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By Robin Simon, President, Harpoon Capital · About · LinkedIn · Author, The Book on DSCR Loans (Available on Amazon)
While Ohio rarely makes a list of glamorous real estate markets, it keeps landing on the shortlist of investors who care more about “rent-to-price ratios” than skylines, and the six markets below show why: a capital-city growth story in Columbus, a corporate-headquarters economy in Cincinnati, a Hall of Fame town in Canton, an Air Force hub in Dayton, one of the lowest entry prices in this entire series in Cleveland, and the cabin country of Hocking Hills. Home prices run from roughly $121,000 in Cleveland to about $271,000 around Logan in Hocking Hills (Zillow, June 2026), and rent-to-price ratios climb as prices fall, which is exactly the trade-off “cash flow” investors tend to be shopping for. Investors buying here typically finance with Ohio DSCR loans, which are qualified primarily based on the property rather than the borrower's personal income.
This breakdown uses market data collected as of September 2026, the most current snapshot available heading into next year's buying season. If you're evaluating a purchase in the final months of 2026, keep in mind that your first full year of rental income, appreciation, or short-term rental revenue lands in 2027 regardless of when you close. A deal you underwrite today is already a 2027 investing decision, just one made with the freshest data available right now.
Ohio has no statewide short-term rental license, so the rules are written city by city (i.e. a rental that is perfectly legal in one town may need a registration in the next). State sales tax of 5.75% applies to short-term stays, county lodging taxes typically add 3% to 6%, and Cuyahoga County layers a 5.5% lodging tax on top in Cleveland. Columbus and Cincinnati both require registration, Cleveland requires an annual registration with a per-unit fee, and the cabin counties around Hocking Hills stay comparatively light, which is a big part of why cabin investors have gravitated there. For a full rundown, see BNBCalc's guide to Ohio STR rules.
One pattern shows up across the five city markets in Redfin's data: the cheaper the market, the hotter it runs. Canton scores 82 out of 100 on Redfin's “Compete Score,” Cleveland 74 and Dayton 71, while the pricier Columbus (66) and Cincinnati (58) are the most relaxed, which suggests that investors hunting for cash flow are already crowding into the cheapest markets and that buyers in the big metros still have some room to negotiate.
Below, we break down six Ohio markets worth watching, using current data from Zillow, Redfin, BiggerPockets, and AirDNA.
Note: Home price appreciation and rent-growth figures below come from Zillow's Home Value Index (ZHVI), Redfin's median sale price data, and BiggerPockets' Market Finder, which use different methodologies and can vary from one another. We've cited both where available so you can compare. BiggerPockets figures describe each metro, while Zillow and Redfin figures describe the city itself, which is why they can differ sharply (Cleveland most of all). Hocking Hills has no standalone BiggerPockets page, so that section relies on Zillow's Logan data, Redfin's Hocking County data, AirDNA and direct research.
Capital-city cash flow, with a registration requirement to plan around
Columbus is Ohio's capital and its largest city, and it's the one market in this article where state government, a major research university and a deep corporate base all share the same zip codes, a combination that usually keeps rental demand steady in good years and bad.
Ohio State University, state government, Nationwide, JPMorgan Chase and Honda give Columbus a diversified job base (and BiggerPockets' 1.11% population growth is the fastest of the five city markets), i.e. an economy that does not rise or fall on a single industry, and the rental demand that follows from students and state workers tends to be steady. While the long-term rental fundamentals are the easier part of the story, the short-term side has real moving parts: Columbus generally requires an STR permit for stays under 30 nights, renewed annually, and hosts must also collect the city's “excise tax” on top of state sales tax. BNBCalc currently rates Columbus's rules as moderate with very light enforcement. However, that describes the present, not a promise about the future, so underwrite as though the rules will be checked. Redfin's migration data, which tracks home searches rather than actual moves, shows Cleveland as the top source of homebuyers searching to move into Columbus, and Cincinnati and Dayton as the top destinations for Columbus buyers, a loop that ties three of this article's markets together.
