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

January 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$1,958$1,9152.24%0.14%3.42%$78,304

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$1,474.38 $1,396.95 5.54%-1.61%8.56%$58,975
51Birmingham, AL$1,374.12 $1,338.36 2.67%0.19%4.76%$54,965
203Daphne, AL$1,680.61 $1,689.92 -0.55%0.45%-0.70%$67,224
276Decatur, AL$1,219.46 $1,117.69 9.11%-1.71%7.49%$48,778
293Dothan, AL$1,141.67 $1,100.19 3.77%-1.86%5.87%$45,667
585Enterprise, AL$1,318.06 $1,258.24 4.75%0.09%6.06%$52,722
292Florence, AL$978.48 $879.81 11.22%-1.48%7.40%$39,139
114Huntsville, AL$1,455.99 $1,459.80 -0.26%-0.87%2.56%$58,240
127Mobile, AL$1,253.65 $1,170.65 7.09%-0.15%9.13%$50,146
143Montgomery, AL$1,273.16 $1,209.74 5.24%1.11%6.10%$50,927
443Talladega, AL$1,056.44$993.516.33%1.73%8.53%$42,258
188Tuscaloosa, AL$1,549.01$1,459.636.12%-0.81%6.79%$61,960

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
64Albany, NY$1,519.58 $1,460.48 4.05%1.12%5.84%$60,783
76Greensboro, NC$1,443.08 $1,384.17 4.26%0.17%4.55%$57,723
75Charleston, SC$2,031.06 $1,912.84 6.18%0.54%6.90%$81,242
74Dayton, OH$1,234.32 $1,179.35 4.66%0.42%6.63%$49,373
73North Port, FL$2,377.35 $2,288.77 3.87%0.04%0.07%$95,094
72Columbia, SC$1,524.06 $1,451.09 5.03%0.26%7.54%$60,962
71Oxnard, CA$2,940.37 $2,898.21 1.45%0.34%4.20%$117,615
70Allentown, PA$1,652.15 $1,616.13 2.23%-0.29%4.12%$66,086
69El Paso, TX$1,497.69 $1,423.11 5.24%-0.07%4.22%$59,908
68New Haven, CT$1,928.41 $1,805.00 6.84%0.01%7.10%$77,136
67McAllen, TX$1,120.62 $1,081.81 3.59%0.59%3.29%$44,825
66Baton Rouge, LA$1,351.41 $1,313.38 2.90%0.61%3.88%$54,056
65Knoxville, TN$1,826.23 $1,703.90 7.18%-0.33%8.15%$73,049
77Stockton, CA$2,265.77 $2,307.93 -1.83%0.08%3.46%$90,631
63Bakersfield, CA$1,745.12 $1,693.54 3.05%-0.14%5.23%$69,805
62Albuquerque, NM$1,492.46 $1,425.42 4.70%-0.20%4.70%$59,698
61Greenville, SC$1,523.75 $1,476.57 3.20%0.24%4.93%$60,950
60Bridgeport, CT$2,684.04 $2,583.67 3.89%0.01%6.30%$107,362
59Omaha, NE$1,291.57 $1,244.65 3.77%0.06%4.90%$51,663
58Worcester, MA$1,918.48 $1,850.55 3.67%0.14%5.93%$76,739
57Fresno, CA$1,942.84 $1,903.89 2.05%-0.19%4.63%$77,714
56Tulsa, OK$1,341.38 $1,279.06 4.87%0.32%5.84%$53,655
55Urban Honolulu, HI$2,596.87 $2,527.03 2.76%0.32%3.41%$103,875
54Tucson, AZ$1,543.79 $1,511.27 2.15%0.34%4.93%$61,752
53Grand Rapids, MI$1,691.09 $1,634.99 3.43%0.66%7.31%$67,644
89Winston, NC$1,538.16 $1,499.85 2.55%0.26%4.73%$61,526
101Scranton, PA1205.4445391174.1738330.026632092-0.0022764990.0459493948217.78155
