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

March 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$2,005.11$1,993.920.56%0.64%3.50%$80,204

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$1,420.64 $1,393.95 1.91%0.43%4.25%$56,825
114Huntsville, AL$1,426.99 $1,494.22 -4.50%0.27%1.74%$57,080
127Mobile, AL$1,306.83 $1,270.17 2.89%0.11%3.76%$52,273
143Montgomery, AL$1,371.58 $1,309.94 4.71%1.27%4.73%$54,863
188Tuscaloosa, AL$1,508.93 $1,439.25 4.84%-0.44%6.29%$60,357
203Daphne, AL$1,656.99 $1,705.26 -2.83%1.28%2.30%$66,279
253Auburn, AL$1,618.58 $1,520.51 6.45%0.52%9.40%$64,743
276Decatur, AL$1,248.19 $1,161.61 7.45%0.50%3.68%$49,928
292Florence, AL$1,212.20 $1,118.82 8.35%0.70%6.71%$48,488
293Dothan, AL$1,323.61 $1,277.78 3.59%0.27%4.72%$52,944
357Anniston, AL$994.64 $956.77 3.96%-1.14%4.56%$39,786
406Albertville, AL$1,688.33 $1,630.58 3.54%3.09%3.68%$67,533
424Cullman, AL$1,569.17 $1,547.65 1.39%1.44%1.44%$62,767
443Talladega, AL$1,152.25 $1,086.50 6.05%0.53%3.97%$46,090
508Jasper, AL$1,437.67 $1,390.33 3.40%0.52%1.27%$57,507
585Enterprise, AL$1,382.64 $1,364.16 1.35%-0.67%4.97%$55,306

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$1,829.80 $1,802.18 1.53%1.04%4.77%$73,192
75Charleston, SC$2,046.21 $2,021.92 1.20%0.52%2.76%$81,848
74Dayton, OH$1,281.72 $1,254.30 2.19%0.47%3.96%$51,269
73North Port, FL$2,322.94 $2,374.11 -2.16%-0.37%1.60%$92,917
72Columbia, SC$1,558.10 $1,500.81 3.82%0.89%6.47%$62,324
71Oxnard, CA$3,083.32 $3,024.84 1.93%0.96%5.38%$123,333
70Allentown, PA$1,805.41 $1,785.87 1.09%0.21%4.98%$72,216
69El Paso, TX$1,546.25 $1,517.14 1.92%0.23%2.54%$61,850
68New Haven, CT$2,046.74 $1,936.91 5.67%0.46%6.26%$81,870
67McAllen, TX$1,194.87 $1,190.10 0.40%0.68%1.85%$47,795
66Baton Rouge, LA$1,374.83 $1,362.06 0.94%0.14%2.80%$54,993
65Knoxville, TN$1,821.22 $1,791.10 1.68%0.75%4.06%$72,849
64Albany, NY$1,628.68 $1,576.35 3.32%1.64%4.68%$65,147
76Greensboro, NC$1,543.09 $1,522.01 1.39%0.37%4.53%$61,724
62Albuquerque, NM$1,652.28 $1,634.74 1.07%0.67%4.05%$66,091
61Greenville, SC$1,555.28 $1,522.51 2.15%0.10%6.00%$62,211
60Bridgeport, CT$2,831.33 $2,715.27 4.27%0.48%7.16%$113,253
59Omaha, NE$1,380.84 $1,339.32 3.10%0.58%5.13%$55,234
58Worcester, MA$2,131.85 $2,040.18 4.49%1.02%7.23%$85,274
57Fresno, CA$1,988.82 $1,998.61 -0.49%1.11%4.65%$79,553
56Tulsa, OK$1,397.56 $1,361.39 2.66%0.73%4.25%$55,902
55Urban Honolulu, HI$2,824.04 $2,748.73 2.74%-0.18%3.94%$112,962
54Tucson, AZ$1,589.01 $1,636.59 -2.91%-0.04%1.48%$63,560
53Grand Rapids, MI$1,656.84 $1,648.05 0.53%0.28%3.91%$66,274
52Rochester, NY$1,543.35 $1,472.21 4.83%0.98%6.50%$61,734
88Madison, WI$1,624.22 $1,551.48 4.69%0.35%4.19%$64,969