Columbus posts an AirDNA score of 98/100, with Rental Demand (90) and Revenue Growth (91) in excellent shape and a Seasonality score of 86, though Investability (77) is more middling. Annual revenue per listing averages $35,706 (up 8.3% year-over-year), with an average daily rate of $166.34 (up 2.5%) and occupancy of 65% (up 6.3%). Total active listings sit at 4,004, unchanged over the past year, so revenue and occupancy are climbing on a flat supply base.
Financing note: Harpoon Capital offers industry leading DSCR Loans for properties in Columbus and all throughout the market area. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Zillow Home Value Index↗ · Redfin Housing Market↗ · BiggerPockets Market Finder↗ · BNBCalc Ohio STR Guide↗ · AirDNA↗
Investor Takeaway: Columbus is arguably the most balanced market in this article, with enough jobs, students and state payroll to support a long-term rental on its own and AirDNA numbers (65% occupancy, revenue up 8.3%) that make the short-term case credible. Investors layering a short-term strategy on top should confirm that the address clears the city's permit rules first, and treat the STR income as a bonus rather than the whole business plan!
Fortune 500 fundamentals at fair prices
On Zillow's numbers, Cincinnati prices out almost exactly where Columbus does, but its economy rests on a different set of pillars, and that difference is the main reason an investor might choose one over the other.
Procter & Gamble, Kroger, Fifth Third, Cincinnati Children's and TriHealth anchor an economy of consumer brands and healthcare, i.e. industries that tend to hold up when the broader economy wobbles, while the University of Cincinnati adds a steady renter base near campus. On the short-term rental side, Cincinnati generally asks operators to register and charges a 7% short-term rental excise tax on stays of 29 nights or fewer, though BNBCalc rates the city's overall approach as “lenient.” Note that rules and rates change, so confirm both against the city's current ordinance before you close.
Cincinnati posts an AirDNA score of 91/100, with a Rental Demand score of 84 and a Seasonality score of 78, though Investability (79) is more middling. Annual revenue per listing averages $32,163 (up 4.1% year-over-year), with an average daily rate of $167.48 (up 4.9%) and occupancy of 58% (up 0.1%). Total active listings sit at 3,576, essentially flat over the past year. The airport and Covington, across the river in Kentucky, lead the submarkets with scores of 98 and 97.
Financing note: Harpoon Capital offers industry leading DSCR Loans for properties in Cincinnati and all throughout the market area. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Zillow Home Value Index↗ · Redfin Housing Market↗ · BiggerPockets Market Finder↗ · BNBCalc Ohio STR Guide↗ · AirDNA↗
Investor Takeaway: Cincinnati and Columbus price within a few percent of each other on Zillow's numbers (BiggerPockets has Columbus about 16% higher), so the deciding variable is the kind of economy you want to own: state government and growth in Columbus, or corporate headquarters and healthcare in Cincinnati. Either way, register the property before the first guest arrives, not after the first complaint!
Thinking About One of These Markets?
Get a same-day DSCR Loan quote for a specific deal, or browse the full Harpoon Capital DSCR Loan Program to see rates, LTV, and qualification details before you keep reading.
Hall of Fame heritage, healthy yields
Canton has a museum full of bronze busts and a housing market that is anything but a bust: its typical home sits under $176,000, and its short-term rental market scores a 97 on AirDNA.
Aultman Hospital and TimkenSteel anchor a healthcare-and-manufacturing economy, while the Pro Football Hall of Fame and its annual “enshrinement weekend” pull in a seasonal wave of visitors – the kind who need somewhere to sleep. While the Hall of Fame is the headline, it would be a mistake to underwrite a Canton rental as a one-weekend business: the long-term rental case, built on those hospital and manufacturing payrolls and entry prices this low, is the steadier foundation. Redfin's search data also shows Los Angeles, New York and San Francisco homebuyers looking at Canton more than any other metros, the same three coastal metros that top its list for Cleveland.
