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

May 2024 Data

USA Only

LocationAverage RentWhere Average Rent Should BePremium/DiscountMonth Over Month Change Year Over Year ChangeMinimum Annual Income to NOT be Rent Burdened
United States$2,036.15$1,984.332.61%0.58%3.40%$81,446

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
253Auburn, AL$1,582.84 $1,496.53 5.77%0.52%6.07%$63,314
51Birmingham, AL$1,432.17 $1,401.29 2.20%-0.35%2.94%$57,287
203Daphne, AL$1,702.36 $1,687.98 0.85%1.55%0.97%$68,095
276Decatur, AL$1,168.78 $1,039.04 12.49%0.44%7.26%$46,751
293Dothan, AL$1,426.53 $1,315.32 8.45%3.37%12.72%$57,061
585Enterprise, AL$1,309.87 $1,276.31 2.63%1.34%0.81%$52,395
292Florence, AL$1,032.92 $914.23 12.98%3.19%8.06%$41,317
114Huntsville, AL$1,504.01 $1,511.32 -0.48%1.61%2.11%$60,161
127Mobile, AL$1,309.41 $1,228.65 6.57%1.33%6.65%$52,376
143Montgomery, AL$1,351.10 $1,274.70 5.99%0.84%5.15%$54,044
443Talladega, AL$1,120.97 $1,063.46 5.41%-0.83%5.84%$44,839
188Tuscaloosa, AL$1,524.88 $1,443.19 5.66%0.62%5.58%$60,995

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

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
217Athens, GA$1,802.16 $1,716.11 5.01%1.31%7.85%$72,087
253Auburn, AL$1,582.84 $1,496.53 5.77%0.52%6.07%$63,314
66Baton Rouge, LA$1,371.76 $1,341.63 2.25%1.13%2.07%$54,870
189College Station, TX$1,515.25 $1,458.76 3.87%-0.67%3.45%$60,610
219Columbia, MO$1,286.62 $1,163.30 10.60%1.17%7.73%$51,465
72Columbia, SC$1,536.81 $1,470.78 4.49%0.67%4.91%$61,473
108Fayetteville, AR$1,602.89 $1,550.27 3.39%0.12%3.18%$64,116
155Gainesville, FL$1,635.33 $1,613.04 1.38%0.30%2.70%$65,413
65Knoxville, TN$1,793.45 $1,705.25 5.17%0.68%5.40%$71,738
110Lexington, KY$1,386.97 $1,316.09 5.39%0.81%5.22%$55,479
37Nashville, TN$1,933.47 $1,926.98 0.34%0.69%0.72%$77,339
564Oxford, MS$1,871.49 $1,747.44 7.10%1.11%7.38%$74,860
529Starkville, MS$1,355.78 $1,343.33 0.93%0.36%0.73%$54,231
188Tuscaloosa, AL$1,524.88 $1,443.19 5.66%0.62%5.58%$60,995
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