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.
For rent burdened (30%), occupant annual income needs to be this amount or greater or considered to be rent burdened as defined by HUD. For, severely rent burdened (50%), occupant annual income needs to be this amount or greater or considered to be rent severely rent burdened. Due to significant variation across the country in utilities, we calculate our measures of rent burdened and severely rent burdened without utilities. Thus, our estimates of needed annual income for the two measures is conservative, implying even larger annual levels to avoid being classified in these unaffordable housing categories.
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.
April 2023 Data
National:
| No. | Country | Premium/Discount | Average Rent | Where Average Rent Should Be | Month Over Month Change |
Year Over Year Change |
Rent Burdened | Severely Rent Burdened |
| N/A | United States | 5.36% | $2,018.06 | $1,915.47 | 0.58% | 5.26% | $80,722.21 | $48,433.33 |
Metros:
| No. | City | Premium/Discount | Average Rent | Where Average Rent Should Be | Month Over Month Change |
Year Over Year Change |
Rent Burdened | Severely Rent Burdened |
| 1 | New York, NY | 8.54% | $3,229.35 | $2,975.14 | 1.28% | 6.55% | $129,173.86 | $77,504.32 |
| 2 | Los Angeles, CA | 3.32% | $2,940.36 | $2,845.87 | 0.48% | 3.71% | $117,614.49 | $70,568.69 |
| 3 | Chicago, IL | 6.23% | $1,981.45 | $1,865.28 | 0.92% | 6.67% | $79,258.12 | $47,554.87 |
| 4 | Dallas, TX | 4.10% | $1,801.52 | $1,730.53 | 0.33% | 3.81% | $72,060.70 | $43,236.42 |
| 5 | Houston, TX | 4.71% | $1,667.83 | $1,592.83 | 0.35% | 3.78% | $66,713.15 | $40,027.89 |
| 6 | Washington, DC | 4.37% | $2,264.32 | $2,169.47 | 0.71% | 4.22% | $90,572.97 | $54,343.78 |
| 7 | Philadelphia, PA | 3.29% | $1,854.66 | $1,795.52 | 0.43% | 3.48% | $74,186.46 | $44,511.88 |
| 8 | Miami, FL | 10.84% | $2,804.60 | $2,530.22 | 0.31% | 5.27% | $112,183.83 | $67,310.30 |
| 9 | Atlanta, GA | 3.79% | $1,979.63 | $1,907.40 | 0.60% | 4.91% | $79,185.20 | $47,511.12 |
| 10 | Boston, MA | 6.15% | $2,978.25 | $2,805.74 | 1.15% | 8.54% | $119,129.83 | $71,477.90 |
| 11 | Phoenix, AZ | 1.98% | $1,918.35 | $1,881.10 | 0.61% | 0.69% | $76,733.96 | $46,040.38 |
| 12 | San Francisco, CA | 0.87% | $3,121.83 | $3,094.97 | 0.33% | 2.10% | $124,873.01 | $74,923.81 |
| 13 | Riverside, CA | 3.33% | $2,541.16 | $2,459.27 | 0.70% | 2.55% | $101,646.20 | $60,987.72 |
| 14 | Detroit, MI | 2.86% | $1,407.20 | $1,368.04 | 0.31% | 3.95% | $56,288.01 | $33,772.81 |
| 15 | Seattle, WA | 1.41% | $2,223.02 | $2,192.04 | 0.58% | 2.68% | $88,920.81 | $53,352.49 |
| 16 | Minneapolis, MN | 0.62% | $1,654.79 | $1,644.58 | 0.74% | 3.10% | $66,191.57 | $39,714.94 |