100Spokane, WA$1,535.51 $1,602.03 -4.15%1.01%3.05%$61,420
99Harrisburg, PA$1,425.62 $1,407.09 1.32%0.20%5.15%$57,025
98Jackson, MS$1,428.00 $1,373.75 3.95%0.19%5.73%$57,120
97Palm Bay, FL$1,981.20 $2,033.82 -2.59%0.76%2.59%$79,248
96Augusta, GA$1,422.09 $1,381.62 2.93%0.56%7.23%$56,884
95Durham, NC$1,698.17 $1,734.90 -2.12%1.08%1.74%$67,927
94Wichita, KS$1,082.45 $1,048.72 3.22%0.55%3.17%$43,298
93Toledo, OH$1,221.66 $1,198.40 1.94%-0.21%3.87%$48,866
92Provo, UT$1,790.88 $1,843.82 -2.87%1.15%1.59%$71,635
91Syracuse, NY$1,666.54 $1,591.49 4.72%-0.56%5.44%$66,662
90Deltona, FL$1,906.35 $1,947.43 -2.11%0.87%2.75%$76,254
89Winston, NC$1,633.12 $1,607.97 1.56%0.98%5.17%$65,325
51Birmingham, AL$1,420.64 $1,393.95 1.91%0.43%4.25%$56,825
87Ogden, UT$1,699.85 $1,750.32 -2.88%0.67%3.45%$67,994
86Poughkeepsie, NY$2,199.95 $2,160.15 1.84%1.55%5.39%$87,998
85Springfield, MA$1,960.18 $1,887.55 3.85%0.57%5.10%$78,407
84Des Moines, IA$1,288.70 $1,269.22 1.53%1.29%2.43%$51,548
83Akron, OH$1,255.65 $1,206.27 4.09%0.12%5.36%$50,226
82Lakeland, FL$1,886.96 $1,941.80 -2.82%0.39%1.43%$75,478
81Little Rock, AR$1,224.31 $1,202.85 1.78%0.88%2.62%$48,972
80Colorado Springs, CO$1,826.83 $1,915.88 -4.65%0.09%1.01%$73,073
79Boise City, ID$1,774.04 $1,877.97 -5.53%0.69%2.55%$70,962
78Cape Coral, FL$2,044.24 $2,161.72 -5.43%-0.18%-1.75%$81,770
77Stockton, CA$2,477.24 $2,563.85 -3.38%0.21%2.53%$99,089
13Riverside, CA$2,566.69 $2,602.80 -1.39%0.27%4.08%$102,668
25Portland, OR$1,832.29 $1,868.33 -1.93%0.46%2.89%$73,292
24San Antonio, TX$1,454.69 $1,511.35 -3.75%0.65%-0.05%$58,188
23Charlotte, NC$1,784.15 $1,819.49 -1.94%0.65%2.49%$71,366
22Orlando, FL$2,028.11 $2,085.48 -2.75%0.62%1.67%$81,124
21St. Louis, MO$1,400.92 $1,357.03 3.23%0.25%5.02%$56,037
20Baltimore, MD$1,855.85 $1,812.10 2.41%0.52%4.52%$74,234
19Denver, CO$1,935.62 $2,010.28 -3.71%0.86%-1.21%$77,425
18Tampa, FL$2,134.37 $2,141.97 -0.36%0.38%4.20%$85,375
17San Diego, CA$3,052.06 $3,080.21 -0.91%0.56%3.03%$122,082
16Minneapolis, MN$1,664.14 $1,666.37 -0.13%0.62%3.37%$66,566
15Seattle, WA$2,261.19 $2,280.76 -0.86%0.65%3.45%$90,448
14Detroit, MI$1,475.14 $1,460.21 1.02%0.51%5.04%$59,006
26Sacramento, CA$2,320.26 $2,401.26 -3.37%0.69%2.77%$92,810
12San Francisco, CA$3,051.59 $3,025.94 0.85%0.95%4.01%$122,064
11Phoenix, AZ$1,841.47 $1,961.52 -6.12%0.49%0.81%$73,659
10Boston, MA$3,144.77 $3,031.45 3.74%0.76%3.64%$125,791
9Atlanta, GA$1,902.66 $1,975.70 -3.70%0.64%2.38%$76,106
8Miami, FL$2,717.67 $2,718.39 -0.03%0.18%1.95%$108,707
7Philadelphia, PA$1,897.65 $1,869.91 1.48%0.11%3.90%$75,906
6Washington, DC$2,395.36 $2,309.12 3.73%0.95%4.72%$95,814
5Houston, TX$1,678.75 $1,669.15 0.57%0.61%2.60%$67,150
