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 Alabama Center of Real Estate at The University of Alabama, the Florida Atlantic University Real Estate Initiative, and Florida Gulf Coast University’s Lucas Institute for Real Estate Development & Finance

February 2025 Data

USA

LocationAverage RentWhere Average Rent Should BePremium/DiscountMonth Over Month Change Year Over Year ChangeMinimum Annual Income to NOT be Rent Burdened
United States$1,980.16$1,974.120.31%0.42%3.45%$79,207

Note about cost-burdened (rent-burdened) households:

The Department of Housing and Urban Development (HUD) defines cost-burdened families as those “who pay more than 30% of their income for housing including utilities and may have difficulty affording necessities such as food, clothing, transportation, or medical care.” All calculations include rent only, not utilities. 

Alabama Metro Areas

National Population RankingMetro AreaAverage RentWhere Average Rent Should BePremium/DiscountMonth Over Month Change Year Over Year ChangeMinimum Annual Income to NOT be Rent Burdened
51Birmingham, AL$1,388.32 $1,362.51 1.89%0.54%4.30%$55,533
114Huntsville, AL$1,427.42 $1,493.39 -4.42%0.21%2.12%$57,097
127Mobile, AL$1,278.45 $1,239.94 3.11%0.57%3.61%$51,138
143Montgomery, AL$1,345.10 $1,293.76 3.97%0.12%4.46%$53,804
188Tuscaloosa, AL$1,492.82 $1,409.92 5.88%1.00%8.17%$59,713
203Daphne, AL$1,611.90 $1,674.06 -3.71%-0.21%1.49%$64,476
253Auburn, AL$1,623.86 $1,521.09 6.76%1.26%9.23%$64,955
276Decatur, AL$1,325.56 $1,233.85 7.43%1.03%4.66%$53,022
292Florence, AL$1,121.27 $1,037.44 8.08%-2.84%7.39%$44,851
293Dothan, AL$1,247.78 $1,206.64 3.41%-2.75%6.13%$49,911
356Anniston, AL$996.04 $946.61 5.22%-0.77%3.59%$39,842
438Talladega, AL$1,177.08 $1,112.79 5.78%-0.61%4.11%$47,083
498Jasper, AL$1,375.33 $1,333.70 3.12%-1.29%1.90%$55,013
562Enterprise, AL$1,439.39 $1,404.81 2.46%-0.58%4.33%$57,576
584Ozark, AL$1,110.27 $985.99 12.60%-1.08%13.70%$44,411
403Albertville, AL$1,550.00 $1,528.35 1.42%1.46%1.46%$62,000