Canton's AirDNA submarket posts a score of 97/100, with Investability (92), Revenue Growth (84) and Rental Demand (82) all in good shape, though Regulation (66) is the softest subscore. Annual revenue per listing averages $33,604 (up 2.4% year-over-year), with an average daily rate of $167.55 (up 2.7%) and occupancy of 61% (down 0.2%). Total active listings sit at just 171, up 15.5% over the past year, a thin market adding supply quickly. One top listing, a five-bedroom “Ridgeway Villa / Hall of Fame” rental, books at 70% occupancy and a $410 daily rate, which is the clearest sign of how much the Hall of Fame matters.
Financing note: Harpoon Capital offers industry leading DSCR Loans for properties in Canton and all throughout the market area. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Zillow Home Value Index↗ · Redfin Housing Market↗ · BiggerPockets Market Finder↗ · BNBCalc Ohio STR Guide↗ · AirDNA↗
Investor Takeaway: Canton pairs entry prices under $176,000 with AirDNA numbers that hold their own against the big metros ($33,604 in average revenue at 61% occupancy), and the Hall of Fame gives it a built-in draw. However, listings are up 15.5% on a base of just 171, so investors who count on enshrinement weekend to make a deal “pencil” should check how many nights it actually books, and keep the long-term rent as the floor.
Air Force anchors, affordable acquisitions
Dayton has always been a place where people build things (the Wright brothers started here, after all), and today investors are mostly building rent rolls on Air Force paychecks and hospital payrolls.
Wright-Patterson Air Force Base is one of the largest single-site employers in Ohio, i.e. a federal payroll that usually does not move with the housing cycle, and Premier Health, Kettering Health and the University of Dayton round out the healthcare-and-education base. Rents here are modest in dollar terms – but at a typical price of about $141,000 the ratio is the second-highest in this article on Zillow's city-level numbers, and BiggerPockets' metro-wide ratio (0.52%) is the highest of the five, which is the kind of math a DSCR Loan tends to like. Redfin's search data adds that Columbus and Cincinnati are the two biggest sources of homebuyers looking to move into Dayton.
Dayton posts an AirDNA score of 98/100, with near-perfect Investability (99) and Rental Demand (97) scores and a Seasonality score of 90, though Revenue Growth (63) and Regulation (66) are softer. Annual revenue per listing averages $26,740 (up 2.1% year-over-year), with an average daily rate of $125.53 (up 3.0%) and occupancy of 63% (down 1.4%). Total active listings sit at 1,072, up 5.8% over the past year.
Financing note: Harpoon Capital offers industry leading DSCR Loans for properties in Dayton and all throughout the market area. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Zillow Home Value Index↗ · Redfin Housing Market↗ · BiggerPockets Market Finder↗ · BNBCalc Ohio STR Guide↗ · AirDNA↗
Investor Takeaway: Dayton's rent-to-price ratio of roughly 0.85% and a steady federal tenant base make the cash flow math easy to like. However, a home at this price is often an older home, so budget for roofs and systems, and get a thorough inspection, before the rent roll gets credit for numbers the property still has to earn.
Cleveland's cash flow, with caveats
On Zillow's city-level numbers, Cleveland posts the highest rent-to-price ratio in this article, a figure that looks like a “typo” until you remember the price.
Cleveland Clinic, University Hospitals and Case Western Reserve University anchor one of the best-known healthcare and research clusters in the country, Progressive and KeyCorp add insurance and banking payrolls, and Lake Erie, the Rock & Roll Hall of Fame and three major-league teams keep visitors coming. Unfortunately, a ratio this high usually reflects the realities of the neighborhoods behind it, i.e. older housing stock and heavier maintenance, with more tenant turnover than a suburban rental, so the gross yield is not the “net yield.” Note that BiggerPockets' Cleveland-Elyria metro median home price is $215,400, roughly 1.8 times Zillow's city figure, and its metro-wide rent-to-price ratio is only 0.49%, so the city and its suburbs behave like different markets. On the short-term side, Cleveland generally requires operators to register annually and pay a per-unit fee, and Cuyahoga County adds a 5.5% lodging tax on top of the 5.75% state sales tax. Redfin's search data shows Los Angeles, New York and San Francisco homebuyers looking at Cleveland more than any other metros, a sign that out-of-state buyers have already noticed.
