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

June 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$2,068.57$2,056.940.57%0.27%2.91%$82,743

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$982.12 $933.06 5.26%-0.27%3.35%$39,285
788Troy, AL$1,029.89 $1,067.73 -3.54%0.24%-3.93%$41,196
608Ozark, AL$1,482.08 $1,369.18 8.25%-1.68%5.01%$59,283
587Scottsboro, AL$1,250.00 $1,250.00 0.00%0.00%0.00%$50,000
585Enterprise, AL$1,321.71 $1,303.16 1.42%1.29%3.89%$52,868
508Jasper, AL$1,174.44 $1,101.34 6.64%0.15%5.66%$46,978
114Huntsville, AL$1,464.57 $1,542.43 -5.05%0.06%0.29%$58,583
443Talladega, AL$1,084.60 $1,030.55 5.25%-1.47%4.43%$43,384
424Cullman, AL$1,544.05 $1,510.28 2.24%0.69%2.51%$61,762
383Gadsden, AL$1,284.38 $1,284.38 0.00%0.00%0.00%$51,375
51Birmingham, AL$1,471.82 $1,436.74 2.44%0.49%4.87%$58,873
293Dothan, AL$1,489.08 $1,319.52 12.85%5.22%8.45%$59,563
292Florence, AL$1,190.28 $1,086.05 9.60%-0.25%7.39%$47,611
276Decatur, AL$1,282.65 $1,077.29 19.06%1.91%10.90%$51,306
253Auburn, AL$1,852.03 $1,767.20 4.80%0.66%6.42%$74,081
203Daphne, AL$1,705.14 $1,740.99 -2.06%0.20%0.69%$68,206
188Tuscaloosa, AL$1,549.87 $1,481.64 4.60%-0.57%6.12%$61,995
143Montgomery, AL$1,416.45 $1,353.86 4.62%0.63%5.21%$56,658
127Mobile, AL$1,406.11 $1,365.58 2.97%0.17%3.37%$56,244

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$1,904.41 $1,892.78 0.61%0.33%2.81%$76,177
75Charleston, SC$2,094.43 $2,057.50 1.79%0.65%2.98%$83,777
74Dayton, OH$1,388.54 $1,354.64 2.50%0.67%4.65%$55,542
73North Port, FL$2,308.74 $2,440.32 -5.39%-0.91%-0.45%$92,350
72Columbia, SC$1,613.86 $1,560.55 3.42%-0.12%5.53%$64,555
71Oxnard, CA$3,090.75 $3,059.49 1.02%0.35%4.40%$123,630
70Allentown, PA$1,884.56 $1,871.10 0.72%0.25%3.64%$75,382
69El Paso, TX$1,649.30 $1,615.05 2.12%0.17%2.43%$65,972
68New Haven, CT$2,199.76 $2,094.98 5.00%0.19%4.21%$87,990
67McAllen, TX$1,232.49 $1,223.18 0.76%0.52%1.89%$49,300
66Baton Rouge, LA$1,411.69 $1,397.48 1.02%0.19%1.90%$56,468
65Knoxville, TN$1,874.64 $1,855.76 1.02%0.36%3.95%$74,986
64Albany, NY$1,630.46 $1,572.25 3.70%0.43%4.51%$65,218
76Greensboro, NC$1,525.84 $1,504.96 1.39%0.68%2.82%$61,033
62Albuquerque, NM$1,613.85 $1,602.30 0.72%0.36%3.00%$64,554
61Greenville, SC$1,619.61 $1,610.63 0.56%0.01%3.09%$64,784
60Bridgeport, CT$2,858.84 $2,757.59 3.67%0.27%4.96%$114,353
59Omaha, NE$1,436.25 $1,396.80 2.82%0.23%3.90%$57,450
58Worcester, MA$2,161.69 $2,074.00 4.23%0.56%6.40%$86,468
57Fresno, CA$2,098.17 $2,125.96 -1.31%0.03%2.91%$83,927
56Tulsa, OK$1,417.87 $1,389.67 2.03%-0.07%2.55%$56,715
55Urban Honolulu, HI$2,917.90 $2,796.99 4.32%1.09%5.08%$116,716
54Tucson, AZ$1,608.02 $1,669.60 -3.69%0.05%0.98%$64,321
53Grand Rapids, MI$1,652.28 $1,626.64 1.58%0.95%4.54%$66,091
