{"slug":"measured-rent-retention","title":"Where gross rental yield survives measured vacancy and property tax","contractVersion":"research-v18","sourceUpdatedOn":"2026-08-08","factsHash":"ae4a9cab00e31a6e5f48c6c1d876806f24c986e15a3aef94adc8c8e5f147f93d","definition":{"deck":"Gross yield is a useful first screen but it treats every scheduled rent dollar as collected and ignores property tax. This study removes only those two measured drags, keeps each deduction visible and stops before unmeasured property-level expenses.","slug":"measured-rent-retention","chart":"measured_rent_retention_bridge","title":"Where gross rental yield survives measured vacancy and property tax","method":["Gross yield is monthly Zillow ZORI multiplied by 12 and divided by Zillow ZHVI.","Vacancy drag multiplies annualized ZORI by the direct Apartment List Vacancy Index; property-tax drag multiplies ZHVI by the population-weighted ACS effective property-tax rate.","Measured retained rent subtracts those two dollar amounts from annualized ZORI. Dividing by ZHVI produces measured rent-retention yield; no other expense or financing assumption enters.","Descriptive groups compare retention yield and total measured drag with unweighted medians from the same complete intersection. They are not scores or recommendations."],"eyebrow":"Zillow + Apartment List + Census ACS","question":"How much of current metro gross rent-to-value yield remains after subtracting direct rental vacancy and population-weighted effective property tax?","variables":["Zillow Home Value Index","Zillow Observed Rent Index","Apartment List Vacancy Index","Population-weighted ACS effective property-tax rate","Vacancy and property-tax yield drag","Measured rent-retention yield"],"limitations":["Measured rent retention is not net yield, NOI, cap rate or cash flow because insurance, maintenance, management, utilities, capital expenditure, financing and transaction costs are excluded.","ZORI, ZHVI, Apartment List and ACS releases cover different periods and housing samples; the study is a current joined screen rather than a synchronized portfolio observation.","Metro values are not rent comps, appraisals, tax bills or vacancy forecasts for a specific property. Missing direct evidence remains excluded rather than estimated."],"short_title":"Measured Rent Retention","source_keys":["zillow_zhvi","zillow_zori","apartment_list_vacancy","property_tax","cbsa_delineation"],"inclusion_rule":"Include a RentMarker metro only when Zillow publishes direct current ZHVI and ZORI, Apartment List publishes a current Vacancy Index whose metro FIPS exactly equals the stored OMB CBSA code, and direct ACS effective property-tax observations cover at least 80 percent of the population in mapped counties. Rank by measured rent-retention yield.","counter_signals":["Apartment List vacancy and Zillow asking rent use different source methodologies; combining them is a transparent market screen, not a matched-property income statement.","A higher retained yield can still coexist with weak jobs, insurance risk, deferred maintenance, tenant turnover or neighborhood-level problems.","Property tax is population-weighted across mapped counties and can differ materially by parcel, assessment rules, exemptions and municipal levies."]},"summary":{"eligible_count":122,"included_count":122,"median_gross_yield":0.05514472,"median_vacancy_rate":0.0685799,"median_measured_drag":0.01175306,"latest_vacancy_period":"2026-07","highest_retention_slug":"jackson-ms","median_retention_yield":0.04081145,"highest_retention_yield":0.07142908,"highest_retention_market":"Jackson, 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