Cleveland posts an AirDNA score of 94/100, with Investability (96) and Rental Demand (81) leading and a Seasonality score of 80. Annual revenue per listing averages $29,816 (up 6.0% year-over-year), with an average daily rate of $148.76 (up 5.7%) and occupancy of 61% (up 0.4%). Total active listings have fallen 8.4% to 3,950, so revenue and rates are rising as supply shrinks. Downtown Cleveland earns the most among the top submarkets at $32K per listing, while University Circle / East Cleveland scores a 99 on a $107 daily rate.
Financing note: Harpoon Capital offers industry leading DSCR Loans for properties in Cleveland and all throughout the market area, including 2-4 unit properties. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Zillow Home Value Index↗ · Redfin Housing Market↗ · BiggerPockets Market Finder↗ · BNBCalc Ohio STR Guide↗ · AirDNA↗
Investor Takeaway: Treat Cleveland's headline yield as the start of the analysis, not the end of it. Investors should price in repairs and insurance, plus a good property manager, before deciding whether 14% gross is actually a good deal.
Cabin country, close to Columbus
Hocking Hills isn't a single town so much as a scatter of them – Logan serves as the county seat and “gateway,” Nelsonville adds a college-town edge near Ohio University's Athens campus, and quieter submarkets like New Straitsville, McArthur and New Plymouth each bring their own price point and their own flavor of cabin. The draw is Hocking Hills State Park, with its gorges and waterfalls, roughly an hour's drive from Columbus, which makes the region an easy weekend escape for a big metro and a natural magnet for vacation renters. Scenery, an easy drive and a fairly forgiving local rulebook have made this Ohio's best-known cabin market.
Local jurisdictions in Hocking County generally keep short-term rental regulation minimal beyond tax compliance, i.e. state sales tax of 5.75% plus a county lodging tax, and Awning describes the region as one of Ohio's most investor-accessible markets. However, light public rules do not mean no rules: many cabin communities carry private HOA covenants that cap rental days or ban commercial use, restrictions that apply no matter what the county allows, so confirm both layers before you assume a cabin is clear to rent.
The Hocking Hills market posts an AirDNA score of 92/100, with a perfect Investability score of 100, a Rental Demand score of 93 and a Regulation score of 77, the highest of the six markets on that last measure. Annual revenue per listing averages $63,381 (up 0.1% year-over-year), the highest in this article, with an average daily rate of $368.13 (up 0.2%) and occupancy of 51% (down 0.7%). Total active listings sit at 2,292, up 9.0% over the past year. The top submarkets earn less than the market average (New Straitsville at $44K, McArthur at $42K and Nelsonville at $35K per listing), which suggests the average is being pulled up by large, high-end cabins elsewhere in the region.
Financing note: Hocking Hills deals often qualify on TTM actuals or STR revenue projections given the seasonal tourism base, with rural property provisions available for cabin addresses that don't fit a standard suburban file.
Sources: Zillow Home Value Index↗ · Redfin Hocking County Housing Market↗ · Awning Ohio STR Laws↗ · AirDNA↗
Investor Takeaway: Hocking Hills pairs the highest revenue per listing in this article with the lowest occupancy and some of the lightest rules, and cabin income is seasonal and weather-sensitive. Underwrite a quiet February alongside a packed October, and confirm the HOA before anyone falls in love with the hot tub.
