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

July 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$2,071.83$2,064.910.34%0.14%2.64%$82,873

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
357Anniston, AL$958.27 $907.93 5.54%0.49%3.58%$38,331
406Albertville, AL$1,411.11 $1,345.49 4.88%0.69%5.56%$56,444
788Troy, AL$965.00 $942.68 2.37%4.11%2.19%$38,600
608Ozark, AL$1,389.17 $1,284.90 8.11%0.35%3.94%$55,567
585Enterprise, AL$1,351.05 $1,334.01 1.28%0.37%3.82%$54,042
508Jasper, AL$1,358.33 $1,279.66 6.15%0.04%2.96%$54,333
114Huntsville, AL$1,464.59 $1,548.12 -5.40%-0.06%-0.12%$58,584
443Talladega, AL$1,135.56 $1,095.69 3.64%-1.37%2.34%$45,422
424Cullman, AL$1,545.28 $1,512.03 2.20%-0.49%2.59%$61,811
383Gadsden, AL$1,318.96 $1,296.74 1.71%1.77%1.77%$52,758
51Birmingham, AL$1,483.40 $1,454.13 2.01%-0.02%4.39%$59,336
293Dothan, AL$1,570.15 $1,394.60 12.59%0.49%9.48%$62,806
292Florence, AL$1,264.44 $1,145.93 10.34%1.49%7.48%$50,578
276Decatur, AL$1,314.90 $1,133.70 15.98%-1.52%7.15%$52,596
253Auburn, AL$1,918.42 $1,844.82 3.99%-0.17%4.08%$76,737
203Daphne, AL$1,726.69 $1,762.84 -2.05%0.31%0.70%$69,067
188Tuscaloosa, AL$1,562.54 $1,502.82 3.97%-0.10%4.59%$62,502
143Montgomery, AL$1,394.16 $1,331.97 4.67%0.56%5.34%$55,766
127Mobile, AL$1,371.59 $1,341.23 2.26%-0.17%2.44%$54,864

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$1,939.63 $1,932.59 0.36%0.15%2.71%$77,585
75Charleston, SC$2,105.58 $2,074.47 1.50%0.12%2.25%$84,223
74Dayton, OH$1,397.68 $1,363.30 2.52%0.47%4.25%$55,907
73North Port, FL$2,258.28 $2,392.47 -5.61%0.07%-0.02%$90,331
72Columbia, SC$1,642.95 $1,597.34 2.86%-0.07%5.00%$65,718
71Oxnard, CA$3,168.00 $3,146.29 0.69%0.04%4.12%$126,720
70Allentown, PA$1,899.31 $1,879.19 1.07%0.70%3.39%$75,972
69El Paso, TX$1,646.73 $1,613.14 2.08%0.38%2.67%$65,869
68New Haven, CT$2,172.01 $2,067.44 5.06%0.60%4.15%$86,881
67McAllen, TX$1,256.19 $1,253.49 0.21%-0.21%1.47%$50,248
66Baton Rouge, LA$1,429.76 $1,411.97 1.26%0.52%1.61%$57,190
65Knoxville, TN$1,842.28 $1,834.70 0.41%-0.06%3.12%$73,691
64Albany, NY$1,637.91 $1,575.04 3.99%0.65%4.56%$65,516
76Greensboro, NC$1,568.72 $1,542.84 1.68%0.79%3.23%$62,749
62Albuquerque, NM$1,635.09 $1,626.06 0.56%0.33%3.04%$65,404
61Greenville, SC$1,618.84 $1,616.72 0.13%-0.06%2.98%$64,754
60Bridgeport, CT$2,911.74 $2,809.69 3.63%0.41%4.37%$116,469
59Omaha, NE$1,442.37 $1,404.30 2.71%0.29%3.63%$57,695
58Worcester, MA$2,158.20 $2,065.60 4.48%0.79%6.03%$86,328
57Fresno, CA$2,136.31 $2,172.80 -1.68%0.09%2.36%$85,452
56Tulsa, OK$1,427.09 $1,402.43 1.76%0.11%2.52%$57,083
55Urban Honolulu, HI$2,915.64 $2,799.30 4.16%0.31%4.67%$116,625
54Tucson, AZ$1,617.04 $1,682.59 -3.90%0.11%0.75%$64,681
53Grand Rapids, MI$1,630.33 $1,607.48 1.42%0.29%4.34%$65,213
