Cincinnati, Ohio Airbnb Market Data 2026

You're looking at a house in Cincinnati and you want two things settled before you go further: what it would earn on Airbnb, and whether Hamilton County or the city will let you run it at all. Both answers are more specific than the headline numbers suggest, because this market reaches across a state line in two directions, and the rules change every time it does.

The short version on the money is that size decides almost everything here. A one-bedroom in Cincinnati sits at a median of $15,644 a year, while a four-bedroom inside the same city limits sits at $56,206, and no neighborhood choice you make will move a listing that far. The short version on the law is that Cincinnati registers short-term rentals rather than restricting where they go, so the question isn't whether your street allows one. It's whether your building has run out of room.

That building rule catches people out, so let's start there and come back to it properly further down. If the building has four units or fewer, you can run as many of them as you like, and that covers almost every house and duplex in the city. Once it has five or more, Cincinnati caps how many may be registered and hands those slots out first come, first served, so a unit in a larger building can already be unusable for this before you ever make an offer.

How Much Do Cincinnati Airbnbs Earn in 2026?

Across the listings I measured inside the city's own neighborhood boundaries, the median Cincinnati short-term rental brought in $19,606 over the twelve months to August 2026, at a median nightly rate of $185 and a median occupancy of 30.2%, whereas out in the rest of the market, meaning everything from Norwood and Loveland to the Kentucky river towns, the median runs higher at $22,149, on $198 a night and 32.1% occupancy. Just over half of the market's listings, about 57% of them, sit inside the city limits.

A median isn't what the market page shows you, and the difference matters when you're underwriting. The Cincinnati market page reports averages across all the listings it tracks, and averages in this business sit well above medians, since a handful of large, well-run homes drag the mean upward while half the market quietly earns less than the middle listing does. If you want the typical outcome rather than the arithmetic center of gravity, the median is the number to plan on, and everything I've built by hand in this article is a median or a 75th percentile.

So the suburbs beat the city by about $2,500 a year. That's the read most people take from those two numbers, and it's wrong, because the two groups aren't made of the same thing. One-bedrooms make up close to 39% of the listings inside Cincinnati and only about 24% of the listings outside it, while homes of three bedrooms or more run the other way, at roughly 27% inside the city against 46% outside. The city's median is being held down by what's in it, not by where it is.

Control for size and the comparison flips, because inside the city limits a two-bedroom's median is $20,716 against $19,435 outside, a three-bedroom's is $30,866 against $28,318, and a four-bedroom-plus is $56,206 against $41,267. Only the one-bedrooms do better out of town, at $16,287 against $15,644, and the gap there is small enough that I wouldn't buy on it. So if you've been told the money in this market has moved to the suburbs, what you were really being told is that the suburbs have the bigger houses. Here's the whole market cut by bedroom count instead of by geography.

Bedrooms	Median annual revenue	Median nightly rate	Median occupancy	Top quartile revenue
Studio	$14,967	$139	30.6%	$18,280
1 bedroom	$15,776	$145	31.1%	$19,943
2 bedrooms	$19,910	$191	30.0%	$26,197
3 bedrooms	$28,837	$255	31.6%	$37,273
4+ bedrooms	$46,320	$434	32.3%	$67,448

Medians of individual active listings across the Cincinnati market, twelve months to August 2026, from BNBCalc market data, where the top-quartile column is the 75th percentile of annual revenue within each group.

Two things jump out of that table. The first is that occupancy barely moves with size, sitting between 30% and 32.3% at every bedroom count, so the revenue ladder is built almost entirely out of nightly rate. A four-bedroom charges nearly three times what a one-bedroom charges and fills roughly the same share of its calendar. The second is the width of the top quartile at the large end, since the best quarter of four-bedroom-plus listings clear $67,448, which is about $21,000 above their own median and more than four times the median one-bedroom. If you're going to stretch your budget anywhere in this market, stretch it on bedrooms.

Keep in mind that the ladder cuts both ways. A studio or a one-bedroom in Cincinnati is a $15,000-a-year asset at the median, and while that can still work against a cheap purchase price, it leaves you very little room between a soft winter and a bad year. Put two of those side by side and the arithmetic gets uncomfortable fast: you'd need three median one-bedrooms, three registrations, three cleaning schedules and three sets of guest messages to match what one median four-bedroom does on its own. Small units have their place in this market, mostly as a cheap way to learn the job, though I'd want the purchase price to be genuinely cheap before I took that trade.

