At June 2026, Zillow’s ZIP-level ZORI for 10034 was $2,471, up 1.4% from a year earlier. ZORI is a typical observed asking-rent index blended across rental types, so it is a current market signal rather than a quote for a fixed unit configuration. Redfin’s direct rolling three-month ZIP resale observation presents a different market universe: median sold price was $529,880 and was 26.5% higher year over year. That sharp resale-price change sits beside only modest current asking-rent growth, creating the report’s central tension rather than evidence that either series causes the other.
The five-digit 10034 label is both Zillow’s ZIP market identifier and a Census ZCTA match. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP. In the matched ACS five-year survey, median gross rent was $1,629; this is a survey measure for occupied renter homes and includes selected utilities. The current Zillow asking index is 51.7% above that ACS median, a difference expected from their unlike populations and rent definitions. HUD FMR/SAFMR, meanwhile, is an administrative bedroom-specific standard rather than asking rent: the local two-bedroom standard is $2,616, placing ZIP ZORI 5.5% below it.
The history indicates cooling, not a reversal in level. Exact same-month annualized ZORI change was 1.4% over 1 year, compared with 3.9% over 3 years and 5.1% over 5 years. Recent direction therefore breaks from the faster longer-run path by decelerating materially. The history has 100% coverage across 133 observations, which supports comparison through the stated endpoint. Annualized monthly-return variability of 3.0% means individual monthly readings have moved around the trend, while the largest observed drawdown of 5.6% shows that past declines have occurred. Its balanced national discovery rank was 1,485 among eligible ZIP histories, where lower is higher; these are backward-looking measurements, not forecasts or investment recommendations.
Bedroom figures require a separate interpretation. Applying the local HUD bedroom ladder to ZIP ZORI produces modelled monthly estimates, not measured bedroom rents: across studio through four-bedroom types, the estimates are $1,792, $2,079, $2,471, $3,027, and $3,488. The sequence is useful for keeping a bedroom comparison internally consistent with the local HUD ladder, but it does not establish that an available apartment of any size is asking that amount. Actual listings can depart from these modelled estimates because ZORI is blended across rental types and HUD standards serve an administrative purpose.
Affordability measures point to a meaningful mismatch between the current asking index and area-wide income statistics. The arithmetic income required to place the current index at 30% of income is $98,840, compared with ACS median household income of $67,754. Annualized ZIP ZORI equals 43.8% of that median income, but this is a screen, not advice and not an applicant qualification rule. ACS also reports that 50.2% of renter households spend at least 30% of income on gross rent; this does not prove the burden or availability of any particular unit. The ZCTA stock is heavily multifamily, with 14,845 large multifamily units and an 88.4% renter share. Its 1,243 vacant units produce a 7.5% vacancy rate, a stock-level condition rather than proof of a vacant rentable home.
Wider-area figures frame, but do not replace, ZIP evidence: the City of New York context rental index is $4,133, the New York County context rental index is $4,833, and the New York-Newark-Jersey City, NY-NJ-PA metro context rental index is $3,573. Each exceeds the ZIP’s current asking-rent index, while the ZIP’s renter-heavy housing composition and ACS income comparison remain specific to the matched ZCTA. These city, county, and metro values are context only; none is a substitute for a direct ZIP listing, a ZIP ZORI observation, or a property-specific rent quote.
Resale liquidity supplies a counterweight to the rent and affordability screen, but it remains strictly for-sale evidence. In Redfin’s rolling three-month ZIP resale window, 13 homes sold, median marketing time was 135 days, inventory was 17 homes, and months of supply stood at 3.9. The average sale-to-list result was 99.5%, with 7.7% of sales above list; inventory was down 42.7% year over year. Higher median sold price and reduced inventory could appear firm beside slowing asking-rent growth, yet the long marketing time, near-list sale result, and small sales count temper that reading. These are resale signals, not rental transactions or rental comparables.
Annualized ZIP ZORI divided by the ZIP median sold price is only a cross-source screening ratio. It is not a cap rate, net return, expected return, or property yield, and it omits property expenses, financing, unit condition, and the difference between asking and signed rents. Concrete property-level checks include confirming the advertised rent, bedroom count, lease term, concessions, fees, utility treatment, and availability date; identifying whether the building and unit resemble the index’s blended rental mix; and reviewing the individual sale’s condition and sale-to-list record rather than relying on the ZIP median. The evidence supports a careful comparison of disparate measures, not a forecast or a conclusion about a specific apartment or sale.
