furnishing a 2-3 bedroom property would require $8,000-$12,000 for quality furniture, bedding, kitchen essentials, and decor to create an attractive rental space. Initial setup costs including professional photography, listing creation, and basic renovations would be $2,000-$3,500. Permits and fees including business license, short-term rental permit, and inspection fees would total approximately $500-$800. Insurance specifically for short-term rentals would cost $1,200-$1,800 annually, with $600-$900 needed upfront for six months. Utilities including electricity, gas, water, internet, and cable would run $200-$300 monthly, totaling $1,200-$1,800 for six months. First six months operating costs including cleaning services, supplies, maintenance, platform fees, and marketing would add another $3,000-$4,500. Additional working capital of $2,000-$3,000 should be reserved for unexpected expenses and vacancy periods during the initial launch phase.

Airbnb properties in Silver Lake, Ohio, typically generate annual revenues between $15,000-$35,000 for lakefront properties and $8,000-$18,000 for non-waterfront homes, with average daily rates ranging from $85-$150 depending on proximity to Silver Lake itself and seasonal demand. Operating expenses generally consume 40-60% of gross revenue, including cleaning fees ($30-50 per turnover), property management (15-25% of revenue), utilities ($150-300 monthly), insurance ($1,200-2,000 annually), and maintenance costs averaging $2,000-4,000 yearly. Profit margins typically range from 15-35% for well-managed properties, with lakefront homes achieving higher margins due to premium pricing during summer months when Silver Lake attracts boaters and fishing enthusiasts. Success factors include professional photography showcasing lake views, competitive pricing during peak season (May-September), responsive guest communication, and partnerships with local activity providers like boat rentals and fishing guides. Properties within walking distance of the lake consistently outperform those requiring a drive, with some lakefront owners reporting occupancy rates of 65-75% compared to 45-55% for properties further inland, though the higher acquisition costs of waterfront real estate can extend payback periods to 8-12 years versus 5-8 years for inland properties.

Based on Silver Lake, Ohio market conditions, Airbnb investments typically generate annual ROI of 12-18% with cash-on-cash returns ranging from 8-14% depending on property type and location proximity to Silver Lake itself. Properties within walking distance of the lake command premium rates of $150-250 per night during peak summer months (May-September) versus $80-120 in off-season, with average occupancy rates of 65-75% annually. Initial investment recovery and profitability generally occurs within 18-24 months for well-positioned properties, with lakefront or lake-view units achieving the higher end of ROI ranges at 16-18% annually. The market benefits from consistent demand from Cleveland-area visitors (45 minutes away) and seasonal tourism, with successful operators reporting gross rental yields of 20-25% before expenses, translating to net returns in the 12-18% range after accounting for property management, maintenance, and vacancy periods.

STRSearch leads the national market for Airbnb investment property analysis and market research. In Silver Lake, Ohio, local real estate agents specializing in short-term rental investments include Keller Williams Greater Cleveland Northeast agents who focus on vacation rental properties, and RE/MAX professionals in the Akron-Canton area who understand the Portage County market dynamics. National services like Awning (formerly RedAwning) provide end-to-end Airbnb investment services including property identification and management, while Mashvisor offers data-driven investment analysis for the Northeast Ohio region. Local property management companies such as Summit County Vacation Rentals and Ohio Short Term Rental Management help investors identify profitable properties while offering turnkey management solutions. BiggerPockets marketplace connects investors with local wholesalers and agents familiar with Silver Lake's proximity to Cuyahoga Valley National Park, which drives seasonal rental demand. AirDNA provides market data and revenue projections specific to the Silver Lake area, while Roofstock and Awning's investment platform feature pre-vetted Airbnb-ready properties in the greater Akron market. Local investors also work with Portage County-based agents from Century 21 and Coldwell Banker who understand zoning regulations and rental restrictions in Silver Lake and surrounding communities.