National Metro Areas

National Population RankingMetro AreaAverage RentWhere Average Rent Should BePremium/DiscountMonth Over Month Change Year Over Year ChangeMinimum Annual Income to NOT be Rent Burdened
63Bakersfield, CA$1,811.97 $1,793.43 1.03%0.91%3.98%$72,479
75Charleston, SC$2,028.23 $2,004.36 1.19%0.37%2.42%$81,129
74Dayton, OH$1,270.65 $1,242.89 2.23%0.37%4.72%$50,826
73North Port, FL$2,303.35 $2,336.33 -1.41%-0.25%1.82%$92,134
72Columbia, SC$1,559.38 $1,507.73 3.43%0.51%5.72%$62,375
71Oxnard, CA$3,054.10 $3,011.83 1.40%0.77%5.13%$122,164
70Allentown, PA$1,771.34 $1,748.48 1.31%-0.14%5.35%$70,854
69El Paso, TX$1,523.84 $1,493.13 2.06%-0.13%2.59%$60,954
68New Haven, CT$1,996.99 $1,889.08 5.71%1.10%6.63%$79,879
67McAllen, TX$1,162.70 $1,162.50 0.02%-0.25%1.26%$46,508
66Baton Rouge, LA$1,363.48 $1,348.78 1.09%-0.01%2.89%$54,539
65Knoxville, TN$1,780.24 $1,754.74 1.45%0.35%3.61%$71,209
64Albany, NY$1,585.19 $1,552.16 2.13%0.23%4.04%$63,407
76Greensboro, NC$1,497.73 $1,475.57 1.50%0.65%4.85%$59,909
62Albuquerque, NM$1,618.43 $1,603.73 0.92%0.40%3.75%$64,737
61Greenville, SC$1,554.77 $1,516.24 2.54%0.94%6.06%$62,191
60Bridgeport, CT$2,752.29 $2,637.91 4.34%0.21%7.25%$110,092
59Omaha, NE$1,362.14 $1,322.64 2.99%0.58%5.40%$54,486
58Worcester, MA$2,084.29 $2,002.53 4.08%0.77%7.35%$83,371
57Fresno, CA$1,994.85 $2,019.37 -1.21%0.07%4.10%$79,794
56Tulsa, OK$1,391.57 $1,360.44 2.29%0.81%3.68%$55,663
55Urban Honolulu, HI$2,786.01 $2,694.80 3.38%0.80%4.97%$111,440
54Tucson, AZ$1,552.42 $1,592.48 -2.52%-0.13%1.36%$62,097
53Grand Rapids, MI$1,623.96 $1,613.67 0.64%0.43%4.37%$64,958
52Rochester, NY$1,518.21 $1,453.72 4.44%0.73%5.95%$60,728
88Madison, WI$1,663.76 $1,588.40 4.74%0.48%4.52%$66,551
100Spokane, WA$1,494.26 $1,568.69 -4.74%0.95%2.69%$59,771
99Harrisburg, PA$1,357.03 $1,335.55 1.61%0.65%5.15%$54,281
98Jackson, MS$1,421.41 $1,363.92 4.22%0.14%6.35%$56,857
97Palm Bay, FL$1,955.07 $2,013.44 -2.90%0.36%2.60%$78,203
96Augusta, GA$1,416.22 $1,375.83 2.94%0.91%6.70%$56,649
95Durham, NC$1,651.47 $1,700.08 -2.86%-0.03%0.56%$66,059
94Wichita, KS$1,104.70 $1,070.75 3.17%0.32%3.08%$44,188
93Toledo, OH$1,169.39 $1,140.25 2.56%-0.19%4.92%$46,776
92Provo, UT$1,765.00 $1,833.69 -3.75%-0.12%0.93%$70,600
91Syracuse, NY$1,626.79 $1,535.47 5.95%0.84%6.47%$65,071
90Deltona, FL$1,889.04 $1,939.69 -2.61%-0.13%2.25%$75,562
89Winston, NC$1,591.08 $1,573.56 1.11%0.65%5.32%$63,643
51Birmingham, AL$1,388.32 $1,362.51 1.89%0.54%4.30%$55,533
87Ogden, UT$1,666.17 $1,718.23 -3.03%0.29%3.41%$66,647
86Poughkeepsie, NY$2,162.84 $2,146.57 0.76%0.12%4.32%$86,514
85Springfield, MA$1,884.59 $1,813.37 3.93%0.68%4.90%$75,384
84Des Moines, IA$1,253.63 $1,247.38 0.50%0.54%1.78%$50,145
83Akron, OH$1,238.39 $1,184.60 4.54%0.80%5.11%$49,536
82Lakeland, FL$1,879.34 $1,934.29 -2.84%0.45%1.62%$75,173
81Little Rock, AR$1,207.94 $1,192.78 1.27%0.08%2.58%$48,318
80Colorado Springs, CO$1,821.67 $1,906.67 -4.46%0.01%1.21%$72,867
79Boise City, ID$1,740.71 $1,850.53 -5.93%0.14%2.85%$69,628
78Cape Coral, FL$2,027.97 $2,131.69 -4.87%-0.21%-1.97%$81,119
77Stockton, CA$2,461.42 $2,542.94 -3.21%0.52%3.15%$98,457
13Riverside, CA$2,559.22 $2,590.77 -1.22%0.58%4.53%$102,369
25Portland, OR$1,827.36 $1,867.21 -2.13%0.28%3.18%$73,094
24San Antonio, TX$1,441.26 $1,504.29 -4.19%0.46%-0.32%$57,650
23Charlotte, NC$1,771.50 $1,812.89 -2.28%0.52%2.02%$70,860
22Orlando, FL$2,001.98 $2,064.30 -3.02%0.42%1.53%$80,079
21St. Louis, MO$1,384.20 $1,338.67 3.40%0.03%5.45%$55,368
20Baltimore, MD$1,838.54 $1,797.86 2.26%0.42%4.54%$73,542
19Denver, CO$1,908.05 $1,995.30 -4.37%0.12%-1.08%$76,322
18Tampa, FL$2,118.58 $2,123.85 -0.25%0.59%4.17%$84,743
17San Diego, CA$3,011.58 $3,045.04 -1.10%0.22%3.07%$120,463
16Minneapolis, MN$1,652.41 $1,660.21 -0.47%0.81%3.51%$66,096
15Seattle, WA$2,242.20 $2,269.48 -1.20%0.55%3.74%$89,688
14Detroit, MI$1,466.33 $1,452.80 0.93%0.57%5.30%$58,653
26Sacramento, CA$2,287.09 $2,376.54 -3.76%0.02%2.69%$91,484
12San Francisco, CA$3,024.92 $3,021.47 0.11%0.50%3.93%$120,997
11Phoenix, AZ$1,812.08 $1,933.76 -6.29%0.50%0.94%$72,483
10Boston, MA$3,100.76 $2,999.06 3.39%0.46%3.65%$124,030
9Atlanta, GA$1,883.37 $1,961.90 -4.00%0.72%2.13%$75,335
8Miami, FL$2,694.02 $2,687.99 0.22%0.08%2.20%$107,761
7Philadelphia, PA$1,882.51 $1,850.27 1.74%0.24%4.33%$75,300
6Washington, DC$2,362.20 $2,289.52 3.17%0.64%4.76%$94,488
5Houston, TX$1,672.64 $1,669.20 0.21%0.24%2.28%$66,906
4Dallas, TX$1,740.97 $1,807.17 -3.66%0.34%0.87%$69,639
3Chicago, IL$2,077.00 $1,980.11 4.89%0.77%5.68%$83,080
2Los Angeles, CA$2,975.01 $2,975.09 0.00%0.75%3.89%$119,001
39Providence, RI$2,062.49 $1,994.65 3.40%0.38%6.30%$82,500
50Buffalo, NY$1,331.63 $1,305.52 2.00%-0.17%4.23%$53,265
49Hartford, CT$1,861.88 $1,756.52 6.00%0.45%7.76%$74,475
48Salt Lake City, UT$1,662.89 $1,734.14 -4.11%0.68%1.04%$66,516
47New Orleans, LA$1,631.77 $1,606.72 1.56%0.29%3.51%$65,271
46Louisville, KY$1,378.92 $1,339.81 2.92%0.27%4.10%$55,157
45Richmond, VA$1,646.45 $1,629.57 1.04%0.11%5.11%$65,858
44Memphis, TN$1,417.66 $1,425.37 -0.54%0.19%2.25%$56,706
43Raleigh, NC$1,725.36 $1,774.31 -2.76%0.16%1.21%$69,014
42Oklahoma City, OK$1,365.76 $1,338.82 2.01%0.53%3.77%$54,630
41Milwaukee, WI$1,441.02 $1,384.71 4.07%0.78%5.52%$57,641
40Jacksonville, FL$1,714.78 $1,774.44 -3.36%-0.04%1.67%$68,591
1New York, NY$3,220.61 $3,100.31 3.88%0.63%4.18%$128,824
38Virginia Beach, VA$1,745.52 $1,700.03 2.68%0.23%5.39%$69,821
37Nashville, TN$1,842.86 $1,894.63 -2.73%0.27%1.84%$73,714
36San Jose, CA$3,272.14 $3,233.63 1.19%0.61%3.70%$130,886
35Cleveland, OH$1,405.28 $1,340.62 4.82%0.10%6.31%$56,211
34Indianapolis, IN$1,556.21 $1,519.99 2.38%0.57%4.82%$62,248
32Columbus, OH$1,496.69 $1,477.94 1.27%0.20%5.24%$59,868
31Kansas City, MO$1,493.02 $1,449.57 3.00%0.60%5.35%$59,721
30Las Vegas, NV$1,766.58 $1,846.38 -4.32%0.57%2.81%$70,663
29Austin, TX$1,675.58 $1,815.59 -7.71%0.31%-2.28%$67,023
28Cincinnati, OH$1,548.20 $1,527.99 1.32%-0.28%3.97%$61,928
27Pittsburgh, PA$1,437.14 $1,409.33 1.97%0.32%3.54%$57,486