52Rochester, NY$1,539.27 $1,483.12 3.79%0.55%5.30%$61,571
88Madison, WI$1,636.38 $1,584.31 3.29%-0.21%3.57%$65,455
100Spokane, WA1571.2802651646.386626-0.045618909-0.0032176370.01641364462851.21058
99Harrisburg, PA$1,496.45 $1,480.67 1.07%0.30%3.64%$59,858
98Jackson, MS$1,489.17 $1,430.47 4.10%0.83%3.63%$59,567
97Palm Bay, FL$2,005.56 $2,089.21 -4.00%0.02%1.50%$80,222
96Augusta, GA$1,529.88 $1,504.74 1.67%-0.55%5.44%$61,195
95Durham, NC$1,729.17 $1,764.01 -1.98%-0.17%0.83%$69,167
94Wichita, KS$1,151.09 $1,114.37 3.29%0.84%3.11%$46,044
93Toledo, OH$1,289.74 $1,260.80 2.30%0.18%3.60%$51,590
92Provo, UT$1,951.14 $1,983.89 -1.65%0.57%1.76%$78,046
91Syracuse, NY$1,698.95 $1,634.86 3.92%0.24%5.10%$67,958
90Deltona, FL$1,931.39 $1,997.80 -3.32%-0.28%1.37%$77,256
89Winston, NC$1,739.32 $1,691.97 2.80%0.51%5.40%$69,573
51Birmingham, AL$1,483.40 $1,454.13 2.01%-0.02%4.39%$59,336
87Ogden, UT$1,768.44 $1,823.30 -3.01%0.00%1.55%$70,738
86Poughkeepsie, NY$2,246.20 $2,260.44 -0.63%-0.20%2.48%$89,848
85Springfield, MA$1,857.12 $1,780.74 4.29%0.64%5.45%$74,285
84Des Moines, IA$1,322.97 $1,303.65 1.48%0.24%1.11%$52,919
83Akron, OH$1,359.04 $1,313.45 3.47%0.74%3.67%$54,362
82Lakeland, FL$1,932.48 $2,002.34 -3.49%0.15%1.52%$77,299
81Little Rock, AR$1,261.29 $1,244.75 1.33%-0.32%2.18%$50,452
80Colorado Springs, CO$1,925.38 $2,006.03 -4.02%-0.04%0.42%$77,015
79Boise City, ID$1,889.82 $1,956.06 -3.39%0.69%3.07%$75,593
78Cape Coral, FL$2,025.95 $2,200.28 -7.92%-0.10%-2.08%$81,038
77Stockton, CA$2,615.69 $2,699.50 -3.10%-0.48%2.53%$104,627
12San Francisco, CA$3,242.45 $3,150.32 2.92%0.56%4.89%$129,698
24San Antonio, TX$1,514.26 $1,576.16 -3.93%0.07%-0.64%$60,571
23Charlotte, NC$1,823.15 $1,865.45 -2.27%0.12%1.63%$72,926
22Orlando, FL$2,065.51 $2,140.28 -3.49%-0.16%0.30%$82,620
21St. Louis, MO$1,451.21 $1,409.81 2.94%0.18%3.55%$58,049
20Baltimore, MD$1,961.95 $1,921.87 2.09%0.29%2.69%$78,478
19Denver, CO$2,029.46 $2,087.39 -2.78%-0.07%-1.43%$81,178
18Tampa, FL$2,162.89 $2,223.51 -2.73%-0.19%2.68%$86,516
17San Diego, CA$3,119.88 $3,159.73 -1.26%0.18%1.72%$124,795
16Minneapolis, MN$1,714.56 $1,698.27 0.96%0.31%4.05%$68,582
15Seattle, WA$2,354.71 $2,347.26 0.32%0.39%2.78%$94,189
14Detroit, MI$1,540.68 $1,533.06 0.50%-0.07%3.18%$61,627
13Riverside, CA$2,599.07 $2,664.98 -2.47%-0.01%2.76%$103,963
25Portland, OR$1,919.14 $1,936.85 -0.91%0.39%1.51%$76,766
11Phoenix, AZ$1,845.36 $1,989.62 -7.25%-0.11%-0.31%$73,814
10Boston, MA$3,150.44 $3,054.25 3.15%-0.22%2.54%$126,018
9Atlanta, GA$1,942.98 $2,024.97 -4.05%0.25%1.99%$77,719
8Miami, FL$2,760.23 $2,806.85 -1.66%-0.01%1.17%$110,409
7Philadelphia, PA$1,949.31 $1,919.79 1.54%0.69%3.49%$77,972
6Washington, DC$2,504.01 $2,426.91 3.18%-0.05%2.40%$100,160