None of that means the ceiling is low on a small unit. Kennedy Heights runs a median nightly rate of $340 on 25% occupancy, which is a neighborhood full of homes that charge like a hotel and sit empty three weeks a month, while Madisonville earns almost the same annual figure on $134 a night by filling 40% of its calendar. Two completely different businesses, roughly the same revenue, and the one you'd rather own depends on whether your costs scale with nights sold or with owning the house.

Is the Cincinnati Airbnb Market Oversaturated?

Mildly, and only just. The market added listings over the past year while occupancy slipped, which is the classic crowding signal, but the slip is about one percent and nightly rates went up roughly 20% over the same stretch. That's a market absorbing new supply rather than choking on it.

Measure	January to August 2026 against the same months of 2025
Active listings	up about 4%
Occupancy	down about 1%
Nightly rate	up about 20%
Booking lead time	up about 16%

Market-wide figures for every listing measured in the Cincinnati market. Each measure is averaged on its own, so they won't multiply together into an annual revenue figure. The window runs January to August 2026 against January to August 2025, because Cincinnati's stored history changes definition at the start of 2025 and a full twelve-month baseline would straddle that break.

One warning about monthly supply, since it's the number people misread most often. The count of active listings in this market steps up between April and May 2026 by about 4.6%, and that step is an artifact of how the history was loaded rather than a wave of new hosts arriving in the spring. Don't build a "the market grew this spring" story on it, and don't let a single month's jump talk you into or out of a purchase.

What the year-long picture does support is a simple operating read. Competition for the same guest is slightly stiffer than it was, yet hosts here are getting paid materially more per night, and the booking window has widened by about 16%, so guests now commit to a date further out than they once did. A longer lead time is a gift if you price early and a trap if you sit on an empty calendar waiting for last-minute demand that arrives thinner than it once did.

The nightly rate doing that much of the work is worth pausing on, because it changes how you should read any older number you've been handed. A listing analysis built on 2025 pricing understates what the same house charges today by roughly a fifth, so an estimate you were given last spring is already stale in your favor. Meanwhile the price of the houses themselves moved about 2% across those same twelve months, and a gap like that quietly improves a deal: you're paying close to last year's price for a home that charges this year's rate. Make sure to check both sides of that before you celebrate, though, since a market can raise rates for a year without raising them again.

If you want a genuine saturation check on a specific street rather than a market-wide one, look at the occupancy of listings that match yours in size and quality, and look again every few months. Market averages tell you about the market. Your block tells you about your block.

When Is Cincinnati's Peak Airbnb Season?

Summer, and it isn't close. July is the strongest month of the year on both counts, at 51.0% occupancy and a $279 median nightly rate, with June close behind at 49.8% and $238. Then the calendar falls away through autumn and lands hard in the new year: January and February sit at 28.1% and 27.2% occupancy, on $164 and $169 a night.

Month	Occupancy	Nightly rate
September 2025	37.6%	$201
October 2025	42.4%	$222
November 2025	36.4%	$205
December 2025	33.2%	$195
January 2026	28.1%	$164
February 2026	27.2%	$169
March 2026	36.1%	$191
April 2026	42.5%	$207
May 2026	45.1%	$235
June 2026	49.8%	$238
July 2026	51.0%	$279
August 2026	43.3%	$236

Market-wide monthly occupancy and nightly rate, Cincinnati market. Cincinnati's stored monthly history was reloaded partway through this window, so I'd treat a gap of a few points between a month before May 2026 and one after it as noise rather than a ranking. Nightly rates aren't affected by that.

October is the month worth noticing, because it holds up on rate when the weather has already turned. At $222 a night it prices above April and well above March, which tells you the autumn demand here isn't leisure travel chasing warm weather. Whatever is filling those weeks will pay close to summer money in a month when your heating bill has already started climbing, so don't discount October the way you'd discount March.

Guests here book the weekend and mostly leave the weekdays alone. The two weekend nights price about 23% above the weekly average and fill far more of themselves than any weeknight does, while the softest night of all falls early in the week, priced about a tenth below the weekly average and filling about a quarter fewer of its nights. That shape rewards a two-night weekend minimum in the summer and punishes it in February, when you'll want the midweek business traveler more than you want a clean turnover schedule.

