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.
May 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 | 2.61% | $2,036.15 | $1,984.33 | 0.58% | 3.40% | $81,446 |
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 | 6.69% | $3,362.96 | $3,152.08 | 1.00% | 3.89% | $134,519 |
| 2 | Los Angeles, CA | 0.75% | $2,941.92 | $2,920.17 | 0.50% | 2.52% | $117,677 |
| 3 | Chicago, IL | 6.20% | $2,109.67 | $1,986.43 | 0.92% | 5.08% | $84,387 |
| 4 | Dallas, TX | -0.86% | $1,811.36 | $1,827.10 | 0.50% | 0.15% | $72,455 |
| 5 | Houston, TX | 2.45% | $1,721.61 | $1,680.44 | 0.63% | 2.09% | $68,864 |
| 6 | Washington, DC | 4.66% | $2,401.83 | $2,294.88 | 0.71% | 4.83% | $96,073 |
| 7 | Philadelphia, PA | 2.32% | $1,890.60 | $1,847.75 | 0.34% | 3.71% | $75,624 |
| 8 | Miami, FL | 3.88% | $2,806.00 | $2,701.08 | 0.12% | 2.57% | $112,240 |
| 9 | Atlanta, GA | -1.93% | $1,947.12 | $1,985.40 | 0.31% | 0.42% | $77,885 |
| 10 | Boston, MA | 5.76% | $3,120.15 | $2,950.23 | 0.62% | 4.85% | $124,806 |
| 11 | Phoenix, AZ | -2.89% | $1,894.72 | $1,951.18 | 0.25% | 0.98% | $75,789 |
| 12 | San Francisco, CA | 0.08% | $3,091.82 | $3,089.30 | 0.69% | 1.20% | $123,673 |
| 13 | Riverside, CA | 0.05% | $2,555.35 | $2,554.09 | 0.44% | 2.78% | $102,214 |
| 14 | Detroit, MI | 2.43% | $1,460.71 | $1,426.11 | 0.93% | 5.15% | $58,428 |
| 15 | Seattle, WA | 0.81% | $2,249.67 | $2,231.51 | 0.90% | 3.68% | $89,987 |
| 16 | Minneapolis, MN | 0.33% | $1,676.36 | $1,670.78 | 0.47% | 3.08% | $67,055 |
| 17 | San Diego, CA | 1.97% | $3,040.71 | $2,981.84 | 0.55% | 1.98% | $121,628 |
| 18 | Tampa, FL | 0.60% | $2,122.44 | $2,109.85 | -0.04% | 1.43% | $84,898 |
| 19 | Denver, CO | 1.66% | $2,074.09 | $2,040.17 | 0.83% | 2.60% | $82,964 |
| 20 | Baltimore, MD | 3.26% | $1,847.09 | $1,788.81 | 0.88% | 3.18% | $73,883 |
| 21 | St. Louis, MO | 4.94% | $1,420.32 | $1,353.51 | 0.71% | 4.98% | $56,813 |
| 22 | Orlando, FL | 0.56% | $2,075.63 | $2,063.99 | 0.56% | 0.90% | $83,025 |
| 23 | Charlotte, NC | 0.02% | $1,798.79 | $1,798.48 | 0.19% | 0.94% | $71,952 |
| 24 | San Antonio, TX | -0.68% | $1,500.65 | $1,510.93 | 0.38% | -0.39% | $60,026 |
| 25 | Portland, OR | 0.22% | $1,847.23 | $1,843.21 | 0.91% | 1.57% | $73,889 |
| 26 | Sacramento, CA | -1.29% | $2,313.68 | $2,343.89 | 0.61% | 3.56% | $92,547 |
| 27 | Pittsburgh, PA | 2.81% | $1,460.00 | $1,420.08 | 0.61% | 3.95% | $58,400 |
| 28 | Cincinnati, OH | 3.97% | $1,525.67 | $1,467.47 | 0.66% | 5.14% | $61,027 |
| 29 | Austin, TX | -3.06% | $1,827.29 | $1,884.99 | 0.47% | -3.23% | $73,092 |
| 30 | Las Vegas, NV | -1.52% | $1,827.60 | $1,855.79 | 1.14% | 2.66% | $73,104 |
| 31 | Kansas City, MO | 4.26% | $1,482.36 | $1,421.82 | 0.84% | 5.48% | $59,294 |
| 32 | Columbus, OH | 2.65% | $1,542.76 | $1,502.88 | 0.70% | 4.13% | $61,710 |