| 17 | San Diego, CA | 6.76% | $3,039.55 | $2,846.98 | 1.29% | 6.65% | $121,581.94 | $72,949.16 |
| 18 | Tampa, FL | 7.47% | $2,118.75 | $1,971.55 | 0.52% | 5.04% | $84,750.12 | $50,850.07 |
| 19 | Denver, CO | 3.92% | $2,030.79 | $1,954.18 | 0.66% | 3.76% | $81,231.45 | $48,738.87 |
| 20 | Baltimore, MD | 4.39% | $1,773.61 | $1,699.04 | 0.38% | 2.47% | $70,944.56 | $42,566.74 |
| 21 | St. Louis, MO | 5.32% | $1,341.81 | $1,274.07 | 0.69% | 5.72% | $53,672.40 | $32,203.44 |
| 22 | Orlando, FL | 6.39% | $2,070.51 | $1,946.11 | 0.50% | 5.67% | $82,820.20 | $49,692.12 |
| 23 | Charlotte, NC | 5.52% | $1,832.19 | $1,736.38 | 0.49% | 6.61% | $73,287.74 | $43,972.64 |
| 24 | San Antonio, TX | 3.70% | $1,504.63 | $1,450.91 | 0.07% | 2.84% | $60,185.31 | $36,111.19 |
| 25 | Portland, OR | 3.29% | $1,855.95 | $1,796.88 | 0.06% | 4.91% | $74,238.11 | $44,542.86 |
| 26 | Sacramento, CA | 0.98% | $2,283.74 | $2,261.55 | 0.23% | 2.99% | $91,349.61 | $54,809.77 |
| 27 | Pittsburgh, PA | 3.65% | $1,400.94 | $1,351.64 | 0.48% | 4.86% | $56,037.57 | $33,622.54 |
| 28 | Cincinnati, OH | 5.75% | $1,499.56 | $1,417.98 | 0.93% | 8.11% | $59,982.56 | $35,989.54 |
| 29 | Austin, TX | 3.87% | $1,873.38 | $1,803.66 | 0.31% | 1.81% | $74,935.28 | $44,961.17 |
| 30 | Las Vegas, NV | 0.43% | $1,811.88 | $1,804.17 | 0.31% | -1.24% | $72,475.14 | $43,485.08 |
| 31 | Kansas City, MO | 5.37% | $1,404.49 | $1,332.94 | 1.03% | 7.36% | $56,179.47 | $33,707.68 |
| 32 | Columbus, OH | 3.98% | $1,524.31 | $1,466.02 | 0.91% | 6.49% | $60,972.31 | $36,583.39 |
| 34 | Indianapolis, IN | 5.47% | $1,525.17 | $1,446.03 | 0.37% | 6.86% | $61,006.78 | $36,604.07 |
| 35 | Cleveland, OH | 5.24% | $1,380.27 | $1,311.52 | 0.66% | 5.33% | $55,210.68 | $33,126.41 |
| 36 | San Jose, CA | 2.70% | $3,289.09 | $3,202.72 | 0.31% | 3.48% | $131,563.45 | $78,938.07 |
| 37 | Nashville, TN | 4.92% | $1,920.51 | $1,830.50 | 0.39% | 4.28% | $76,820.43 | $46,092.26 |
| 38 | Virginia Beach, VA | 6.06% | $1,660.43 | $1,565.59 | 0.32% | 6.13% | $66,417.37 | $39,850.42 |
| 39 | Providence, RI | 6.31% | $1,959.98 | $1,843.58 | 1.71% | 8.05% | $78,399.28 | $47,039.57 |
| 40 | Jacksonville, FL | 4.99% | $1,774.52 | $1,690.22 | 0.72% | 3.85% | $70,980.69 | $42,588.41 |
| 41 | Milwaukee, WI | 4.91% | $1,302.04 | $1,241.04 | 0.86% | 6.78% | $52,081.56 | $31,248.94 |
| 42 | Oklahoma City, OK | 4.88% | $1,342.60 | $1,280.18 | 0.51% | 4.01% | $53,703.84 | $32,222.30 |
| 43 | Raleigh, NC | 5.45% | $1,764.29 | $1,673.14 | 0.68% | 5.11% | $70,571.41 | $42,342.84 |
| 44 | Memphis, TN | 5.72% | $1,513.19 | $1,431.36 | 0.62% | 5.50% | $60,527.74 | $36,316.64 |
| 45 | Richmond, VA | 4.38% | $1,588.64 | $1,521.99 | 0.62% | 4.91% | $63,545.57 | $38,127.34 |
