Waller, Weeks and Johnson Rental Index

 

 

Recently, rental rates across the United States have soared to record highs. While rent increases have cooled in many parts of the country, the high cost of rent remains top of mind for many Americans. To help demonstrate the evolving rental markets around the country, the interactive tools on this page track rental markets from among the nation’s largest metropolitan areas. Past leasing data from Zillow's Observed Rent Index (ZORI) is used to statistically model the rental trend for each measured metro. The data shows where rents should be (based on a history of rents) compared with actual, current rents. This premium or discount is defined as the percentage difference between statistically modeled rent prices and actual rental prices for a given metropolitan area. Actual average rent, statistically predicted rent, month-over-month (M-O-M) change in rent, and year-over-year (Y-O-Y) change in rent for each metro are provided as well.

While rents seem to be moderating, the high cost of rent brings into play the question of affordable housing. To provide readers with a feel for how affordable a rental market is, we add a column for “House Poor.” We define “house poor” as dedicating 30% or more of a household’s annual income to rent. This measure is similar to HUD’s definition of Rent Burdened but exclusive of utilities. Households falling into this category, similar to Rent Burdened, could encounter difficulty developing savings and may have trouble paying for such items as food, clothing, transportation, and medical care.

The House Poor column displays the minimum annual household income needed in each measured market to avoid being defined as “house poor." Annual household incomes below the displayed amount for a given metro are “house poor” while annual incomes at and above the displayed amount are not “house poor.” This is a clear housing affordability measure allowing households in measured metros to determine their individual status.

This ongoing, monthly reported project is co-produced by the Florida Atlantic University Real Estate Initiative, Florida Gulf Coast University's Lucas Institute for Real Estate Development & Finance, and the Alabama Center of Real Estate at the University of Alabama.

Note: To sort the rankings by premium/discount or year-over-year rental change, click on the arrows to the right of the appropriate column.


January 2024 Data

National:

No. Country Premium/Discount Average Rent Where Average Rent Should Be Month Over
Month Change
Year Over
Year Change
House Poor
N/A United States 2.24% $1,957.59 $1,914.68 0.14% 3.42% $78,304

 


Metros:

No. City Premium/Discount Average Rent Where Average Rent Should Be Month Over
Month Change
Year Over
Year Change
House Poor
1 New York, NY 4.97% $3,115.27 $2,967.76 0.12% 4.14% $124,611
2 Los Angeles, CA 0.28% $2,874.94 $2,866.82 0.13% 2.19% $114,998
3 Chicago, IL 4.73% $1,940.72 $1,853.05 0.56% 5.62% $77,629
4 Dallas, TX -0.41% $1,764.81 $1,772.00 -0.27% 0.82% $70,593
5 Houston, TX 1.99% $1,643.65 $1,611.62 0.14% 2.50% $65,746
6 Washington, DC 3.09% $2,268.55 $2,200.53 0.16% 4.88% $90,742
7 Philadelphia, PA 2.32% $1,801.13 $1,760.32 0.01% 3.76% $72,045
8 Miami, FL 5.40% $2,715.19 $2,576.03 -0.09% 2.40% $108,608
9 Atlanta, GA -2.02% $1,899.66 $1,938.92 0.10% 0.30% $75,986
10 Boston, MA 5.11% $3,056.30 $2,907.74 0.56% 6.33% $122,252
11 Phoenix, AZ -3.15% $1,839.99 $1,899.76 -0.16% 0.98% $73,600
12 San Francisco, CA -2.09% $2,983.94 $3,047.74 0.19% 0.34% $119,357
13 Riverside, CA -0.13% $2,486.55 $2,489.81 -0.35% 2.58% $99,462
14 Detroit, MI 1.68% $1,379.78 $1,356.94 0.39% 3.76% $55,191
15 Seattle, WA -0.96% $2,159.99 $2,180.86 0.25% 3.23% $86,400
16 Minneapolis, MN -1.01% $1,608.66 $1,625.00 0.30% 2.90% $64,347
17 San Diego, CA 1.36% $2,963.97 $2,924.26 -0.37% 3.01% $118,559
18 Tampa, FL 2.09% $2,093.52 $2,050.69 -0.11% 2.40% $83,741
19 Denver, CO 0.53% $1,993.88 $1,983.43 0.19% 3.31% $79,755
20 Baltimore, MD 2.15% $1,786.87 $1,749.29 0.13% 2.94% $71,475
21 St. Louis, MO 4.39% $1,329.28 $1,273.35 0.16% 5.46% $53,171
22 Orlando, FL 0.37% $2,003.62 $1,996.22 0.10% 0.98% $80,145
23 Charlotte, NC 0.44% $1,771.58 $1,763.88 -0.19% 1.40% $70,863
24 San Antonio, TX -0.96% $1,418.90 $1,432.65 -0.18% -0.40% $56,756
25 Portland, OR -1.60% $1,788.17 $1,817.25 0.10% -0.22% $71,527
26 Sacramento, CA -2.33% $2,238.33 $2,291.65 0.21% 3.65% $89,533
27 Pittsburgh, PA 3.29% $1,377.29 $1,333.41 0.44% 4.73% $55,092
28 Cincinnati, OH 4.59% $1,507.22 $1,441.13 -0.11% 6.76% $60,289
29 Austin, TX -3.27% $1,732.55 $1,791.09 -0.52% -2.60% $69,302
30 Las Vegas, NV -2.88% $1,745.26 $1,797.07 -0.26% 1.94% $69,810
31 Kansas City, MO 4.19% $1,403.55 $1,347.08 0.25% 6.01% $56,142
32 Columbus, OH 2.29% $1,395.86 $1,364.57 0.16% 5.37% $55,835
33 Indianapolis, IN 3.78% $1,456.54 $1,403.51 0.43% 4.55% $58,262
34 Cleveland, OH 4.95% $1,341.98 $1,278.68 1.16% 6.14% $53,679
35 San Jose, CA -0.12% $3,177.34 $3,181.20 0.43% 1.30% $127,093
36 Nashville, TN -0.11% $1,858.12 $1,860.17 0.08% 0.43% $74,325
37 Virginia Beach, VA 3.88% $1,656.53 $1,594.70 -0.29% 4.45% $66,261
38 Providence, RI 5.07% $1,986.78 $1,890.87 0.37% 7.70% $79,471
39 Jacksonville, FL -0.44% $1,710.06 $1,717.54 0.06% 0.26% $68,403
40 Milwaukee, WI 4.82% $1,316.15 $1,255.65 0.30% 5.39% $52,646
41 Oklahoma City, OK 3.43% $1,305.90 $1,262.55 0.17% 3.98% $52,236
42 Raleigh, NC 0.09% $1,742.99 $1,741.36 -0.24% 0.76% $69,720
43 Memphis, TN 1.91% $1,454.17 $1,426.94 1.40% 2.25% $58,167
44 Richmond, VA 2.06% $1,598.92 $1,566.60 0.52% 3.69% $63,957
45 Louisville, KY 5.35% $1,339.96 $1,271.88 0.73% 6.58% $53,598
46 New Orleans, LA 1.99% $1,603.27 $1,571.96 -0.08% 2.95% $64,131
47 Salt Lake City, UT -0.78% $1,645.34 $1,658.24 -0.21% 1.11% $65,814
48 Hartford, CT 5.69% $1,769.53 $1,674.32 0.12% 7.03% $70,781
49 Buffalo, NY 3.84% $1,269.36 $1,222.47 -0.35% 5.15% $50,774
50 Birmingham, AL 2.67% $1,374.12 $1,338.36 0.19% 4.76% $54,965
51 Rochester, NY 4.39% $1,464.30 $1,402.73 -0.02% 6.22% $58,572