| 34 | Indianapolis, IN | 3.43% | $1,586.13 | $1,533.51 | 0.58% | 4.39% | $63,445 |
| 35 | Cleveland, OH | 4.88% | $1,420.74 | $1,354.65 | 0.31% | 6.26% | $56,830 |
| 36 | San Jose, CA | 2.40% | $3,360.25 | $3,281.64 | 0.88% | 2.35% | $134,410 |
| 37 | Nashville, TN | 0.34% | $1,933.47 | $1,926.98 | 0.69% | 0.72% | $77,339 |
| 38 | Virginia Beach, VA | 4.74% | $1,735.05 | $1,656.50 | 0.91% | 5.11% | $69,402 |
| 39 | Providence, RI | 5.72% | $2,073.32 | $1,961.05 | 0.84% | 7.10% | $82,933 |
| 40 | Jacksonville, FL | -0.20% | $1,766.38 | $1,769.84 | 0.31% | 0.81% | $70,655 |
| 41 | Milwaukee, WI | 4.93% | $1,388.03 | $1,322.85 | 1.01% | 5.43% | $55,521 |
| 42 | Oklahoma City, OK | 2.23% | $1,334.91 | $1,305.86 | 0.17% | 2.71% | $53,397 |
| 43 | Raleigh, NC | 0.23% | $1,773.93 | $1,769.79 | 0.43% | 0.33% | $70,957 |
| 44 | Memphis, TN | 1.55% | $1,464.79 | $1,442.47 | 0.44% | 2.42% | $58,592 |
| 45 | Richmond, VA | 3.24% | $1,655.82 | $1,603.79 | 0.67% | 4.78% | $66,233 |
| 46 | Louisville, KY | 5.42% | $1,417.16 | $1,344.34 | 0.12% | 6.38% | $56,686 |
| 47 | New Orleans, LA | 2.18% | $1,678.01 | $1,642.26 | 0.04% | 2.69% | $67,120 |
| 48 | Salt Lake City, UT | -0.65% | $1,719.09 | $1,730.32 | 0.50% | 1.62% | $68,764 |
| 49 | Hartford, CT | 7.56% | $1,845.83 | $1,716.03 | 1.34% | 6.99% | $73,833 |
| 50 | Buffalo, NY | 4.04% | $1,375.37 | $1,321.98 | 0.35% | 5.98% | $55,015 |
| 51 | Birmingham, AL | 2.20% | $1,432.17 | $1,401.29 | -0.35% | 2.94% | $57,287 |
| 52 | Rochester, NY | 4.68% | $1,530.87 | $1,462.37 | 0.19% | 5.24% | $61,235 |
| 53 | Grand Rapids, MI | 2.89% | $1,591.50 | $1,546.78 | 0.94% | 5.50% | $63,660 |
| 54 | Tucson, AZ | 0.27% | $1,631.73 | $1,627.42 | 0.16% | 2.86% | $65,269 |
| 55 | Urban Honolulu, HI | 3.62% | $2,781.90 | $2,684.78 | 0.52% | 3.12% | $111,276 |
| 56 | Tulsa, OK | 4.68% | $1,359.11 | $1,298.36 | 0.60% | 5.41% | $54,364 |
| 57 | Fresno, CA | 1.84% | $1,926.40 | $1,891.62 | 1.02% | 4.85% | $77,056 |
| 58 | Worcester, MA | 5.80% | $2,106.30 | $1,990.73 | 1.26% | 7.49% | $84,252 |
| 59 | Omaha, NE | 4.21% | $1,360.25 | $1,305.31 | 0.84% | 3.80% | $54,410 |
| 60 | Bridgeport, CT | 4.56% | $2,892.09 | $2,765.91 | 0.81% | 5.43% | $115,683 |
| 61 | Greenville, SC | 2.71% | $1,600.85 | $1,558.68 | 1.03% | 4.20% | $64,034 |
| 62 | Albuquerque, NM | 3.55% | $1,581.99 | $1,527.75 | 0.48% | 3.68% | $63,280 |
| 63 | Bakersfield, CA | 3.58% | $1,813.20 | $1,750.48 | 0.48% | 4.76% | $72,528 |
| 64 | Albany, NY | 4.38% | $1,591.64 | $1,524.88 | 0.80% | 5.77% | $63,666 |
| 65 | Knoxville, TN | 5.17% | $1,793.45 | $1,705.25 | 0.68% | 5.40% | $71,738 |
| 66 | Baton Rouge, LA | 2.25% | $1,371.76 | $1,341.63 | 1.13% | 2.07% | $54,870 |