52Rochester, NY$1,554.44 $1,498.90 3.71%0.42%5.07%$62,177
88Madison, WI$1,635.24 $1,572.80 3.97%-0.04%3.78%$65,410
100Spokane, WA$1,571.75 $1,635.17 -3.88%-0.13%2.59%$62,870
99Harrisburg, PA$1,485.72 $1,468.58 1.17%0.20%3.68%$59,429
98Jackson, MS$1,491.63 $1,438.03 3.73%0.23%4.15%$59,665
97Palm Bay, FL$2,014.00 $2,092.44 -3.75%-0.51%1.73%$80,560
96Augusta, GA$1,515.66 $1,474.89 2.76%0.28%6.10%$60,626
95Durham, NC$1,753.36 $1,780.02 -1.50%0.71%1.36%$70,134
94Wichita, KS$1,145.88 $1,114.08 2.85%0.57%2.70%$45,835
93Toledo, OH$1,308.03 $1,275.09 2.58%0.39%3.87%$52,321
92Provo, UT$1,939.15 $1,974.90 -1.81%0.26%1.51%$77,566
91Syracuse, NY$1,719.80 $1,650.51 4.20%0.39%5.51%$68,792
90Deltona, FL$1,934.90 $1,989.68 -2.75%-0.22%2.16%$77,396
89Winston, NC$1,704.46 $1,658.85 2.75%0.69%5.91%$68,178
51Birmingham, AL$1,471.82 $1,436.74 2.44%0.49%4.87%$58,873
87Ogden, UT$1,775.66 $1,825.72 -2.74%0.43%2.03%$71,026
86Poughkeepsie, NY$2,260.81 $2,260.43 0.02%-0.10%3.30%$90,432
85Springfield, MA$1,915.36 $1,838.61 4.17%0.13%4.99%$76,614
84Des Moines, IA$1,326.84 $1,307.26 1.50%-0.22%1.17%$53,074
83Akron, OH$1,336.50 $1,294.39 3.25%1.04%4.08%$53,460
82Lakeland, FL$1,928.72 $1,994.60 -3.30%0.04%1.35%$77,149
81Little Rock, AR$1,290.62 $1,265.57 1.98%-0.29%2.39%$51,625
80Colorado Springs, CO$1,911.11 $1,985.53 -3.75%0.67%0.97%$76,444
79Boise City, ID$1,888.72 $1,961.05 -3.69%1.01%2.87%$75,549
78Cape Coral, FL$2,057.72 $2,226.72 -7.59%-0.81%-1.93%$82,309
77Stockton, CA$2,534.70 $2,596.80 -2.39%1.08%2.98%$101,388
13Riverside, CA$2,587.13 $2,643.62 -2.14%0.15%3.18%$103,485
25Portland, OR$1,893.71 $1,913.13 -1.02%0.59%1.75%$75,748
24San Antonio, TX$1,502.81 $1,562.77 -3.84%-0.11%-0.62%$60,112
23Charlotte, NC$1,815.29 $1,853.76 -2.08%0.18%1.96%$72,612
22Orlando, FL$2,065.53 $2,130.69 -3.06%0.13%0.72%$82,621
21St. Louis, MO$1,460.83 $1,415.63 3.19%0.37%3.97%$58,433
20Baltimore, MD$1,950.44 $1,908.52 2.20%0.11%2.96%$78,018
19Denver, CO$2,033.59 $2,085.46 -2.49%0.40%-0.96%$81,344
18Tampa, FL$2,163.94 $2,212.36 -2.19%-0.38%3.24%$86,558
17San Diego, CA$3,110.71 $3,144.45 -1.07%0.32%1.90%$124,428
16Minneapolis, MN$1,713.62 $1,696.88 0.99%0.78%3.91%$68,545
15Seattle, WA$2,330.06 $2,323.54 0.28%0.81%2.99%$93,202
14Detroit, MI$1,533.35 $1,518.54 0.98%0.32%3.91%$61,334
26Sacramento, CA$2,378.46 $2,451.03 -2.96%0.36%2.24%$95,138
12San Francisco, CA$3,215.01 $3,133.26 2.61%0.78%4.70%$128,600
11Phoenix, AZ$1,854.18 $1,992.37 -6.94%-0.16%-0.14%$74,167
10Boston, MA$3,208.62 $3,091.34 3.79%0.17%2.97%$128,345
9Atlanta, GA$1,940.07 $2,020.89 -4.00%0.12%2.03%$77,603
8Miami, FL$2,783.75 $2,819.29 -1.26%-0.05%1.42%$111,350
7Philadelphia, PA$1,955.26 $1,932.38 1.18%0.41%3.21%$78,210
