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 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$2,049.05$2,035.200.68%0.39%3.18%$81,962

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
293Dothan, AL$1,430.34$1,324.318.01%2.56%3.28%$57,214
788Troy, AL$963.22$1,001.57-3.83%1.00%-4.11%$38,529
424Cullman, AL$1,548.21$1,526.551.42%-0.61%1.61%$61,929
406Albertville, AL$1,599.44$1,549.873.20%-0.82%3.53%$63,978
608Ozark, AL$1,438.00$1,309.959.78%0.02%4.26%$57,520
585Enterprise, AL$1,337.77$1,330.880.52%0.13%4.39%$53,511
508Jasper, AL$1,239.44$1,161.316.73%2.51%5.30%$49,578
443Talladega, AL$1,129.44$1,053.277.23%0.29%5.91%$45,178
357Anniston, AL$1,014.40$959.635.71%0.54%5.44%$40,576
51Birmingham, AL$1,466.63$1,433.112.34%0.49%4.96%$58,665
292Florence, AL$1,284.38$1,164.0110.34%2.60%7.21%$51,375
276Decatur, AL$1,297.37$1,178.6710.07%0.92%4.06%$51,895
253Auburn, AL$1,794.93$1,715.134.65%0.04%8.43%$71,797
203Daphne, AL$1,696.33$1,732.39-2.08%0.66%1.23%$67,853
188Tuscaloosa, AL$1,556.94$1,472.845.71%0.96%6.75%$62,277
143Montgomery, AL$1,411.40$1,352.394.36%0.81%4.49%$56,456
127Mobile, AL$1,390.01$1,346.263.25%0.56%4.05%$55,601
114Huntsville, AL$1,453.62$1,527.40-4.83%-0.12%0.17%$58,145

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$1,874.45 $1,860.39 0.76%0.24%3.43%$74,978
75Charleston, SC$2,063.73 $2,030.77 1.62%0.69%3.38%$82,549
74Dayton, OH$1,365.79 $1,335.49 2.27%0.51%4.17%$54,632
73North Port, FL$2,337.16 $2,441.19 -4.26%-0.69%0.51%$93,486
72Columbia, SC$1,584.64 $1,522.66 4.07%0.68%6.25%$63,386
71Oxnard, CA$3,059.01 $3,026.37 1.08%-0.04%4.67%$122,361
70Allentown, PA$1,877.72 $1,861.63 0.86%0.35%4.15%$75,109
69El Paso, TX$1,614.15 $1,575.32 2.46%0.80%2.97%$64,566
68New Haven, CT$2,154.12 $2,042.76 5.45%0.63%5.25%$86,165
67McAllen, TX$1,235.69 $1,228.68 0.57%1.03%1.47%$49,428
66Baton Rouge, LA$1,389.88 $1,375.34 1.06%-0.08%2.45%$55,595
65Knoxville, TN$1,892.26 $1,872.08 1.08%0.23%3.52%$75,690
64Albany, NY$1,658.20 $1,599.31 3.68%0.32%4.67%$66,328
76Greensboro, NC$1,523.93 $1,505.16 1.25%0.03%3.22%$60,957
62Albuquerque, NM$1,628.46 $1,615.77 0.79%0.29%3.20%$65,139
61Greenville, SC$1,617.84 $1,601.94 0.99%-0.47%4.12%$64,714
60Bridgeport, CT$2,878.28 $2,769.55 3.93%0.59%5.75%$115,131
59Omaha, NE$1,412.34 $1,370.30 3.07%0.28%4.47%$56,494
58Worcester, MA$2,206.89 $2,118.10 4.19%0.35%6.43%$88,276
57Fresno, CA$2,057.19 $2,075.19 -0.87%0.32%3.66%$82,288
56Tulsa, OK$1,416.05 $1,381.47 2.50%-0.26%3.62%$56,642
55Urban Honolulu, HI$2,888.03 $2,789.04 3.55%0.81%4.28%$115,521
54Tucson, AZ$1,594.18 $1,650.39 -3.41%0.25%1.47%$63,767
53Grand Rapids, MI$1,699.93 $1,681.91 1.07%0.77%4.31%$67,997
52Rochester, NY$1,557.67 $1,502.15 3.70%0.22%5.23%$62,307