The booking window moves with the season too, and it moves a long way. In January a typical Cincinnati reservation lands about 24 days before arrival, while in July it lands about 43 days out, which is nearly three weeks of extra warning. Practically, that means your summer is decided in spring: by the time June arrives, the guests who were going to plan ahead have already booked, and what's left is the thin end of the demand. If you only touch your pricing twice a year, touch it in March and again in September.

The winter floor is the part to underwrite against, because two consecutive months under 30% occupancy at the market's lowest nightly rates isn't a soft patch. It's a quarter of the year where a mortgage still arrives and the calendar doesn't help you, which is why I'd rather own a property that covers its costs on a July at 51% than one that needs a February at 40% to work. Run your worst case on January and February as they actually printed, not on a twelve-month average that hides them.

Where Should You Buy an Airbnb in Cincinnati?

Inside the city, the east side runs the table. Hyde Park leads on median revenue, Oakley follows, and Evanston sits third with a top quartile far above its own middle, which usually means a handful of larger homes doing very well in a neighborhood of smaller ones.

Neighborhood	Median annual revenue	Median nightly rate	Median occupancy	Top quartile revenue
Hyde Park	$36,233	$280	33%	$46,578
Oakley	$30,733	$218	33%	$38,383
Evanston	$28,903	$221	34%	$49,670
Madisonville	$24,785	$134	40%	$31,180
Walnut Hills	$24,387	$200	39%	$52,951
Kennedy Heights	$24,172	$340	25%	$37,131
East Walnut Hills	$22,609	$207	30%	$32,219
East Price Hill	$20,771	$178	25%	$23,102
Pendleton	$20,554	$172	30%	$31,109
Over-the-Rhine	$19,516	$184	29%	$27,690
Avondale	$19,458	$175	33%	$25,405
Mt. Adams	$19,033	$182	28%	$42,272
Mt. Auburn	$18,880	$164	31%	$29,683
Clifton Heights / University Heights / Fairview	$18,794	$195	29%	$35,674
Pleasant Ridge	$18,656	$181	34%	$41,755
West End	$18,512	$180	28%	$20,509
Clifton	$18,052	$145	30%	$22,623
Downtown	$17,821	$184	30%	$23,252
Northside	$15,478	$147	31%	$21,264
Corryville	$14,287	$132	30%	$16,241
Westwood	$13,409	$167	29%	$28,022
Mt. Airy	$11,202	$126	28%	$15,694

Medians of individual active listings, twelve months to August 2026, grouped by the City of Cincinnati's own Statistical Neighborhood Approximation boundaries, where neighborhoods too thin to measure reliably are left out and the thinnest rows that remain will move between refreshes.

Over-the-Rhine is the interesting entry, and probably not in the way you expected. It's the neighborhood everyone names first, no other part of the city carries as many listings, and it sits tenth on median revenue at $19,516. That isn't a knock on the area so much as a description of what's in it: mostly one-bedroom and studio conversions, competing with each other, in a district where professional outfits hold a large share of the listings. The typical Hyde Park listing earns nearly twice what the typical Over-the-Rhine one does, and you'll be pricing against fewer people who do this full time.

Still, if the budget is tight, Madisonville and Walnut Hills are the two rows I'd look at hardest, since both clear $24,000 at the median while getting there in opposite ways. Madisonville does it on the lowest nightly rate in the top ten paired with the highest occupancy in the city at 40%, whereas Walnut Hills carries a top quartile of $52,951, more than double its own median. A spread that wide says the ceiling in that neighborhood is set by the property rather than the postcode.

Now step outside the city line, where the strongest municipalities aren't in Ohio at all.

Municipality	State	Median annual revenue	Median nightly rate	Median occupancy	Top quartile revenue
Walton	KY	$29,954	$248	36%	$41,632
Dayton	KY	$26,001	$201	33%	$38,148
Covington	KY	$24,668	$208	33%	$36,846
Reading	OH	$24,492	$235	25%	$31,335
Loveland	OH	$21,574	$166	40%	$23,837
Highland Heights	KY	$21,549	$152	40%	$24,145
Cincinnati	OH	$19,664	$185	30%	$30,739
Milford	OH	$18,621	$177	32%	$31,093
Ludlow	KY	$18,132	$142	33%	$28,536
Norwood	OH	$17,373	$126	39%	$20,326
Newport	KY	$16,631	$158	30%	$20,419
Bellevue	KY	$15,657	$136	33%	$17,691

Medians of individual active listings, twelve months to August 2026, grouped by Census place boundaries rather than by the city's own neighborhood map, so this table and the neighborhood one measure different geographies and shouldn't be merged into a single ranking. Places too thin to measure reliably are excluded.