| 46 | Louisville, KY | 5.97% | $1,320.19 | $1,245.83 | 0.51% | 7.49% | $52,807.47 | $31,684.48 |
| 47 | New Orleans, LA | 4.69% | $1,646.11 | $1,572.43 | 0.70% | 1.36% | $65,844.28 | $39,506.57 |
| 48 | Salt Lake City, UT | 2.86% | $1,720.94 | $1,673.14 | 0.51% | 2.10% | $68,837.70 | $41,302.62 |
| 49 | Hartford, CT | 7.43% | $1,720.87 | $1,601.93 | 1.28% | 7.00% | $68,834.91 | $41,300.94 |
| 50 | Buffalo, NY | 4.50% | $1,257.39 | $1,203.24 | 0.06% | 5.86% | $50,295.66 | $30,177.40 |
| 51 | Birmingham, AL | 5.07% | $1,413.88 | $1,345.59 | 1.09% | 6.17% | $56,555.17 | $33,933.10 |
| 52 | Rochester, NY | 4.62% | $1,413.59 | $1,351.15 | 0.66% | 5.06% | $56,543.49 | $33,926.10 |
| 53 | Grand Rapids, MI | 3.57% | $1,508.08 | $1,456.08 | 0.75% | 6.99% | $60,323.10 | $36,193.86 |
| 54 | Tucson, AZ | 4.50% | $1,584.26 | $1,516.02 | 0.71% | 4.05% | $63,370.30 | $38,022.18 |
| 55 | Urban Honolulu, HI | 5.13% | $2,704.70 | $2,572.72 | 0.90% | 3.67% | $108,187.82 | $64,912.69 |
| 56 | Tulsa, OK | 5.58% | $1,309.52 | $1,240.30 | -0.08% | 2.25% | $52,380.60 | $31,428.36 |
| 57 | Fresno, CA | 3.45% | $2,028.97 | $1,961.26 | -0.47% | 4.71% | $81,158.83 | $48,695.30 |
| 58 | Worcester, MA | 6.06% | $1,933.12 | $1,822.60 | 0.65% | 7.45% | $77,324.93 | $46,394.96 |
| 59 | Omaha, NE | 6.60% | $1,278.37 | $1,199.24 | 0.75% | 8.25% | $51,134.82 | $30,680.89 |
| 60 | Bridgeport, CT | 4.48% | $2,736.96 | $2,619.55 | 0.16% | 4.97% | $109,478.32 | $65,686.99 |
| 61 | Greenville, SC | 5.63% | $1,560.82 | $1,477.56 | 0.73% | 7.29% | $62,432.61 | $37,459.57 |
| 62 | Albuquerque, NM | 6.87% | $1,531.49 | $1,433.09 | 0.04% | 7.08% | $61,259.47 | $36,755.68 |
| 63 | Bakersfield, CA | 7.21% | $1,767.16 | $1,648.31 | 1.69% | 5.63% | $70,686.26 | $42,411.75 |
| 64 | Albany, NY | 3.93% | $1,523.75 | $1,466.15 | -0.21% | 4.27% | $60,950.07 | $36,570.04 |
| 65 | Knoxville, TN | 9.91% | $1,729.07 | $1,573.19 | 0.62% | 9.81% | $69,162.71 | $41,497.62 |
| 66 | Baton Rouge, LA | 2.80% | $1,390.64 | $1,352.80 | 1.48% | 0.28% | $55,625.42 | $33,375.25 |
| 67 | McAllen, TX | 6.57% | $1,191.92 | $1,118.44 | 0.77% | 6.09% | $47,676.97 | $28,606.18 |
| 68 | New Haven, CT | 6.45% | $1,963.44 | $1,844.46 | -0.08% | 6.53% | $78,537.80 | $47,122.68 |
| 69 | El Paso, TX | 10.44% | $1,502.08 | $1,360.13 | 0.48% | 8.33% | $60,083.33 | $36,050.00 |
| 70 | Allentown, PA | 5.75% | $1,729.37 | $1,635.30 | 0.56% | 4.27% | $69,174.64 | $41,504.78 |
| 71 | Oxnard, CA | 3.38% | $2,982.09 | $2,884.67 | 0.79% | 2.93% | $119,283.55 | $71,570.13 |
| 72 | Columbia, SC | 6.78% | $1,459.71 | $1,367.07 | 1.18% | 7.89% | $58,388.55 | $35,033.13 |
| 73 | North Port, FL | 9.74% | $2,476.47 | $2,256.75 | -0.46% | 6.04% | $99,058.63 | $59,435.18 |
