Two current measures move at very different speeds in this ZIP. At the June 2026 Zillow endpoint, ZORI is $3,033 per month, after a 9.87% one-year same-month advance. Zillow ZORI is a typical observed asking-rent index blended across rental types, rather than a quote for a stated unit. In the direct Redfin ZIP for-sale/resale observation, median sold price is $1,284,710, 31.77% above its prior-year reading. Annualized ZORI divided by that median sold price produces a 2.83% cross-source screening ratio only; it does not represent property economics. The sale-price gain outpaced the asking-rent change, challenging any assumption that rental and resale measures advanced together.
The Redfin resale details describe only the direct rolling-three-month ZIP for-sale market, not rental transactions. It recorded 31 homes sold with a median 47 days on market. Inventory stood at 58 homes, 21.55% lower year over year, while months of supply measured 5.7. On pricing signals, the average sale-to-list ratio was 97.51%, 20.02% of sales went above list, and 3.29% went off market within two weeks. Those figures indicate the timing, supply, and list-price outcomes in the observed resale sample; they neither create rental comparables nor establish the condition, list price, or negotiation outcome of any particular home.
History supplies the stronger evidence on whether this rent direction is established rather than isolated. Zillow has 74 observations and 73 consecutive monthly changes, supplying 100% expected coverage through the stated endpoint. Beyond the one-year gain reported above, the exact same-month annualized gains were 5.75% across the three-year window and 7.95% across the five-year window. The latest direction therefore confirms the longer upward path and is accelerating relative to both windows. Annualized monthly-return variability of 3.07% gives more confidence in this current index snapshot than a sparse series would, yet does not make it applicable to every rental type. Separately, the maximum drawdown was 5.66%, showing prior peaks did not hold continuously. Transparent national discovery ranks were 67 for momentum, 1,739 for stability, and 327 for balance among history-eligible ZIPs, where a lower rank is better. These are backward-looking measurements, not forecasts or investment recommendations.
The five-digit label 11105 is both a Zillow ZIP market identifier and a Census ZCTA match. A ZCTA is a statistical area, not identical to a USPS delivery ZIP. In the ACS 2024 five-year survey of occupied renter homes, median gross rent is $2,245 and includes selected utilities. Current ZORI is 35.10% above that figure. ACS is a survey median for existing occupied renter homes, whereas ZORI is a current typical asking-rent index; differences in timing, population, utility treatment, and statistic mean the comparison cannot establish a current unit's quote.
Bedroom figures require an even sharper boundary. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent. Scaling ZIP ZORI with the supplied local HUD ladder creates modelled monthly ZIP estimates of $2,200 for a studio, $2,552 for one bedroom, $3,033 for two, $3,715 for three, and $4,281 for four. They are modelled estimates, never measured bedroom rents. The two-bedroom estimate is 15.94% above the $2,616 HUD standard, a standard-to-index comparison rather than evidence of an actual advertised two-bedroom rent.
The income screen turns the rent acceleration into a household-level tension without making an eligibility judgment. At 30%, applying the monthly ZORI index as an asking-rent screen requires $121,320 in annual income, versus ACS median household income of $102,012; the asking-rent-to-income arithmetic is 35.68%. This required-income screen is arithmetic, not advice or an applicant qualification rule. Within the ACS ZCTA, 12,076 renter-occupied homes and 4,986 renter households were burdened at or above that threshold, a 41.29% share; that survey burden cannot prove the circumstances of a particular household or unit. The ZCTA's 17,786 housing units include 2,649 single-family and 2,556 large-multifamily units; vacancy is 8.92% and the renter share is 74.54%. Aggregate vacancy cannot establish that a particular listing is available.
Broader geographic comparisons reinforce that these are context, not substitutes for ZIP evidence. Against the ZIP asking-rent index, the City of New York scope is $4,133, the Queens County scope is $3,256, and the New York-Newark-Jersey City, NY-NJ-PA metro scope is $3,573; each is a wider-geography asking-rent context. ZIP ZORI sits below all three, but those values do not convert the ACS household figures, HUD standards, or direct resale outcomes into local unit comparables. The cross-source tension remains: rent has accelerated on its own history while the for-sale price measure moved much faster.
Several limits keep the screen from becoming an address-level conclusion. Neither the blended Zillow index, the matched-ZCTA ACS survey, the HUD standard, nor the rolling resale observation identifies a specific apartment or home. Concrete checks are the address's relevant market assignment, bedroom configuration, current advertised price, concession and lease terms, treatment of utilities, availability date, and comparable current listings. For a contemplated sale-side comparison, verify property type, condition, sold-date relevance, list and contract terms, and whether the aggregate resale sample resembles the address. Does the specific listing's evidence support the screen without substituting area measures for unit facts?