Kentucky holds about 19% of this market's listings and posts a median of $23,725 against Ohio's $20,155, on higher occupancy too, at 33.2% against 30.5%. Part of that is Boone and Kenton counties holding bigger homes than the city does, and part of it is that the Kentucky riverfront towns look straight back at the Cincinnati skyline while charging suburban prices for a house. Whichever way you weigh those, the river is the most profitable boundary in this market, and it's also a legal border, which the next section gets into.

By county the ordering says the same thing. Boone County, Kentucky leads at a median of $31,282, and its median listing is a three-bedroom. Kenton County follows at $23,866 and Clermont County on the Ohio side comes in at $23,310, while Hamilton County sits at $19,730 despite holding roughly 69% of everything in this market. Read that beside the bedroom table and it's the same story once more: the counties that lead are the ones where the typical listing is a house rather than an apartment.

What I'd take from both tables is that the decision isn't really city against suburb. It's whether you want the operational simplicity of a smaller unit in a dense neighborhood where guests already know to look, or the revenue of a larger home in a place where you'll have to earn the bookings through photographs and reviews. Walton and Loveland both reach 36% and 40% occupancy at the median, so the demand out there is real, but they're thin rows and I'd treat their exact ordering as indicative rather than settled.

If you want the neighborhood-by-neighborhood case rather than the numbers, our guide to the best Cincinnati neighborhoods for an Airbnb makes it property by property.

Which Amenities Make the Most Money in Cincinnati?

A hot tub, and it isn't the amenity the market-wide figure points at. Pooled across every listing, a pool is worth about 20% more revenue in Cincinnati, and that number is true but nearly useless, because a pool is a four-bedroom-house amenity, and this market runs to far smaller homes than that.

Split it by bedroom count and the picture reorganises itself:

Listing size	Top amenity	Revenue lift
1 bedroom	Hot tub	+21%
2 bedrooms	Hot tub	+27%
3 bedrooms	Hot tub	+16%
4+ bedrooms	Pool	+22%

Amenity revenue impact from BNBCalc market data, measured per bedroom count rather than pooled, as of September 2026.

Hot tubs come out on top at one, two and three bedrooms, which between them make up the large majority of this market, and the effect peaks at the two-bedroom size with a 27% lift. That's the single highest amenity figure anywhere in the Cincinnati data, and it's invisible in the pooled number. If you're fitting out a two-bedroom in Northside or a three-bedroom in Pleasant Ridge, the hot tub is where the first few thousand dollars of your setup budget should go, well before you think about anything bigger.

Only at four bedrooms and up does the pool take over, at 22%, which fits a market whose summer runs hot and whose large homes are the ones with the yards to put one in. BNBCalc also tracks measurable revenue signals for parking, internet, bicycles, a sauna, lake access and letting guests bring a pet, though the values for those sit behind a Markets subscription instead of appearing publicly, so I won't guess at them here.

Is Airbnb Legal in Cincinnati?

Yes, and the city is genuinely straightforward about it. Cincinnati won't ask you to live on site, doesn't confine short-term rentals to particular districts, and doesn't inspect the unit before approving you. What it does require is registration, and Municipal Code Chapter 856 makes that the thing you do before you take a single booking rather than after.

Here's what the city asks for, as of September 2026. Registration costs $250 per unit, runs for three years, and can't be transferred with the property, so a sale resets the clock for the buyer. You certify that the unit meets building, zoning, housing and fire codes rather than proving it through an inspection. You carry liability insurance, and coverage bundled with your hosting platform counts. You name a responsible person whose home or office is within fifty miles of the property and who can actually turn up when something goes wrong, which can be you if you live nearby. After approval, the city wants your registration number printed on every listing you run, plus a copy of it hanging inside the unit beside a city-issued advisory.

Then comes the rule that decides purchases. Chapter 856 caps how many units in one building may operate as short-term rentals, and the city's own rules work the arithmetic out like this:

Dwelling units in the building	Short-term rental registrations allowed
4 or fewer	No limit
5	4
10	5
15	6
19	7
23	8
More than 23	Ask the Treasury Division

Registrations go first applied, first approved, so in a building near its ceiling the question isn't whether you qualify but whether anyone got there before you. Make sure to ask that before you sign anything on a condo or an apartment unit, because nothing about the listing or the seller will tell you. Buildings that were already running short-term rentals before January 2019 keep their higher count if the formula would now allow fewer, and a unit receiving affordable housing grants or credits can't be registered at all.