","findings":[{"body":"ZIP ZORI was $2,471 in June 2026, with a 1.4% one-year same-month annualized increase. That pace is below the 3-year and 5-year annualized changes of 3.9% and 5.1%. Full history coverage across 133 observations strengthens the descriptive comparison, but the slower recent pace is a historical deceleration, not evidence of a future rent path.","title":"Rent growth has cooled relative to the longer record"},{"body":"The Zillow asking-rent index exceeds the ACS median gross rent because the series use different populations and definitions. ACS reflects occupied renter homes and includes selected utilities, while ZORI tracks typical observed asking rents across rental types. HUD FMR/SAFMR is instead a bedroom-specific administrative standard. The modelled bedroom ladder scales ZORI with HUD relationships; it is not a set of measured rents.","title":"Asking rent, ACS gross rent, and HUD standards answer different questions"},{"body":"The arithmetic income associated with devoting 30% of income to the current asking index is above the ZCTA median household income. ACS also shows that about half of renter households are rent burdened under its gross-rent definition. Those results identify an area-wide affordability tension, but neither figure determines a household’s eligibility, actual lease terms, utility costs, or burden in a specific unit.","title":"Income and burden screens remain constrained"},{"body":"Redfin’s ZIP resale data show a substantially higher median sold price year over year and reduced inventory, while Zillow’s current asking-rent growth is modest against its longer history. At the same time, 135 median marketing days, near-list sale pricing, and only 13 recorded sales make the resale picture less one-directional. The data describe for-sale liquidity, not rental transactions or property economics.","title":"Resale strength is not mirrored cleanly by rental momentum"}],"risks":["Zillow’s current index combines observed asking rents across rental types. It can differ from a particular listing because unit size, condition, lease concessions, fees, timing, and utility treatment are not represented as a property-level quote.","ACS estimates describe the matched ZCTA through a five-year survey and include sampling uncertainty. Its gross-rent, income, occupancy, burden, and vacancy measures cannot be treated as current observations for a particular building or household.","A rolling resale window with 13 homes sold can be sensitive to the mix of properties closing during that period. Median sale price, days on market, and sale-to-list figures are for-sale indicators, not rental comparables.","The ZCTA and Zillow ZIP match is useful for organizing the evidence, but a Census ZCTA is statistical geography rather than a USPS delivery ZIP. Geographic matching does not eliminate source-definition differences."],"qa":[{"a":"The measures describe different universes. Zillow ZORI is a typical observed asking-rent index across rental types, while ACS median gross rent comes from occupied renter homes in a five-year survey and includes selected utilities. The gap is therefore a source-definition comparison, not proof that every current listing is priced above every occupied household’s rent.","q":"Why does the Zillow asking-rent index exceed ACS median gross rent so substantially?"},{"a":"No. The studio through four-bedroom amounts are modelled monthly ZIP estimates created by scaling the ZIP-wide Zillow index with the local HUD bedroom ladder. HUD FMR/SAFMR is an administrative standard, and ZORI is blended across rental types. A listing’s actual rent can differ because its condition, terms, utilities, and timing are property-specific.","q":"Are the bedroom amounts actual measured rents for available apartments?"},{"a":"Cooling means the latest one-year same-month annualized change is slower than the corresponding three-year and five-year annualized changes. It does not mean rents are falling, nor does it predict the next observation. Monthly variability and the prior maximum drawdown show why a single current rent snapshot deserves more confidence when viewed alongside the full historical path.","q":"What does the cooling rent history actually show?"},{"a":"They can be compared only as separate market signals. Redfin measures direct ZIP for-sale and resale activity, including sold prices, marketing time, supply, and sale-to-list outcomes. Zillow measures asking rent, while ACS measures occupied renter households. Annualized ZORI divided by median sold price is a cross-source screen only and does not represent property income, expenses, or investment performance.","q":"How should the resale figures be compared with rental information?"}],"sources":[{"key":"apartment_list_time_on_market","name":"Apartment List Time on Market — listing liquidity","release":"Apartment List 2026-07","pulledAt":"2026-08-08","url":"https://www.apartmentlist.com/research/category/data-rent-estimates"},{"key":"apartment_list_vacancy","name":"Apartment List Vacancy Index — rental vacancy","release":"Apartment List 2026-07","pulledAt":"2026-08-08","url":"https://www.apartmentlist.com/research/apartment-list-vacancy-index-methodology"},{"key":"census_zcta_facts","name":"Census ACS five-year — ZCTA housing and income","release":"ACS 2024 5-year ZCTA","pulledAt":"2026-08-08","url":"https://api.census.gov/data/2024/acs/acs5.html"},{"key":"hud_zip","name":"HUD USPS crosswalk and Small Area FMRs — ZIP rent 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