5Houston, TX$1,745.34 $1,753.57 -0.47%0.01%0.70%$69,814
4Dallas, TX$1,788.97 $1,856.81 -3.65%-0.18%0.46%$71,559
3Chicago, IL$2,233.09 $2,087.09 7.00%0.53%6.11%$89,324
2Los Angeles, CA$3,032.86 $3,050.16 -0.57%0.07%2.65%$121,314
1New York, NY$3,642.75 $3,417.85 6.58%0.96%4.77%$145,710
38Virginia Beach, VA$1,885.87 $1,824.51 3.36%0.48%4.32%$75,435
50Buffalo, NY$1,405.56 $1,382.93 1.64%0.18%3.55%$56,223
49Hartford, CT$2,003.00 $1,891.07 5.92%0.90%4.91%$80,120
48Salt Lake City, UT$1,765.63 $1,817.17 -2.84%0.23%1.10%$70,625
47New Orleans, LA$1,669.06 $1,665.35 0.22%-0.29%2.32%$66,762
46Louisville, KY$1,405.87 $1,370.88 2.55%0.48%3.02%$56,235
45Richmond, VA$1,744.87 $1,701.50 2.55%0.89%4.20%$69,795
44Memphis, TN$1,517.71 $1,528.48 -0.71%-0.31%2.50%$60,708
43Raleigh, NC$1,798.99 $1,849.12 -2.71%0.23%0.59%$71,960
42Oklahoma City, OK$1,406.69 $1,382.27 1.77%0.50%3.29%$56,267
41Milwaukee, WI$1,500.05 $1,451.66 3.33%-0.05%3.69%$60,002
40Jacksonville, FL$1,768.16 $1,831.89 -3.48%0.03%1.12%$70,727
39Providence, RI$2,215.35 $2,138.89 3.57%-0.28%5.20%$88,614
0United States$2,071.83 $2,064.91 0.34%0.14%2.64%$82,873
37Nashville, TN$1,887.55 $1,935.47 -2.48%0.23%0.51%$75,502
36San Jose, CA$3,569.39 $3,438.81 3.80%0.65%3.21%$142,776
35Cleveland, OH$1,499.80 $1,443.52 3.90%0.28%4.76%$59,992
34Indianapolis, IN$1,604.70 $1,563.18 2.66%0.36%4.75%$64,188
32Columbus, OH$1,583.78 $1,561.83 1.41%-0.07%3.60%$63,351
31Kansas City, MO$1,562.51 $1,512.70 3.29%0.36%4.48%$62,500
30Las Vegas, NV$1,818.15 $1,909.33 -4.78%-0.01%0.44%$72,726
29Austin, TX$1,739.58 $1,884.98 -7.71%-0.56%-2.87%$69,583
28Cincinnati, OH$1,604.32 $1,571.89 2.06%0.39%4.19%$64,173
27Pittsburgh, PA$1,520.54 $1,471.53 3.33%0.46%4.39%$60,822
26Sacramento, CA$2,372.84 $2,445.18 -2.96%0.25%2.24%$94,914

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$1,887.55 $1,935.47 -2.48%0.23%0.51%$75,502
65Knoxville, TN$1,842.28 $1,834.70 0.41%-0.06%3.12%$73,691
66Baton Rouge, LA$1,429.76 $1,411.97 1.26%0.52%1.61%$57,190
72Columbia, SC$1,642.95 $1,597.34 2.86%-0.07%5.00%$65,718
108Fayetteville, AR$1,669.91 $1,633.27 2.24%0.52%4.33%$66,796
110Lexington, KY$1,498.66 $1,432.29 4.63%0.83%5.25%$59,946
155Gainesville, FL$1,673.97 $1,694.36 -1.20%0.31%3.65%$66,959
188Tuscaloosa, AL$1,562.54 $1,502.82 3.97%-0.10%4.59%$62,502
189College Station, TX$1,570.24 $1,534.00 2.36%0.25%3.54%$62,810
217Athens, GA$1,718.40 $1,764.06 -2.59%-0.42%0.22%$68,736
219Columbia, MO$1,319.93 $1,227.95 7.49%0.37%5.16%$52,797
253Auburn, AL$1,918.42 $1,844.82 3.99%-0.17%4.08%$76,737
529Starkville, MS$1,396.36 $1,310.98 6.51%-0.59%4.02%$55,854
564Oxford, MS$1,951.11 $1,684.14 15.85%-0.17%8.16%$78,044
29Austin, TX$1,739.58 $1,884.98 -7.71%-0.56%-2.87%$69,583
42Oklahoma City, OK$1,406.69 $1,382.27 1.77%0.50%3.29%$56,267