Then there's the tax. Chapter 315 puts a 7% short-term rental excise tax on gross earnings, and gross earnings here means the nightly rate plus the cleaning fee, the service fee, cancellation fees and anything else you charge. Airbnb has collected it and paid it to the city under a voluntary agreement since October 2019, and the city's own rules say plainly that on those bookings the guest pays it at the time of booking rather than the host. Book through anything else and you work it out and pay it yourself, quarterly, by the last day of the month after each quarter closes. Every registered operator files a quarterly return either way, even when a platform has already handled the money. If you pay late, you'll owe a 10% penalty plus 1% interest a month, and the city can add 25% if it decides a shortfall was fraud.

State and county taxes mostly pass this market by, and the reason is a definition. Ohio's Revised Code treats lodging as taxable when it's furnished by a "hotel", which section 5739.01 defines as an establishment with five or more rooms used for guests, and the county lodging tax that section 5739.09 authorises hangs off that same word. A single house or condo doesn't reach five guest rooms, so those layers generally don't land on it. If your property is bigger than that, or you're running several of them, our Ohio short-term rental tax guide sets out what you'd file.

Enforcement runs on complaints rather than patrols. Operating without a registration is a $300 civil offense on day one and $750 for each day after the city notifies you, leaving the registration number off a listing draws $75 a day, and a revoked registration keeps that property out of the business for twelve months while also barring the operator behind it from registering anything new during the same period. A suspension is the gentler version: fix the problem, pay a $100 reinstatement fee, and you're back, although you can't renew a registration while it's suspended. Either way you have thirty days to appeal to the city's Office of Administrative Hearings, and appealing doesn't pause the suspension while you wait.

There's one last thing to settle before you make an offer, and it turns up in the wrong order surprisingly often. A registration belongs to the unit and the operator together and can't be handed over, so buying a running short-term rental does not buy you its registration. You apply as a new operator, you pay the $250, and the city has thirty days to answer. Build that gap into your closing plans rather than discovering it with a calendar full of bookings you can't legally host.

Cross the river and none of the above applies. Kentucky's cities write their own rules, and Covington's are far tighter than Cincinnati's: its ordinance, as amended in May 2024, holds the entire city to 150 active non-host-occupied licenses at any one time, sets separate caps neighborhood by neighborhood with generally no more than one per block face, bans them outright in at least one neighborhood, and charges $500 for a first license and $250 to renew it every year. Licenses there are a genuinely scarce thing rather than a formality, so check what's left before you fall for a house in Mainstrasse. Our Kentucky short-term rental guide covers the statewide picture, and for the Ohio side, the full detail on registration, renewals and appeals sits in our Cincinnati regulation guide.

Where Do These Cincinnati Airbnb Numbers Come From?

Ordinances are that guide's beat. The earnings, by contrast, were all measured in BNBCalc Markets, which sits a level above any single property inside BNBCalc, and is where a market gets judged before an address does. Markets reports what homes sell for at each bedroom count beside what homes of that size take in, and that's the pairing I'd open first for a place like this one, because the whole argument here is that extra bedrooms pay. What they cost to buy is the other half of it.

How Do You Estimate Airbnb Revenue for a Cincinnati Property?

Start from the bedroom count, since nothing else in this market moves the outcome as far, and take the median for that size on the right side of the city line. A three-bedroom inside Cincinnati starts at $30,866, while the same house in the suburbs starts at $28,318. That's your base, before you know anything else about the property.

Then adjust it against the neighborhood row. If the house is in Hyde Park or Oakley, the whole distribution around it sits higher than the city median, so nudge the base up. If it's in Corryville or Mt. Airy, nudge it down and be honest about it. What you shouldn't do is take the neighborhood median as the answer for your specific house, since those rows blend every size together, and a four-bedroom in a neighborhood of one-bedroom conversions will beat its row comfortably.

Next, decide which end of the range you're underwriting. The top-quartile column is what a well-run listing of that size achieves rather than a stretch goal, and the gap between it and the median is roughly what good operating is worth in this market, which for four-bedroom-plus homes runs about $21,000 a year. I'd underwrite on the median, model the top quartile as the upside case, and never sign on the strength of a number I couldn't hit in a February.