100Spokane, WA$1,481.14 $1,521.01 -2.62%-0.23%2.41%$59,246
99Harrisburg, PA$1,333.78 $1,306.63 2.08%-0.33%4.79%$53,351
98Jackson, MS$1,285.02 $1,231.00 4.39%0.68%4.55%$51,401
97Palm Bay, FL$2,014.28 $2,011.66 0.13%0.30%1.28%$80,571
96Augusta, GA$1,355.55 $1,316.30 2.98%-0.34%4.63%$54,222
95Durham, NC$1,688.93 $1,671.31 1.05%-0.99%1.87%$67,557
94Wichita, KS$1,093.96 $1,037.04 5.49%0.43%5.71%$43,759
93Toledo, OH$1,181.85 $1,135.45 4.09%0.34%5.53%$47,274
92Provo, UT$1,761.75 $1,756.78 0.28%-0.33%2.47%$70,470
91Syracuse, NY$1,407.41 $1,318.87 6.71%1.59%8.55%$56,296
90Deltona, FL$1,893.23 $1,868.46 1.33%-0.09%2.53%$75,729
52Rochester, NY$1,464.30 $1,402.73 4.39%-0.02%6.22%$58,572
88Madison, WI$1,586.20 $1,483.78 6.90%0.01%8.51%$63,448
87Ogden, UT$1,665.36 $1,685.36 -1.19%-0.88%3.23%$66,614
86Poughkeepsie, NY$2,080.93 $2,008.42 3.61%0.72%7.35%$83,237
85Springfield, MA$1,739.95 $1,619.31 7.45%0.30%6.51%$69,598
84Des Moines, IA$1,212.18 $1,185.61 2.24%-0.11%3.06%$48,487
83Akron, OH$1,162.28 $1,096.15 6.03%1.10%5.66%$46,491
82Lakeland, FL$1,875.90 $1,866.18 0.52%0.21%1.19%$75,036
81Little Rock, AR$1,206.85 $1,152.00 4.76%0.88%5.55%$48,274
80Colorado Springs, CO$1,833.70 $1,856.82 -1.25%0.08%2.77%$73,348
79Boise City, ID$1,727.20 $1,826.76 -5.45%-0.47%0.30%$69,088
78Cape Coral, FL$2,191.89 $2,109.24 3.92%-0.44%-1.36%$87,676
13Riverside, CA$2,486.55 $2,489.81 -0.13%-0.35%2.58%$99,462
25Portland, OR$1,788.17 $1,817.25 -1.60%0.10%-0.22%$71,527
24San Antonio, TX$1,418.90 $1,432.65 -0.96%-0.18%-0.40%$56,756
23Charlotte, NC$1,771.58 $1,763.88 0.44%-0.19%1.40%$70,863
22Orlando, FL$2,003.62 $1,996.22 0.37%0.10%0.98%$80,145
21St. Louis, MO$1,329.28 $1,273.35 4.39%0.16%5.46%$53,171
20Baltimore, MD$1,786.87 $1,749.29 2.15%0.13%2.94%$71,475
19Denver, CO$1,993.88 $1,983.43 0.53%0.19%3.31%$79,755
18Tampa, FL$2,093.52 $2,050.69 2.09%-0.11%2.40%$83,741
17San Diego, CA$2,963.97 $2,924.26 1.36%-0.37%3.01%$118,559
16Minneapolis, MN$1,608.66 $1,625.00 -1.01%0.30%2.90%$64,347
15Seattle, WA$2,159.99 $2,180.86 -0.96%0.25%3.23%$86,400
14Detroit, MI$1,379.78 $1,356.94 1.68%0.39%3.76%$55,191
26Sacramento, CA$2,238.33 $2,291.65 -2.33%0.21%3.65%$89,533
12San Francisco, CA$2,983.94 $3,047.74 -2.09%0.19%0.34%$119,357
11Phoenix, AZ$1,839.99 $1,899.76 -3.15%-0.16%0.98%$73,600
10Boston, MA$3,056.30 $2,907.74 5.11%0.56%6.33%$122,252
9Atlanta, GA$1,899.66 $1,938.92 -2.02%0.10%0.30%$75,986
8Miami, FL$2,715.19 $2,576.03 5.40%-0.09%2.40%$108,608
7Philadelphia, PA$1,801.13 $1,760.32 2.32%0.01%3.76%$72,045
6Washington, DC$2,268.55 $2,200.53 3.09%0.16%4.88%$90,742