6Washington, DC$2,505.42 $2,418.22 3.61%0.16%3.13%$100,217
5Houston, TX$1,733.75 $1,737.47 -0.21%-0.39%1.00%$69,350
4Dallas, TX$1,793.41 $1,853.64 -3.25%0.06%0.93%$71,736
3Chicago, IL$2,252.98 $2,106.28 6.96%0.92%6.00%$90,119
2Los Angeles, CA$3,011.71 $3,020.77 -0.30%0.12%3.08%$120,468
39Providence, RI$2,236.68 $2,140.91 4.47%0.71%6.18%$89,467
50Buffalo, NY$1,413.79 $1,387.90 1.87%0.62%3.90%$56,551
49Hartford, CT$1,997.53 $1,892.96 5.52%0.24%4.41%$79,901
48Salt Lake City, UT$1,771.45 $1,821.56 -2.75%0.33%1.34%$70,858
47New Orleans, LA$1,680.12 $1,665.99 0.85%-0.17%2.76%$67,205
46Louisville, KY$1,399.68 $1,364.09 2.61%0.48%2.91%$55,987
45Richmond, VA$1,745.50 $1,709.52 2.10%0.45%4.10%$69,820
44Memphis, TN$1,514.04 $1,514.25 -0.01%0.36%3.16%$60,562
43Raleigh, NC$1,798.77 $1,848.72 -2.70%0.03%0.67%$71,951
42Oklahoma City, OK$1,402.74 $1,380.32 1.62%0.34%3.60%$56,110
41Milwaukee, WI$1,488.80 $1,434.07 3.82%0.46%4.05%$59,552
40Jacksonville, FL$1,776.72 $1,836.27 -3.24%0.23%1.28%$71,069
1New York, NY$3,582.66 $3,378.07 6.06%1.01%4.31%$143,306
38Virginia Beach, VA$1,872.64 $1,811.89 3.35%0.85%4.67%$74,905
37Nashville, TN$1,888.64 $1,936.12 -2.45%0.25%0.64%$75,546
36San Jose, CA$3,534.56 $3,416.80 3.45%0.70%3.39%$141,383
35Cleveland, OH$1,495.85 $1,436.44 4.14%0.25%5.10%$59,834
34Indianapolis, IN$1,622.29 $1,578.92 2.75%0.50%5.38%$64,892
32Columbus, OH$1,588.35 $1,558.19 1.94%0.35%4.45%$63,534
31Kansas City, MO$1,554.97 $1,504.37 3.36%0.67%4.80%$62,199
30Las Vegas, NV$1,822.90 $1,908.97 -4.51%0.08%0.58%$72,916
29Austin, TX$1,767.46 $1,902.37 -7.09%0.01%-2.56%$70,698
28Cincinnati, OH$1,612.47 $1,579.08 2.11%0.50%4.26%$64,499
27Pittsburgh, PA$1,531.71 $1,483.22 3.27%0.89%4.58%$61,269

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$1,888.64 $1,936.12 -2.45%0.25%0.64%$75,546
65Knoxville, TN$1,874.64 $1,855.76 1.02%0.36%3.95%$74,986
66Baton Rouge, LA$1,411.69 $1,397.48 1.02%0.19%1.90%$56,468
72Columbia, SC$1,613.86 $1,560.55 3.42%-0.12%5.53%$64,555
108Fayetteville, AR$1,671.93 $1,636.44 2.17%0.06%4.45%$66,877
110Lexington, KY$1,493.50 $1,432.08 4.29%0.76%5.44%$59,740
155Gainesville, FL$1,687.09 $1,706.06 -1.11%-0.04%3.31%$67,484
188Tuscaloosa, AL$1,549.87 $1,481.64 4.60%-0.57%6.12%$61,995
189College Station, TX$1,548.94 $1,510.51 2.54%0.42%4.34%$61,957
217Athens, GA$1,731.62 $1,761.32 -1.69%-0.63%0.85%$69,265
219Columbia, MO$1,342.65 $1,247.67 7.61%0.10%6.08%$53,706
253Auburn, AL$1,852.03 $1,767.20 4.80%0.66%6.42%$74,081
529Starkville, MS$1,545.27 $1,436.86 7.55%-0.22%5.11%$61,811
564Oxford, MS$2,108.41 $1,794.48 17.49%-0.25%9.85%$84,337
29Austin, TX$1,767.46 $1,902.37 -7.09%0.01%-2.56%$70,698
42Oklahoma City, OK$1,402.74 $1,380.32 1.62%0.34%3.60%$56,110