Run through it once with a real shape and it takes about a minute. Say you're looking at a three-bedroom in Pleasant Ridge. Your base is the in-city three-bedroom median of $30,866, and Pleasant Ridge's own median sits below the city's middle at $18,656, which tells you the neighborhood is full of smaller places rather than that your house will earn $18,656. So keep the base, trim it slightly for an area that prices at $181 a night rather than Hyde Park's $280, and call it high twenties. Then check the calendar shape: about 34% occupancy in that neighborhood against 30% citywide, so the trim comes off the rate rather than off the nights. You'd model something like $28,000 as the plan, $41,755 as the good year, and the winter months at a third of the calendar rather than a half.

If the property has a hot tub already, or room for one, add the amenity figure for its size on top. If it doesn't, budget for one before you budget for anything else, because in this market that's the cheapest revenue you'll ever buy.

Last, cost the things the revenue line doesn't include: the $250 registration, insurance that a platform policy may or may not fully cover, and a cleaning schedule built for a busy summer and a thin winter. The occupancy figures in this article already reflect how full listings actually run, so don't layer an optimism factor on top of a number that was measured rather than projected. If you want to see how Cincinnati sits against the rest of the state before you settle on it, our ranking of the best Airbnb markets in Ohio by gross yield sets each market's earnings against what property costs there.

Frequently Asked Questions

Do you need a license to run an Airbnb in Cincinnati?

You need a short-term rental registration from the City of Cincinnati, issued under Municipal Code Chapter 856. It costs $250 per unit, lasts three years, and must be in place before the unit is held out for rent. There's no owner-occupancy requirement and no pre-approval inspection, though your registration number does belong on every listing you run.

How much does a 2-bedroom Airbnb make in Cincinnati?

The median two-bedroom in the Cincinnati market brought in $19,910 over the twelve months to August 2026, at a $191 median nightly rate and 30% occupancy. Inside the city limits the median is a little higher at $20,716, and the top quarter of two-bedrooms across the market clear $26,197.

Which Cincinnati neighborhood earns the most on Airbnb?

Hyde Park, at a median of $36,233 a year on a $280 nightly rate, followed by Oakley at $30,733 and Evanston at $28,903. Over-the-Rhine, the city's densest cluster of listings, sits tenth at $19,516, largely because its stock skews to studios and one-bedrooms.

What is the occupancy rate for Airbnbs in Cincinnati?

The median listing filled 30.2% of its nights inside the city and 32.1% across the rest of the market over the twelve months to August 2026. Occupancy peaks in July at 51.0% market-wide and bottoms out in February at 27.2%.

Does Airbnb collect Cincinnati's short-term rental tax?

Yes. Airbnb has collected and remitted the city's 7% short-term rental excise tax under a voluntary agreement since October 2019, and the city's rules state that the guest pays it at the time of booking. Bookings taken on other platforms leave the calculation and the quarterly filing to the operator.

What does it cost to start an Airbnb in Cincinnati?

The city's own charges are small: $250 for a three-year registration per unit, the same $250 to renew it, and a $100 reinstatement fee if a registration is ever suspended and then put right. Everything else is the property itself, the furnishing, liability insurance where a platform policy doesn't cover you, and the 7% excise tax that a platform may already be collecting from your guests.

Are short-term rentals allowed across the river in Covington, Kentucky?

Yes, under a separate city license, and the rules are tighter than Cincinnati's. Covington's ordinance, as amended in May 2024, holds the whole city to 150 active non-host-occupied licenses at any time, applies caps neighborhood by neighborhood with generally one per block face, prohibits them in at least one neighborhood, and charges $500 for the first license and $250 to renew annually.

Can you run a short-term rental in a Cincinnati apartment building?

Sometimes. Buildings with four or fewer dwelling units have no cap, while buildings of five or more are limited to four registrations plus one for every four additional units, and a 23-unit building tops out at eight. Registrations are approved in the order they're applied for, so the cap can already be full when you buy.

Everything above is a measurement of what has already happened, which is the only honest basis for a forecast and still not a forecast. Markets move, ordinances get amended, and the building you're looking at has particulars no median can see. What travels beyond Cincinnati is the habit underneath the analysis: find the variable that moves the outcome most, check whether the comparison you're making is really comparing like with like, and put your money behind the one you can verify rather than the one that tells the better story.