52 Grand Rapids, MI 3.43% $1,691.09 $1,634.99 0.66% 7.31% $67,644
53 Tucson, AZ 2.15% $1,543.79 $1,511.27 0.34% 4.93% $61,752
54 Urban Honolulu, HI 2.76% $2,596.87 $2,527.03 0.32% 3.41% $103,875
55 Tulsa, OK 4.87% $1,341.38 $1,279.06 0.32% 5.84% $53,655
56 Fresno, CA 2.05% $1,942.84 $1,903.89 -0.19% 4.63% $77,714
57 Worcester, MA 3.67% $1,918.48 $1,850.55 0.14% 5.93% $76,739
58 Omaha, NE 3.77% $1,291.57 $1,244.65 0.06% 4.90% $51,663
59 Bridgeport, CT 3.89% $2,684.04 $2,583.67 0.01% 6.30% $107,362
60 Greenville, SC 3.20% $1,523.75 $1,476.57 0.24% 4.93% $60,950
61 Albuquerque, NM 4.70% $1,492.46 $1,425.42 -0.20% 4.70% $59,698
62 Bakersfield, CA 3.05% $1,745.12 $1,693.54 -0.14% 5.23% $69,805
63 Albany, NY 4.05% $1,519.58 $1,460.48 1.12% 5.84% $60,783
64 Knoxville, TN 7.18% $1,826.23 $1,703.90 -0.33% 8.15% $73,049
65 Baton Rouge, LA 2.90% $1,351.41 $1,313.38 0.61% 3.88% $54,056
66 McAllen, TX 3.59% $1,120.62 $1,081.81 0.59% 3.29% $44,825
67 New Haven, CT 6.84% $1,928.41 $1,805.00 0.01% 7.10% $77,136
68 El Paso, TX 5.24% $1,497.69 $1,423.11 -0.07% 4.22% $59,908
69 Allentown, PA 2.23% $1,652.15 $1,616.13 -0.29% 4.12% $66,086
70 Oxnard, CA 1.45% $2,940.37 $2,898.21 0.34% 4.20% $117,615
71 Columbia, SC 5.03% $1,524.06 $1,451.09 0.26% 7.54% $60,962
72 North Port, FL 3.87% $2,377.35 $2,288.77 0.04% 0.07% $95,094
73 Dayton, OH 4.66% $1,234.32 $1,179.35 0.42% 6.63% $49,373
74 Charleston, SC 6.18% $2,031.06 $1,912.84 0.54% 6.90% $81,242
75 Greensboro, NC 4.26% $1,443.08 $1,384.17 0.17% 4.55% $57,723
76 Stockton, CA -1.83% $2,265.77 $2,307.93 0.08% 3.46% $90,631
77 Cape Coral, FL 3.92% $2,191.89 $2,109.24 -0.44% -1.36% $87,676
78 Boise City, ID -5.45% $1,727.20 $1,826.76 -0.47% 0.30% $69,088
79 Colorado Springs, CO -1.25% $1,833.70 $1,856.82 0.08% 2.77% $73,348
80 Little Rock, AR 4.76% $1,206.85 $1,152.00 0.88% 5.55% $48,274
81 Lakeland, FL 0.52% $1,875.90 $1,866.18 0.21% 1.19% $75,036
82 Akron, OH 6.03% $1,162.28 $1,096.15 1.10% 5.66% $46,491
83 Des Moines, IA 2.24% $1,212.18 $1,185.61 -0.11% 3.06% $48,487
84 Springfield, MA 7.45% $1,739.95 $1,619.31 0.30% 6.51% $69,598
85 Poughkeepsie, NY 3.61% $2,080.93 $2,008.42 0.72% 7.35% $83,237
86 Ogden, UT -1.19% $1,665.36 $1,685.36 -0.88% 3.23% $66,614
87 Madison, WI 6.90% $1,586.20 $1,483.78 0.01% 8.51% $63,448
88 Winston, NC 2.55% $1,538.16 $1,499.85 0.26% 4.73% $61,526
89 Deltona, FL 1.33% $1,893.23 $1,868.46 -0.09% 2.53% $75,729
90 Syracuse, NY 6.71% $1,407.41 $1,318.87 1.59% 8.55% $56,296
91 Provo, UT 0.28% $1,761.75 $1,756.78 -0.33% 2.47% $70,470
92 Toledo, OH 4.09% $1,181.85 $1,135.45 0.34% 5.53% $47,274
93 Wichita, KS 5.49% $1,093.96 $1,037.04 0.43% 5.71% $43,759
94 Durham, NC 1.05% $1,688.93 $1,671.31 -0.99% 1.87% $67,557
95 Augusta, GA 2.98% $1,355.55 $1,316.30 -0.34% 4.63% $54,222
96 Palm Bay, FL 0.13% $2,014.28 $2,011.66 0.30% 1.28% $80,571
97 Jackson, MS 4.39% $1,285.02 $1,231.00 0.68% 4.55% $51,401
98 Harrisburg, PA 2.08% $1,333.78 $1,306.63 -0.33% 4.79% $53,351
99 Spokane, WA -2.62% $1,481.14 $1,521.01 -0.23% 2.41% $59,246
100 Scranton, PA 2.66% $1,205.44 $1,174.17 -0.23% 4.59% $48,218

 

 

 


 

See also the Top 100 U.S. Housing Markets for Over and Underpricing. The methodology employed by Waller, Weeks, and Johnson is pulled from the methodology of the Top 100 U.S. Housing Markets with the exception for past rents versus past home prices.

 

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