88Madison, WI$1,643.80 $1,573.68 4.46%0.12%4.16%$65,752
100Spokane, WA$1,592.34 $1,648.63 -3.41%0.41%3.46%$63,694
99Harrisburg, PA$1,482.21 $1,462.25 1.37%0.11%4.26%$59,288
98Jackson, MS$1,487.46 $1,429.61 4.05%0.34%4.58%$59,499
97Palm Bay, FL$2,030.60 $2,090.75 -2.88%0.17%2.64%$81,224
96Augusta, GA$1,488.26 $1,444.53 3.03%-0.06%6.58%$59,530
95Durham, NC$1,754.87 $1,787.64 -1.83%0.38%1.63%$70,195
94Wichita, KS$1,123.54 $1,094.45 2.66%0.24%2.37%$44,942
93Toledo, OH$1,301.15 $1,268.31 2.59%1.00%3.85%$52,046
92Provo, UT$1,888.00 $1,921.94 -1.77%0.75%2.11%$75,520
91Syracuse, NY$1,685.99 $1,614.91 4.40%0.28%6.19%$67,440
90Deltona, FL$1,936.44 $1,980.21 -2.21%0.13%2.54%$77,458
89Winston, NC$1,683.60 $1,641.44 2.57%0.71%6.28%$67,344
51Birmingham, AL$1,466.63 $1,433.11 2.34%0.49%4.96%$58,665
87Ogden, UT$1,779.69 $1,830.92 -2.80%0.11%2.30%$71,188
86Poughkeepsie, NY$2,265.34 $2,252.75 0.56%-0.22%4.70%$90,613
85Springfield, MA$1,970.56 $1,881.76 4.72%0.78%4.76%$78,822
84Des Moines, IA$1,327.08 $1,301.55 1.96%0.53%1.92%$53,083
83Akron, OH$1,306.24 $1,273.21 2.59%-0.15%4.38%$52,250
82Lakeland, FL$1,920.88 $1,980.05 -2.99%0.29%1.18%$76,835
81Little Rock, AR$1,267.69 $1,234.25 2.71%0.60%2.95%$50,707
80Colorado Springs, CO$1,879.30 $1,959.90 -4.11%0.53%0.96%$75,172
79Boise City, ID$1,863.53 $1,947.51 -4.31%1.16%2.54%$74,541
78Cape Coral, FL$2,068.85 $2,215.83 -6.63%-0.44%-1.56%$82,754
77Stockton, CA$2,497.76 $2,576.78 -3.07%0.03%2.48%$99,911
13Riverside, CA$2,571.84 $2,622.51 -1.93%0.13%3.29%$102,873
25Portland, OR$1,866.11 $1,891.20 -1.33%0.56%2.01%$74,644
24San Antonio, TX$1,490.94 $1,546.56 -3.60%0.20%-0.36%$59,638
23Charlotte, NC$1,809.56 $1,845.14 -1.93%0.28%2.42%$72,383
22Orlando, FL$2,059.19 $2,120.62 -2.90%0.20%1.05%$82,368
21St. Louis, MO$1,457.92 $1,411.63 3.28%0.43%4.35%$58,317
20Baltimore, MD$1,926.54 $1,880.54 2.45%0.40%3.65%$77,062
19Denver, CO$2,014.51 $2,069.56 -2.66%0.68%-0.98%$80,580
18Tampa, FL$2,159.83 $2,191.08 -1.43%-0.23%3.72%$86,393
17San Diego, CA$3,091.37 $3,123.20 -1.02%0.30%2.24%$123,655
16Minneapolis, MN$1,697.57 $1,689.08 0.50%0.45%3.45%$67,903
15Seattle, WA$2,303.95 $2,308.88 -0.21%0.65%2.87%$92,158
14Detroit, MI$1,511.45 $1,495.35 1.08%0.28%4.12%$60,458
26Sacramento, CA$2,373.65 $2,448.48 -3.06%0.42%2.31%$94,946
12San Francisco, CA$3,159.92 $3,095.78 2.07%0.75%4.33%$126,397
11Phoenix, AZ$1,855.89 $1,986.31 -6.57%-0.18%0.10%$74,235
10Boston, MA$3,224.57 $3,099.80 4.02%0.62%3.25%$128,983
9Atlanta, GA$1,931.26 $2,007.82 -3.81%0.09%2.31%$77,250
8Miami, FL$2,780.97 $2,803.81 -0.81%0.00%1.63%$111,239
7Philadelphia, PA$1,941.04 $1,919.61 1.12%0.25%3.30%$77,642
6Washington, DC$2,470.40 $2,379.26 3.83%0.33%3.87%$98,816
