Waller, Weeks and Johnson Rental Index

In the wake of the Covid-19 pandemic, rental rates across the United States have soared to record highs. To help demonstrate the rise in rents, the interactive tools on this page rank the most overvalued rental markets from among the nation’s largest metropolitan areas. Past leasing data from Zillow's Observed Rent Index (ZORI) is used to 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 prices and actual rental prices. 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.

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.


May 2022 Data

 

National:

No. Country Premium/Discount Average Rent Where Average Rent Should Be Month Over
Month Change
Year Over
Year Change
N/A United States 9.85% $ 1,979.00 $ 1,801.53 1.23% 15.87%

 


 

Metros:

No. City Premium/Discount Average Rent Where Average Rent Should Be Month Over
Month Change
Year Over
Year Change
1 Fort Myers, FL 20.41% $2,111.00 $1,753.11 3.13% 33.10%
2 Miami-Fort Lauderdale, FL 22.70% $2,862.00 $2,332.59 1.53% 31.04%
3 North Port-Sarasota-Bradenton, FL 17.86% $2,375.00 $2,015.08 0.04% 27.96%
4 Tampa, FL 17.52% $2,089.00 $1,777.59 1.46% 25.16%
5 Port St. Lucie, FL 15.89% $2,233.00 $1,926.81 0.72% 24.19%
6 Orlando, FL 14.60% $2,040.00 $1,780.17 1.85% 23.71%
7 Lakeland, FL 15.36% $1,864.00 $1,615.84 0.87% 22.55%
8 Daytona Beach, FL 14.59% $1,849.00 $1,613.64 1.32% 22.45%
9 Melbourne, FL 13.60% $1,943.00 $1,710.44 1.41% 21.89%
10 Knoxville, TN 16.92% $1,647.00 $1,408.65 1.67% 21.64%
11 New York, NY 11.43% $3,121.00 $2,800.91 1.96% 20.78%
12 San Diego, CA 12.26% $2,999.00 $2,671.54 1.45% 19.67%
13 Jacksonville, FL 13.82% $1,778.00 $1,562.15 0.91% 19.17%
14 Phoenix, AZ 13.76% $1,937.00 $1,702.68 0.62% 19.13%
15 Sebring, FL 12.29% $1,366.00 $1,216.52 1.49% 18.99%
16 Bakersfield, CA 15.33% $1,768.00 $1,532.97 2.79% 18.98%
17 Las Vegas, NV 13.20% $1,847.00 $1,631.60 0.98% 18.78%
18 Charleston, SC 12.37% $1,860.00 $1,655.31 2.71% 18.70%
19 Austin, TX 13.02% $1,869.00 $1,653.67 1.41% 18.67%
20 Nashville, TN 11.21% $1,840.00 $1,654.59 1.32% 18.40%
21 Sierra Vista, AZ 18.56% $1,291.00 $1,088.93 -1.30% 17.79%
22 Dallas-Fort Worth, TX 11.16% $1,791.00 $1,611.21 1.53% 17.67%
23 Charlotte, NC 11.29% $1,779.00 $1,598.56 1.77% 17.66%
24 Albuquerque, NM 14.65% $1,502.00 $1,310.11 2.60% 17.53%
25 Greensboro, NC 13.46% $1,403.00 $1,236.51 1.74% 17.50%
26 Killeen, TX 15.76% $1,437.00 $1,241.33 0.63% 17.40%
27 Salt Lake City, UT 12.14% $1,712.00 $1,526.72 1.06% 17.26%
28 Raleigh, NC 11.51% $1,742.00 $1,562.26 1.28% 16.91%
29 Provo, UT 11.75% $1,775.00 $1,588.33 1.72% 16.85%
30 Atlanta, GA 10.54% $1,938.00 $1,753.28 1.04% 16.75%
31 Durham, NC 10.15% $1,663.00 $1,509.79 1.59% 16.54%
32 Los Angeles-Long Beach-Anaheim, CA 7.14% $2,922.00 $2,727.21 1.07% 16.09%
33 New Orleans, LA 11.76% $1,522.00 $1,361.83 0.00% 16.01%
34 Riverside, CA 12.08% $2,613.00 $2,331.38 0.35% 15.88%
35 Tucson, AZ 12.49% $1,632.00 $1,450.81 0.06% 15.74%
36 Ogden, UT 11.43% $1,733.00 $1,555.30 0.99% 15.61%
37 Seattle, WA 5.93% $2,265.00 $2,138.11 1.57% 15.50%
38 Providence, RI 13.87% $1,946.00 $1,708.95 2.91% 15.28%
39 San Antonio, TX 9.35% $1,469.00 $1,343.42 1.03% 14.86%
40 Tulsa, OK 12.60% $1,317.00 $1,169.67 1.93% 14.82%
41 Winston-Salem, NC 12.22% $1,616.00 $1,439.98 2.08% 14.53%
42 Worcester, MA 9.74% $1,788.00 $1,629.33 1.59% 14.47%
43 Grand Rapids, MI 8.14% $1,458.00 $1,348.28 2.68% 14.26%
44 Denver, CO 7.37% $1,988.00 $1,851.46 1.17% 14.19%
45 Gainesville, GA 10.47% $1,598.00 $1,446.51 1.27% 14.10%
46 Allentown, PA 11.70% $1,819.00 $1,628.48 0.11% 13.90%