| 67 | McAllen, TX | 3.13% | $1,184.66 | $1,148.66 | 0.71% | 2.22% | $47,386 |
| 68 | New Haven, CT | 7.69% | $2,116.65 | $1,965.46 | 0.76% | 9.01% | $84,666 |
| 69 | El Paso, TX | 5.20% | $1,546.60 | $1,470.19 | -0.02% | 3.59% | $61,864 |
| 70 | Allentown, PA | 2.34% | $1,780.66 | $1,739.98 | 0.88% | 3.42% | $71,226 |
| 71 | Oxnard, CA | 1.86% | $3,011.29 | $2,956.20 | 0.32% | 4.12% | $120,452 |
| 72 | Columbia, SC | 4.49% | $1,536.81 | $1,470.78 | 0.67% | 4.91% | $61,473 |
| 73 | North Port, FL | 0.49% | $2,399.65 | $2,387.88 | 0.01% | 0.25% | $95,986 |
| 74 | Dayton, OH | 4.45% | $1,356.87 | $1,299.10 | 0.71% | 6.34% | $54,275 |
| 75 | Charleston, SC | 4.81% | $2,075.67 | $1,980.42 | 0.38% | 3.69% | $83,027 |
| 76 | Greensboro, NC | 4.61% | $1,450.83 | $1,386.95 | 1.21% | 5.34% | $58,033 |
| 77 | Stockton, CA | -1.22% | $2,406.78 | $2,436.50 | 0.30% | 3.99% | $96,271 |
| 78 | Cape Coral, FL | -0.20% | $2,169.44 | $2,173.73 | -0.24% | -2.35% | $86,777 |
| 79 | Boise City, ID | -2.37% | $1,850.69 | $1,895.68 | 1.04% | 1.82% | $74,028 |
| 80 | Colorado Springs, CO | -1.39% | $1,880.67 | $1,907.22 | 0.66% | 1.88% | $75,227 |
| 81 | Little Rock, AR | 4.60% | $1,236.23 | $1,181.88 | 0.54% | 5.17% | $49,449 |
| 82 | Lakeland, FL | 0.61% | $1,934.73 | $1,922.92 | 0.16% | 2.27% | $77,389 |
| 83 | Akron, OH | 5.32% | $1,226.43 | $1,164.43 | 0.71% | 5.25% | $49,057 |
| 84 | Des Moines, IA | 3.34% | $1,270.69 | $1,229.63 | 0.26% | 3.21% | $50,828 |
| 85 | Springfield, MA | 6.35% | $1,812.98 | $1,704.67 | 0.64% | 7.06% | $72,519 |
| 86 | Poughkeepsie, NY | 2.57% | $2,166.91 | $2,112.70 | 0.93% | 4.27% | $86,676 |
| 87 | Ogden, UT | 0.41% | $1,729.86 | $1,722.79 | 1.70% | 2.31% | $69,194 |
| 88 | Madison, WI | 6.21% | $1,615.09 | $1,520.71 | 0.14% | 5.10% | $64,604 |
| 89 | Winston, NC | 2.38% | $1,590.17 | $1,553.18 | 0.67% | 3.19% | $63,607 |
| 90 | Deltona, FL | 0.90% | $1,929.85 | $1,912.60 | 0.77% | 1.67% | $77,194 |
| 91 | Syracuse, NY | 5.31% | $1,555.41 | $1,476.92 | 0.71% | 6.23% | $62,216 |
| 92 | Provo, UT | 0.91% | $1,799.36 | $1,783.19 | 0.83% | 3.12% | $71,974 |
| 93 | Toledo, OH | 4.57% | $1,220.04 | $1,166.71 | 0.89% | 5.81% | $48,802 |
| 94 | Wichita, KS | 5.99% | $1,097.18 | $1,035.21 | 0.46% | 4.87% | $43,887 |
| 95 | Durham, NC | 0.92% | $1,777.59 | $1,761.37 | -0.08% | 1.55% | $71,103 |
| 96 | Augusta, GA | 2.58% | $1,435.81 | $1,399.73 | 0.33% | 3.28% | $57,432 |
| 97 | Palm Bay, FL | -0.63% | $1,998.06 | $2,010.78 | -0.02% | 0.78% | $79,922 |
| 98 | Jackson, MS | 5.26% | $1,408.71 | $1,338.36 | 1.52% | 4.71% | $56,348 |
| 99 | Harrisburg, PA | 2.27% | $1,417.84 | $1,386.40 | 0.81% | 3.05% | $56,714 |
| 100 | Spokane, WA | -2.72% | $1,517.44 | $1,559.94 | 0.41% | 1.68% | $60,698 |
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.
