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

August 2023 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 States2,052$1,9545.040.33%3.25%$82,090

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$1,587.88$1,479.327.34%-1.30%5.79%$63,515
51Birmingham, AL$1,419.58$1,346.705.41%0.75%4.59%$56,783
203Daphne, AL$1,702.74$1,647.023.38%-0.20%0.72%$68,110
276Decatur, AL$1,274.61$1,157.1610.15%-0.60%10.31%$50,984
585Enterprise, AL$1,291.35$1,181.509.30%-0.57%7.08%$51,654
292Florence, AL$1,164.51$986.2618.07%0.41%15.51%$46,581
114Huntsville, AL$1,551.96$1,480.594.82%0.38%5.17%$62,078
127Mobile, AL$1,333.10$1,211.7410.02%1.72%9.10%$53,324
143Montgomery, AL$1,302.02$1,227.506.07%0.77%3.85%$52,081
443Talladega, AL$1,033.37$999.513.39%-0.24%4.00%$41,335
188Tuscaloosa, AL$1,504.87$1,402.677.29%1.38%7.44%$60,195

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$1,729.00$1,627.006.26%0.88%4.07%$69,143
75Charleston, SC$2,028.00$1,843.0010.05%0.28%7.25%$81,103
74Dayton, OH$1,274.00$1,210.005.26%0.48%5.39%$50,964
73North Port, FL$2,370.00$2,248.005.43%-0.06%4.02%$94,817
72Columbia, SC$1,545.00$1,440.007.34%0.60%6.48%$61,810
71Oxnard, CA$3,085.00$3,009.002.52%0.73%2.66%$123,382
70Allentown, PA$1,724.00$1,643.004.98%0.49%4.05%$68,975
69El Paso, TX$1,587.00$1,465.008.32%0.55%4.63%$63,471
68New Haven, CT$1,970.00$1,805.009.15%0.85%7.64%$78,806
67McAllen, TX$1,166.00$1,107.005.29%0.26%4.59%$46,632
66Baton Rouge, LA$1,360.00$1,320.002.97%-0.30%-0.84%$54,387
65Knoxville, TN$1,901.00$1,730.009.88%0.62%5.81%$76,043
64Albany, NY$1,524.00$1,440.005.89%0.44%4.23%$60,978
76Greensboro, NC$1,494.00$1,402.006.53%0.37%4.76%$59,744
62Albuquerque, NM$1,597.00$1,492.007.08%0.67%4.52%$63,892
61Greenville, SC$1,613.00$1,538.004.88%0.38%2.24%$64,528
60Bridgeport, CT$2,803.00$2,643.006.09%0.72%3.83%$112,137
59Omaha, NE$1,319.00$1,237.006.67%0.54%6.75%$52,780
58Worcester, MA$1,967.00$1,849.006.37%0.73%6.75%$78,683
57Fresno, CA$1,882.00$1,790.005.11%-0.21%7.74%$75,267
56Tulsa, OK$1,330.00$1,246.006.80%0.11%3.69%$53,210
55Urban Honolulu, HI$2,679.00$2,588.003.52%-0.49%3.09%$107,171
54Tucson, AZ$1,595.00$1,534.004.00%0.00%3.68%$63,796
53Grand Rapids, MI$1,552.00$1,486.004.40%-0.05%4.80%$62,066
52Rochester, NY$1,451.00$1,369.005.97%0.07%4.48%$58,045
88Madison, WI$1,533.00$1,410.008.74%0.90%10.02%$61,328
100Spokane, WA$1,572.00$1,577.00-0.31%-0.11%-0.16%$62,894
99Harrisburg, PA$1,362.00$1,289.005.67%0.73%4.88%$54,494
98Jackson, MS$1,395.00$1,333.004.65%-0.32%1.89%$55,819
97Palm Bay, FL$2,008.00$1,920.004.56%0.14%2.33%$80,311
96Augusta, GA$1,464.00$1,388.005.52%0.34%5.20%$58,568
95Durham, NC$1,746.00$1,667.004.75%-0.13%1.74%$69,840
94Wichita, KS$1,086.00$1,017.006.78%-0.02%5.38%$43,440
93Toledo, OH$1,215.00$1,160.004.74%0.34%0.81%$48,601
92Provo, UT$1,835.00$1,769.003.74%-0.44%2.62%$73,402
91Syracuse, NY$1,492.00$1,409.005.87%0.19%4.54%$59,664
90Deltona, FL$1,962.00$1,877.004.52%0.71%2.99%$78,489
89Winston, NC$1,661.00$1,563.006.28%0.88%5.03%$66,445
51Birmingham, AL$1,420.00$1,347.005.41%0.75%4.59%$56,783
87Ogden, UT$1,717.00$1,665.003.16%0.23%2.87%$68,688
86Poughkeepsie, NY$2,110.00$2,019.004.51%0.46%4.63%$84,415
85Springfield, MA$1,680.00$1,583.006.13%0.55%7.12%$67,183
84Des Moines, IA$1,240.00$1,187.004.49%0.33%3.17%$49,606
83Akron, OH$1,183.00$1,092.008.36%0.20%7.04%$47,329
82Lakeland, FL$1,922.00$1,844.004.23%0.49%2.08%$76,900
81Little Rock, AR$1,214.00$1,157.004.90%0.35%3.44%$48,557
80Colorado Springs, CO$1,876.00$1,855.001.15%0.10%1.62%$75,059
79Boise City, ID$1,798.00$1,808.00-0.54%0.00%-1.32%$71,922
78Cape Coral, FL$2,273.00$2,098.008.32%0.59%6.90%$90,917