Southeastern Conference Metro Areas

National Population RankingMetro AreaAverage RentWhere Average Rent Should BePremium/DiscountMonth Over Month Change Year Over Year ChangeMinimum Annual Income to NOT be Rent Burdened
37Nashville, TN$1,842.86 $1,894.63 -2.73%0.27%1.84%$73,714
65Knoxville, TN$1,780.24 $1,754.74 1.45%0.35%3.61%$71,209
66Baton Rouge, LA$1,363.48 $1,348.78 1.09%-0.01%2.89%$54,539
72Columbia, SC$1,559.38 $1,507.73 3.43%0.51%5.72%$62,375
108Fayetteville, AR$1,562.30 $1,515.10 3.12%-0.44%6.06%$62,492
110Lexington, KY$1,400.32 $1,351.21 3.63%0.07%6.00%$56,013
155Gainesville, FL$1,648.04 $1,663.32 -0.92%0.05%2.97%$65,922
188Tuscaloosa, AL$1,492.82 $1,409.92 5.88%1.00%8.17%$59,713
189College Station, TX$1,729.58 $1,651.50 4.73%-0.16%4.16%$69,183
217Athens, GA$1,849.42 $1,836.37 0.71%-0.09%4.86%$73,977
219Columbia, MO$1,282.48 $1,166.57 9.94%2.36%9.60%$51,299
253Auburn, AL$1,623.86 $1,521.09 6.76%1.26%9.23%$64,955
520Starkville, MS$1,430.65 $1,324.21 8.04%1.38%5.56%$57,226
544Oxford, MS$2,102.17 $1,789.56 17.47%-2.30%16.85%$84,087
29Austin, TX$1,675.58 $1,815.59 -7.71%0.31%-2.28%$67,023
42Oklahoma City, OK$1,365.76 $1,338.82 2.01%0.53%3.77%$54,630
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