5Houston, TX$1,643.65 $1,611.62 1.99%0.14%2.50%$65,746
4Dallas, TX$1,764.81 $1,772.00 -0.41%-0.27%0.82%$70,593
3Chicago, IL$1,940.72 $1,853.05 4.73%0.56%5.62%$77,629
2Los Angeles, CA$2,874.94 $2,866.82 0.28%0.13%2.19%$114,998
39Providence, RI$1,986.78 $1,890.87 5.07%0.37%7.70%$79,471
51Birmingham, AL$1,374.12 $1,338.36 2.67%0.19%4.76%$54,965
50Buffalo, NY$1,269.36 $1,222.47 3.84%-0.35%5.15%$50,774
49Hartford, CT$1,769.53 $1,674.32 5.69%0.12%7.03%$70,781
48Salt Lake City, UT$1,645.34 $1,658.24 -0.78%-0.21%1.11%$65,814
47New Orleans, LA$1,603.27 $1,571.96 1.99%-0.08%2.95%$64,131
46Louisville, KY$1,339.96 $1,271.88 5.35%0.73%6.58%$53,598
45Richmond, VA$1,598.92 $1,566.60 2.06%0.52%3.69%$63,957
44Memphis, TN$1,454.17 $1,426.94 1.91%1.40%2.25%$58,167
43Raleigh, NC$1,742.99 $1,741.36 0.09%-0.24%0.76%$69,720
42Oklahoma City, OK$1,305.90 $1,262.55 3.43%0.17%3.98%$52,236
41Milwaukee, WI$1,316.15 $1,255.65 4.82%0.30%5.39%$52,646
40Jacksonville, FL$1,710.06 $1,717.54 -0.44%0.06%0.26%$68,403
1New York, NY$3,115.27 $2,967.76 4.97%0.12%4.14%$124,611
38Virginia Beach, VA$1,656.53 $1,594.70 3.88%-0.29%4.45%$66,261
37Nashville, TN$1,858.12 $1,860.17 -0.11%0.08%0.43%$74,325
36San Jose, CA$3,177.34 $3,181.20 -0.12%0.43%1.30%$127,093
35Cleveland, OH$1,341.98 $1,278.68 4.95%1.16%6.14%$53,679
34Indianapolis, IN$1,456.54 $1,403.51 3.78%0.43%4.55%$58,262
32Columbus, OH$1,395.86 $1,364.57 2.29%0.16%5.37%$55,835
31Kansas City, MO$1,403.55 $1,347.08 4.19%0.25%6.01%$56,142
30Las Vegas, NV$1,745.26 $1,797.07 -2.88%-0.26%1.94%$69,810
29Austin, TX$1,732.55 $1,791.09 -3.27%-0.52%-2.60%$69,302
28Cincinnati, OH$1,507.22 $1,441.13 4.59%-0.11%6.76%$60,289
27Pittsburgh, PA$1,377.29 $1,333.41 3.29%0.44%4.73%$55,092

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$1,785.20 $1,694.30 5.36%-0.12%8.03%$71,408
253Auburn, AL$1,474.38 $1,396.95 5.54%-1.61%8.56%$58,975
66Baton Rouge, LA$1,351.41 $1,313.38 2.90%0.61%3.88%$54,056
189College Station, TX$1,809.52 $1,698.37 6.54%0.24%5.61%$72,381
219Columbia, MO$1,112.14 $1,019.33 9.11%1.03%8.55%$44,486
72Columbia, SC$1,524.06 $1,451.09 5.03%0.26%7.54%$60,962
108Fayetteville, AR$1,518.26 $1,463.93 3.71%0.21%2.30%$60,731
155Gainesville, FL$1,610.04 $1,570.57 2.51%1.02%4.21%$64,402
65Knoxville, TN$1,826.23 $1,703.90 7.18%-0.33%8.15%$73,049
110Lexington, KY$1,379.05 $1,303.80 5.77%0.66%6.11%$55,162
37Nashville, TN$1,858.12 $1,860.17 -0.11%0.08%0.43%$74,325
564Oxford, MS$1,748.02 $1,815.13 -3.70%-0.60%-3.77%$69,921
529Starkville, MS$1,373.97 $1,401.94 -1.99%0.67%-2.24%$54,959
188Tuscaloosa, AL$1,549.01 $1,459.63 6.12%-0.81%6.79%$61,960
X