47 Columbia, SC 10.68% $1,417.00 $1,280.25 1.58% 13.72%
48 Syracuse, NY 10.28% $1,364.00 $1,236.84 1.94% 13.57%
49 Ventura, CA 9.20% $3,011.00 $2,757.42 1.21% 13.49%
50 Boise City, ID 12.21% $1,848.00 $1,646.89 1.76% 13.30%
51 Indianapolis, IN 10.02% $1,501.00 $1,364.32 1.15% 13.20%
52 Richmond, VA 9.48% $1,591.00 $1,453.29 1.40% 12.84%
53 Greenville, SC 8.61% $1,462.00 $1,346.16 0.97% 12.72%
54 Memphis, TN 12.50% $1,536.00 $1,365.37 0.99% 12.61%
55 Portland, OR 5.92% $1,873.00 $1,768.35 1.41% 12.49%
56 Harrisburg, PA 9.94% $1,357.00 $1,234.26 0.15% 12.43%
57 Columbus, OH 7.73% $1,440.00 $1,336.71 1.41% 12.32%
58 Colorado Springs, CO 7.93% $1,846.00 $1,710.36 1.37% 12.29%
59 Boston, MA 5.70% $2,788.00 $2,637.55 1.60% 12.15%
60 San Jose, CA 2.44% $3,295.00 $3,216.65 1.23% 12.11%
61 Dayton, OH 7.16% $1,280.00 $1,194.44 1.67% 11.99%
62 Cincinnati, OH 8.06% $1,455.00 $1,346.45 1.32% 11.92%
63 Oklahoma City, OK 10.19% $1,335.00 $1,211.56 1.21% 11.90%
64 Augusta, GA 9.45% $1,336.00 $1,220.65 0.91% 11.89%
65 Houston, TX 7.57% $1,575.00 $1,464.16 0.70% 11.70%
66 Fort Collins, CO 7.64% $1,818.00 $1,688.93 1.56% 11.67%
67 New Haven, CT 9.55% $1,963.00 $1,791.84 0.46% 11.66%
68 Boulder, CO 6.99% $2,181.00 $2,038.56 0.46% 11.56%
69 Washington, DC 6.33% $2,231.00 $2,098.28 0.86% 11.55%
70 Louisville-Jefferson County, KY 7.52% $1,279.00 $1,189.59 1.03% 11.41%
71 Detroit, MI 8.68% $1,423.00 $1,309.39 1.21% 11.35%
72 Fresno, CA 10.15% $1,986.00 $1,802.92 1.33% 11.32%
73 Omaha, NE 7.76% $1,221.00 $1,133.09 1.33% 11.30%
74 St. Louis, MO 8.71% $1,281.00 $1,178.31 1.34% 11.29%
75 College Station, TX 6.12% $1,410.00 $1,328.70 0.07% 11.29%
76 Scranton, PA 10.60% $1,235.00 $1,116.66 -0.24% 11.26%
77 Philadelphia, PA 6.98% $1,846.00 $1,725.57 0.82% 11.20%
78 Hartford, CT 9.67% $1,628.00 $1,484.46 1.43% 11.13%
79 Cleveland, OH 8.67% $1,370.00 $1,260.65 1.26% 11.02%
80 Birmingham, AL 7.88% $1,343.00 $1,244.88 0.90% 10.99%
81 Virginia Beach, VA 9.95% $1,607.00 $1,461.51 0.94% 10.98%
82 Kansas City, MO 7.67% $1,347.00 $1,251.07 1.28% 10.96%
83 Chicago, IL 6.69% $1,945.00 $1,823.07 1.20% 10.95%
84 Baton Rouge, LA 7.55% $1,379.00 $1,282.16 0.73% 10.94%
85 Stamford, CT 9.86% $2,641.00 $2,403.97 1.54% 10.46%
86 Akron, OH 9.52% $1,191.00 $1,087.52 0.25% 10.28%
87 San Francisco, CA 0.58% $3,214.00 $3,195.52 0.94% 10.26%
88 Toledo, OH 11.55% $1,216.00 $1,090.08 2.53% 10.14%
89 Sacramento, CA 5.53% $2,281.00 $2,161.54 0.88% 10.09%
90 Buffalo, NY 6.62% $1,260.00 $1,181.74 1.04% 10.04%
91 Youngstown, OH 7.26% $870.00 $811.10 -1.02% 9.99%
92 Spokane, WA 11.59% $1,553.00 $1,391.75 2.37% 9.91%
93 Little Rock, AR 8.41% $1,114.00 $1,027.56 1.36% 9.86%
94 Baltimore, MD 8.65% $1,808.00 $1,664.01 0.44% 9.84%
95 McAllen, TX 9.17% $1,022.00 $936.20 2.30% 9.77%
96 Rochester, NY 9.30% $1,431.00 $1,309.20 1.63% 9.66%
97 Stockton, CA 6.70% $2,450.00 $2,296.14 0.62% 9.38%
98 Jackson, MS 8.31% $1,372.00 $1,266.72 1.55% 9.24%
99 Springfield, MA 6.41% $1,577.00 $1,481.94 -0.94% 8.46%
100 Pittsburgh, PA 5.62% $1,361.00 $1,288.57 0.89% 8.36%
101 Madison, WI 5.06% $1,378.00 $1,311.63 1.55% 7.99%
102 Wichita, KS 7.17% $966.00 $901.41 0.84% 7.93%
103 Albany, NY 6.26% $1,423.00 $1,339.11 1.43% 7.64%
104 Des Moines, IA 5.93% $1,216.00 $1,147.96 1.42% 7.61%
105 Milwaukee, WI 5.24% $1,186.00 $1,126.94 0.94% 7.52%
106 Urban Honolulu, HI 6.11% $2,653.00 $2,500.32 1.18% 7.19%
107 Minneapolis-St Paul, MN 1.97% $1,657.00 $1,624.95 0.91% 6.49%

 

 


 

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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