| MARKET | AIRDNA SCORE |
ANNUAL REVENUE |
AVG. DAILY RATE |
OCCUPANCY | YOY LISTING GROWTH |
|---|---|---|---|---|---|
| Columbus | 98 | $35,706 (+8.3%) |
$166.34 (+2.5%) |
65% (+6.3%) | 0.0% (4,004 listings) |
| Dayton | 98 | $26,740 (+2.1%) |
$125.53 (+3.0%) |
63% (-1.4%) | +5.8% (1,072 listings) |
| Canton | 97 | $33,604 (+2.4%) |
$167.55 (+2.7%) |
61% (-0.2%) | +15.5% (171 listings) |
| Cleveland | 94 | $29,816 (+6.0%) |
$148.76 (+5.7%) |
61% (+0.4%) | -8.4% (3,950 listings) |
| Hocking Hills | 92 | $63,381 (+0.1%) |
$368.13 (+0.2%) |
51% (-0.7%) | +9.0% (2,292 listings) |
| Cincinnati | 91 | $32,163 (+4.1%) |
$167.48 (+4.9%) |
58% (+0.1%) | +0.1% (3,576 listings) |
Source: AirDNA, current as of 2026. Scores and figures reflect each market or submarket as defined by AirDNA and may not correspond 1:1 with city or county boundaries. As of September 2026
A few patterns stand out. Hocking Hills earns roughly 1.8 times the revenue per listing of the next-highest market ($63,381) but books the lowest occupancy (51%), the familiar cabin-market trade of high nightly rates for fewer booked nights. Columbus pairs the highest occupancy on the list (65%) with the fastest revenue growth (up 8.3%), and Dayton's 98 score comes at a much lower price point, with average revenue of $26,740. Cleveland is the only market where active listings are shrinking (down 8.4%) while revenue and rates climb, and Canton's 171 listings are growing fastest (up 15.5%), a thin market that is filling up quickly.
Ohio's real estate landscape offers a strategy for nearly every type of investor:
Market-level data is a starting point, not a substitute for underwriting the specific property, neighborhood, and rental strategy in front of you. Ohio leaves short-term rental regulation to cities and counties, and Columbus, Cincinnati and Cleveland all ask for registration while Hocking Hills stays light. Confirm what's legal at your specific address before you close.
If you are ready to invest in one of these markets, start with our Ohio DSCR loans page.
Sources: Zillow Home Value Index & Rental data, Redfin housing market data, BiggerPockets Market Finder, AirDNA market and submarket data (airdna.co), BNBCalc Ohio STR guide and Awning Ohio STR laws. Data collected as of September 2026, ahead of the 2027 investing season.
State sales tax of 5.75% applies to short-term stays, and county lodging taxes typically add 3% to 6% on top, with Cuyahoga County (Cleveland) adding 5.5%. Cincinnati also charges a 7% short-term rental excise tax on stays of 29 nights or fewer, and Columbus hosts must collect the city's excise tax as well. Rates change, so confirm current figures with the city and county before you close.
No. Out-of-state and first-time investors can buy investment property in Ohio without any license. A DSCR loan qualifies you primarily based on the property itself rather than your personal income or professional credentials, which is part of why it's such a common financing tool for out-of-state buyers. Ohio does require a real estate broker license to lease or manage rental property for an owner, so make sure any property manager you hire holds an active license through the Ohio Division of Real Estate.
A DSCR (Debt Service Coverage Ratio) loan qualifies a property primarily based on the property (its value, value and location) relative to its mortgage payment, rather than the borrower's personal income or tax returns. If the property's projected or actual rent covers the mortgage payment (a DSCR of 1.00x or higher), it's generally easier to qualify, and Harpoon Capital also offers options for deals below 1.00x.
Probably, with paperwork. Columbus requires an STR permit for stays under 30 nights, renewed annually, and Cincinnati requires registration plus a 7% short-term rental excise tax on stays of 29 nights or fewer. Zoning and any HOA rules still apply, so confirm your specific address before buying with an STR strategy in mind.
Harpoon Capital's DSCR loan program allows as little as 15% down on qualifying purchases, up to 85% LTV, with cash-out refinances available up to 80% LTV. Exact terms depend on the property, credit profile, and DSCR ratio. Fill out our DSCR Loan Application to see specific numbers for your deal.
Ready to Run the Numbers on an Ohio Deal?
Whether you're eyeing Cleveland's cash flow or a cabin deal in Hocking Hills, get a same-day rate and terms with our two-minute DSCR quote form, or explore the full Ohio DSCR Loans Program to see how we qualify the property, not just the borrower.
This article is for informational purposes only and does not constitute investment, legal, or financial advice. Harpoon Capital encourages investors to conduct independent due diligence before making any real estate investment decision.