5Houston, TX$1,713.77 $1,706.23 0.44%0.14%1.94%$68,551
4Dallas, TX$1,784.35 $1,840.65 -3.06%0.20%1.27%$71,374
3Chicago, IL$2,233.87 $2,097.35 6.51%0.96%5.91%$89,355
2Los Angeles, CA$2,997.78 $3,000.93 -0.11%0.14%3.41%$119,911
39Providence, RI$2,234.60 $2,141.66 4.34%1.37%5.91%$89,384
50Buffalo, NY$1,401.66 $1,378.28 1.70%0.26%3.53%$56,066
49Hartford, CT$1,954.19 $1,845.27 5.90%0.75%5.23%$78,167
48Salt Lake City, UT$1,783.52 $1,833.38 -2.72%0.64%1.79%$71,341
47New Orleans, LA$1,655.46 $1,633.51 1.34%-0.11%3.32%$66,219
46Louisville, KY$1,408.56 $1,373.79 2.53%0.43%3.16%$56,342
45Richmond, VA$1,732.02 $1,696.24 2.11%0.61%4.73%$69,281
44Memphis, TN$1,498.19 $1,498.31 -0.01%0.39%3.17%$59,927
43Raleigh, NC$1,782.20 $1,827.72 -2.49%0.48%1.19%$71,288
42Oklahoma City, OK$1,401.05 $1,377.94 1.68%0.23%4.08%$56,042
41Milwaukee, WI$1,485.94 $1,432.46 3.73%0.25%4.28%$59,437
40Jacksonville, FL$1,765.07 $1,823.07 -3.18%0.45%1.22%$70,603
1New York, NY$3,490.86 $3,309.40 5.48%0.86%4.14%$139,634
38Virginia Beach, VA$1,840.06 $1,787.42 2.94%0.78%4.42%$73,602
37Nashville, TN$1,880.76 $1,927.24 -2.41%0.26%1.02%$75,231
36San Jose, CA$3,476.73 $3,375.49 3.00%0.70%3.56%$139,069
35Cleveland, OH$1,478.66 $1,416.48 4.39%0.54%5.95%$59,147
34Indianapolis, IN$1,612.81 $1,570.57 2.69%0.54%5.31%$64,512
32Columbus, OH$1,583.64 $1,551.92 2.04%0.81%5.35%$63,346
31Kansas City, MO$1,546.65 $1,498.90 3.19%0.57%4.99%$61,866
30Las Vegas, NV$1,822.15 $1,905.31 -4.36%0.00%1.14%$72,886
29Austin, TX$1,752.02 $1,883.44 -6.98%0.40%-2.35%$70,081
28Cincinnati, OH$1,610.33 $1,577.78 2.06%0.85%4.47%$64,413
27Pittsburgh, PA$1,512.01 $1,471.48 2.75%0.59%4.62%$60,480

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$1,880.76 $1,927.24 -2.41%0.26%1.02%$75,231
65Knoxville, TN$1,892.26 $1,872.08 1.08%0.23%3.52%$75,690
66Baton Rouge, LA$1,389.88 $1,375.34 1.06%-0.08%2.45%$55,595
72Columbia, SC$1,584.64 $1,522.66 4.07%0.68%6.25%$63,386
108Fayetteville, AR$1,671.71 $1,628.67 2.64%0.28%5.51%$66,868
110Lexington, KY$1,474.48 $1,418.05 3.98%0.68%5.52%$58,979
155Gainesville, FL$1,682.00 $1,696.58 -0.86%0.67%3.02%$67,280
188Tuscaloosa, AL$1,556.94 $1,472.84 5.71%0.96%6.75%$62,277
189College Station, TX$1,526.27 $1,489.48 2.47%-0.44%3.51%$61,051
217Athens, GA$1,747.20 $1,758.64 -0.65%0.37%1.84%$69,888
219Columbia, MO$1,315.84 $1,216.76 8.14%-0.37%6.50%$52,634
253Auburn, AL$1,794.93 $1,715.13 4.65%0.04%8.43%$71,797
529Starkville, MS$1,532.72 $1,415.77 8.26%-0.87%5.93%$61,309
564Oxford, MS$2,131.40 $1,796.52 18.64%-0.48%9.24%$85,256
29Austin, TX$1,752.02 $1,883.44 -6.98%0.40%-2.35%$70,081
42Oklahoma City, OK$1,401.05 $1,377.94 1.68%0.23%4.08%$56,042
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