| 74 | Dayton, OH | 4.67% | $1,235.47 | $1,180.35 | 0.06% | 6.54% | $49,418.83 | $29,651.30 |
| 75 | Charleston, SC | 9.83% | $1,979.10 | $1,802.04 | 1.50% | 12.03% | $79,163.96 | $47,498.37 |
| 76 | Greensboro, NC | 7.69% | $1,466.65 | $1,361.97 | 1.11% | 7.54% | $58,665.93 | $35,199.56 |
| 77 | Stockton, CA | -0.76% | $2,374.58 | $2,392.84 | -0.33% | 0.42% | $94,983.21 | $56,989.93 |
| 78 | Cape Coral, FL | 14.33% | $2,322.62 | $2,031.48 | 0.13% | 13.14% | $92,904.83 | $55,742.90 |
| 79 | Boise City, ID | 1.00% | $1,842.12 | $1,823.85 | 0.49% | 2.29% | $73,684.84 | $44,210.90 |
| 80 | Colorado Springs, CO | 2.03% | $1,824.43 | $1,788.10 | 0.31% | 3.94% | $72,977.15 | $43,786.29 |
| 81 | Little Rock, AR | 5.27% | $1,199.41 | $1,139.35 | 1.31% | 5.28% | $47,976.45 | $28,785.87 |
| 82 | Lakeland, FL | 5.39% | $1,902.73 | $1,805.39 | 0.04% | 4.52% | $76,109.38 | $45,665.63 |
| 83 | Akron, OH | 5.69% | $1,231.93 | $1,165.60 | -0.32% | 4.92% | $49,277.20 | $29,566.32 |
| 84 | Des Moines, IA | 4.23% | $1,201.83 | $1,153.06 | 0.62% | 5.17% | $48,073.35 | $28,844.01 |
| 85 | Springfield, MA | 7.16% | $1,725.74 | $1,610.41 | 0.63% | 8.32% | $69,029.43 | $41,417.66 |
| 86 | Poughkeepsie, NY | 6.46% | $2,042.77 | $1,918.79 | 3.29% | 5.41% | $81,710.68 | $49,026.41 |
| 87 | Ogden, UT | 5.26% | $1,777.78 | $1,688.99 | 1.42% | 5.28% | $71,111.31 | $42,666.79 |
| 88 | Madison, WI | 8.29% | $1,489.45 | $1,375.45 | 1.11% | 11.46% | $59,578.07 | $35,746.84 |
| 89 | Winston, NC | 5.40% | $1,649.02 | $1,564.56 | 0.30% | 6.32% | $65,960.72 | $39,576.43 |
| 90 | Deltona, FL | 7.74% | $1,927.81 | $1,789.39 | 1.49% | 6.82% | $77,112.21 | $46,267.33 |
| 91 | Syracuse, NY | 6.16% | $1,445.57 | $1,361.65 | 0.60% | 7.89% | $57,822.63 | $34,693.58 |
| 92 | Provo, UT | 3.94% | $1,768.04 | $1,701.00 | 0.83% | 3.34% | $70,721.64 | $42,432.98 |
| 93 | Toledo, OH | 5.79% | $1,232.09 | $1,164.66 | 0.66% | 5.62% | $49,283.74 | $29,570.25 |
| 94 | Wichita, KS | 6.60% | $998.97 | $937.15 | 0.83% | 6.84% | $39,958.98 | $23,975.39 |
| 95 | Durham, NC | 6.07% | $1,727.28 | $1,628.38 | 0.50% | 6.96% | $69,091.40 | $41,454.84 |
| 96 | Augusta, GA | 6.54% | $1,357.40 | $1,274.03 | 0.81% | 6.75% | $54,296.19 | $32,577.71 |
| 97 | Palm Bay, FL | 6.11% | $2,007.31 | $1,891.67 | 0.43% | 6.26% | $80,292.24 | $48,175.35 |
| 98 | Jackson, MS | 5.41% | $1,320.59 | $1,252.77 | 0.78% | 5.72% | $52,823.66 | $31,694.20 |
| 99 | Harrisburg, PA | 5.53% | $1,355.72 | $1,284.67 | 1.02% | 4.19% | $54,228.61 | $32,537.17 |
| 100 | Spokane, WA | 0.88% | $1,563.17 | $1,549.55 | 0.87% | 2.58% | $62,526.68 | $37,516.01 |
| 101 | Scranton, PA | 3.14% | $1,196.58 | $1,160.11 | 0.42% | 2.51% | $47,863.04 | $28,717.82 |
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.