77Stockton, CA$2,436.00$2,430.000.24%0.06%2.64%$97,424
13Riverside, CA$2,533.00$2,477.002.26%0.28%1.51%$101,318
25Portland, OR$1,882.00$1,854.001.51%-0.11%0.22%$75,297
24San Antonio, TX$1,559.00$1,522.002.40%-0.10%0.24%$62,349
23Charlotte, NC$1,865.00$1,780.004.73%0.35%2.74%$74,585
22Orlando, FL$2,087.00$1,992.004.80%0.13%1.10%$83,486
21St. Louis, MO$1,322.00$1,241.006.52%0.32%5.34%$52,880
20Baltimore, MD$1,863.00$1,779.004.68%0.06%2.49%$74,507
19Denver, CO$2,088.00$2,009.003.90%0.31%2.90%$83,510
18Tampa, FL$2,166.00$2,045.005.95%0.49%2.69%$86,660
17San Diego, CA$3,207.00$3,004.006.76%0.21%3.80%$128,276
16Minneapolis, MN$1,643.00$1,632.000.70%0.17%2.71%$65,731
15Seattle, WA$2,287.00$2,242.001.98%0.43%0.59%$91,475
14Detroit, MI$1,425.00$1,384.002.98%0.47%2.18%$57,013
26Sacramento, CA$2,294.00$2,301.00-0.30%0.26%1.09%$91,771
12San Francisco, CA$3,173.00$3,163.000.32%-0.04%0.23%$126,937
11Phoenix, AZ$1,929.00$1,920.000.46%0.00%0.18%$77,166
10Boston, MA$2,966.00$2,773.006.95%0.18%5.85%$118,638
9Atlanta, GA$1,978.00$1,945.001.72%0.02%0.68%$79,137
8Miami, FL$2,798.00$2,576.008.60%0.16%2.83%$111,914
7Philadelphia, PA$1,837.00$1,770.003.79%0.55%2.90%$73,467
6Washington, DC$2,363.00$2,241.005.42%0.58%3.09%$94,505
5Houston, TX$1,694.00$1,619.004.60%0.09%2.73%$67,741
4Dallas, TX$1,851.00$1,788.003.53%0.14%0.42%$74,040
3Chicago, IL$2,004.00$1,867.007.34%0.37%5.98%$80,160
2Los Angeles, CA$3,000.00$2,913.003.00%0.48%2.17%$120,011
39Providence, RI$2,042.00$1,903.007.33%0.60%7.19%$81,679
50Buffalo, NY$1,360.00$1,278.006.47%0.97%6.28%$54,417
49Hartford, CT$1,841.00$1,703.008.14%0.55%7.29%$73,657
48Salt Lake City, UT$1,706.00$1,660.002.79%0.02%1.09%$68,241
47New Orleans, LA$1,639.00$1,576.004.01%0.41%2.03%$65,562
46Louisville, KY$1,363.00$1,298.005.05%0.19%4.70%$54,531
45Richmond, VA$1,612.00$1,544.004.40%0.30%2.12%$64,481
44Memphis, TN$1,514.00$1,454.004.18%0.22%3.17%$60,572
43Raleigh, NC$1,820.00$1,735.004.91%0.01%1.42%$72,807
42Oklahoma City, OK$1,376.00$1,308.005.20%0.51%2.82%$55,027
41Milwaukee, WI$1,359.00$1,289.005.49%0.69%4.93%$54,375
40Jacksonville, FL$1,808.00$1,742.003.77%-0.03%1.31%$72,314
1New York, NY$3,412.00$3,118.009.44%0.27%3.36%$136,480
38Virginia Beach, VA$1,704.00$1,605.006.17%0.31%4.57%$68,168
37Nashville, TN$1,946.00$1,874.003.83%-0.03%0.86%$77,849
36San Jose, CA$3,386.00$3,294.002.77%0.12%0.07%$135,422
35Cleveland, OH$1,370.00$1,304.005.13%0.75%4.96%$54,815
34Indianapolis, IN$1,518.00$1,440.005.41%0.54%3.50%$60,734
32Columbus, OH$1,558.00$1,488.004.69%0.73%4.14%$62,313
31Kansas City, MO$1,431.00$1,353.005.79%0.49%5.26%$57,250
30Las Vegas, NV$1,817.00$1,821.00-0.22%-0.13%-2.07%$72,692
29Austin, TX$1,913.00$1,880.001.75%-0.63%-2.52%$76,509
28Cincinnati, OH$1,490.00$1,414.005.42%0.29%5.19%$59,615
27Pittsburgh, PA$1,389.00$1,338.003.78%0.11%2.97%$55,545

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$1,706$1,5956.98%0.85%8.32%$68,254
253Auburn, AL$1,588$1,4797.34%-1.30%5.79%$63,515
66Baton Rouge, LA$1,360$1,3202.97%-0.30%-0.84%$54,387
189College Station, TX$1,439$1,3814.21%-0.20%4.85%$57,558
219Columbia, MO$1,037$9499.26%0.07%8.67%$41,465
72Columbia, SC$1,545$1,4407.34%0.60%6.48%$61,810
108Fayetteville, AR$1,586$1,4896.55%0.28%3.48%$63,451
155Gainesville, FL$1,631$1,5475.44%-0.21%4.20%$65,255
65Knoxville, TN$1,901$1,7309.88%0.62%5.81%$76,043
110Lexington, KY$1,389$1,2848.20%1.13%5.94%$55,555
37Nashville, TN$1,946$1,8743.83%-0.03%0.86%$77,849
564Oxford, MS
529Starkville, MS$969$8918.79%1.35%11.76%$38,756
188Tuscaloosa, AL$1,505$1,4037.29%1.38%7.44%$60,195
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