4Dallas, TX$1,773.31 $1,833.98 -3.31%0.64%1.23%$70,933
3Chicago, IL$2,138.63 $2,030.14 5.34%0.89%5.80%$85,545
2Los Angeles, CA$2,997.27 $2,982.69 0.49%0.84%4.18%$119,891
39Providence, RI$2,144.99 $2,074.37 3.40%0.49%5.92%$85,799
50Buffalo, NY$1,355.87 $1,337.38 1.38%-0.16%3.46%$54,235
49Hartford, CT$1,876.58 $1,774.19 5.77%0.35%6.79%$75,063
48Salt Lake City, UT$1,694.74 $1,760.88 -3.76%0.67%1.24%$67,790
47New Orleans, LA$1,644.56 $1,616.42 1.74%0.47%3.72%$65,782
46Louisville, KY$1,406.12 $1,370.67 2.59%0.04%3.52%$56,245
45Richmond, VA$1,678.70 $1,654.05 1.49%0.89%4.90%$67,148
44Memphis, TN$1,435.82 $1,439.31 -0.24%0.65%2.68%$57,433
43Raleigh, NC$1,737.99 $1,785.11 -2.64%0.44%1.34%$69,519
42Oklahoma City, OK$1,381.07 $1,353.39 2.05%0.38%4.20%$55,243
41Milwaukee, WI$1,461.46 $1,407.52 3.83%0.20%5.25%$58,458
40Jacksonville, FL$1,729.27 $1,786.48 -3.20%0.45%1.35%$69,171
1New York, NY$3,313.33 $3,171.66 4.47%0.96%4.20%$132,533
38Virginia Beach, VA$1,768.49 $1,723.20 2.63%0.41%4.98%$70,740
37Nashville, TN$1,856.42 $1,903.93 -2.50%0.55%1.71%$74,257
36San Jose, CA$3,350.89 $3,282.57 2.08%1.09%3.81%$134,036
35Cleveland, OH$1,436.84 $1,371.18 4.79%0.56%6.66%$57,474
34Indianapolis, IN$1,581.76 $1,542.09 2.57%0.66%4.92%$63,270
32Columbus, OH$1,531.88 $1,507.48 1.62%0.76%5.80%$61,275
31Kansas City, MO$1,524.56 $1,477.49 3.19%0.67%5.59%$60,982
30Las Vegas, NV$1,783.67 $1,858.03 -4.00%0.62%2.85%$71,347
29Austin, TX$1,693.11 $1,830.47 -7.50%0.31%-2.23%$67,724
28Cincinnati, OH$1,564.69 $1,540.67 1.56%0.67%4.13%$62,588
27Pittsburgh, PA$1,450.40 $1,418.80 2.23%0.62%4.18%$58,016

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
29Austin, TX$1,693.11 $1,830.47 -7.50%0.31%-2.23%$67,724
37Nashville, TN$1,856.42 $1,903.93 -2.50%0.55%1.71%$74,257
42Oklahoma City, OK$1,381.07 $1,353.39 2.05%0.38%4.20%$55,243
65Knoxville, TN$1,821.22 $1,791.10 1.68%0.75%4.06%$72,849
66Baton Rouge, LA$1,374.83 $1,362.06 0.94%0.14%2.80%$54,993
72Columbia, SC$1,558.10 $1,500.81 3.82%0.89%6.47%$62,324
108Fayetteville, AR$1,595.62 $1,549.35 2.99%0.37%5.75%$63,825
110Lexington, KY$1,428.75 $1,377.45 3.72%0.42%5.85%$57,150
155Gainesville, FL$1,663.29 $1,673.26 -0.60%0.72%2.74%$66,532
188Tuscaloosa, AL$1,508.93 $1,439.25 4.84%-0.44%6.29%$60,357
189College Station, TX$1,644.18 $1,576.73 4.28%-0.04%4.55%$65,767
217Athens, GA$1,833.38 $1,833.34 0.00%-0.15%3.62%$73,335
219Columbia, MO$1,326.16 $1,210.50 9.55%0.35%8.46%$53,046
253Auburn, AL$1,618.58 $1,520.51 6.45%0.52%9.40%$64,743
529Starkville, MS$1,473.10 $1,368.92 7.61%-0.05%5.00%$58,924
564Oxford, MS$2,197.77 $1,830.99 20.03%2.86%13.19%$87,911
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