","findings":[{"body":"The one-year ZORI advance exceeds the exact same-month annualized gains over the three- and five-year windows, so the latest direction confirms and accelerates the longer observed path. Complete history coverage supports continuity, while the monthly-return variability measure and prior maximum drawdown show that the index did not move in a straight line. These are retrospective readings, not forecasts.","title":"Acceleration is broad but not uninterrupted"},{"body":"Zillow's current blended asking-rent index sits above the ACS median gross rent, but the measures are not competing observations of the same leases. ACS concerns occupied renter homes, uses a five-year survey frame, and includes selected utilities. The required-income calculation also exceeds area median household income at the stated screen, while surveyed burden is substantial. Neither statistic decides what a particular renter can pay.","title":"Asking rent and survey rent answer different questions"},{"body":"The modelled studio-through-four-bedroom ladder uses the local HUD ratio structure to scale ZIP ZORI. It provides a consistent set of illustrative monthly estimates when actual bedroom-specific quotes are absent. HUD's figures remain administrative standards, and the resulting values are not measured bedroom rents. A listing's bedroom count, utility treatment, condition, and asking terms still need direct verification.","title":"Bedroom amounts are modelled rather than observed"},{"body":"The direct ZIP resale sample shows a sharp annual price gain, 31 completed sales, a 47-day marketing interval, and below-list average sales. This combination is for-sale evidence only. Because resale price growth exceeded the ZORI increase, it challenges a simple synchronized-market reading and limits the annual-rent-to-price calculation to cross-source screening rather than address-level economics.","title":"Resale evidence creates a cross-source tension"}],"risks":["ZORI and ACS answer different questions: a blended current asking-rent index versus a utility-inclusive survey median for occupied renter homes. Their gap cannot price, identify, or validate a live listing.","ZCTA burden, renter-share, and vacancy aggregates describe surveyed area conditions rather than an advertised unit. They cannot demonstrate that a particular household is burdened, that a unit is vacant, or that a landlord will offer stated terms.","Historical coverage improves continuity but does not remove index construction limits or future uncertainty. The observed drawdown and uneven stability rank show why a current rent snapshot should not be treated as permanently representative.","Resale metrics are rolling-three-month outcomes for sold homes and listings, not rental deals. The annualized rent-to-price screen is a cross-source ratio and omits unit attributes, transaction terms, and listing-specific information, so it cannot settle address-level comparisons."],"qa":[{"a":"At the June 2026 endpoint, Zillow ZORI is $3,033 for ZIP 11105. The metric is a typical observed asking-rent index blended across rental types. It does not state a lease price for a particular bedroom or document the terms of a live listing. Its reported one-year same-month advance is 9.87%, which is backward-looking.","q":"What does the current Zillow rent figure represent?"},{"a":"The ACS 2024 five-year matched-ZCTA figure is a $2,245 median gross rent among occupied renter homes and includes selected utilities. Zillow is a current typical asking-rent index. The 35.10% difference reflects distinct universes, timing, and statistic definitions; it is not evidence that a prospective renter will receive a particular advertised rent.","q":"Why is the ACS gross-rent figure lower than ZORI?"},{"a":"The studio-through-four-bedroom amounts are modelled estimates obtained by scaling the ZIP ZORI level with the supplied local HUD bedroom ladder. They are not measured asking rents or transaction rents. The modelled two-bedroom amount equals the ZORI anchor, while its relationship to the HUD standard does not verify any unit's condition, utility package, or lease terms.","q":"How are the bedroom amounts constructed?"},{"a":"Redfin's rolling-three-month ZIP resale observation reports sold-home prices, volume, days on market, inventory, months of supply, and sale-to-list behavior. It does not report rental transactions. Dividing annualized ZORI by median sold price creates a cross-source screening ratio, useful only as a broad comparison; it cannot establish unit-level resale economics or leasing conditions.","q":"What does the direct resale evidence add to the rental screen?"}],"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 fallback","release":"ZIP-CBSA 2025Q4 + SAFMR FY2026","pulledAt":"2026-07-26","url":"https://www.huduser.gov/portal/datasets/usps_crosswalk.html"},{"key":"realtor_county","name":"Realtor.com Economic Research — county listing inventory","release":"county inventory 2026-06","pulledAt":"2026-07-28","url":"https://www.realtor.com/research/data/"},{"key":"redfin","name":"Redfin Data Center — inventory, days on market, and price cuts","release":"metro tracker through 2026-05-01","pulledAt":"2026-07-26","url":"https://www.redfin.com/news/data-center/"},{"key":"redfin_zip","name":"Redfin Data Center — ZIP resale activity and supply","release":"ZIP rolling 3 months through 2026-06-30; updated 2026-07-03","pulledAt":"2026-08-12","url":"https://www.redfin.com/news/data-center/"},{"key":"zillow_county","name":"Zillow ZHVI and ZORI — county values and rents","release":"county ZHVI/ZORI 2026-06","pulledAt":"2026-07-26","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori","name":"Zillow ZORI — metro market rents","release":"Metro_zori_uc_sfrcondomfr_sm_sa_month.csv","pulledAt":"2026-07-26","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori_city","name":"Zillow ZORI — city market rents","release":"zillow_zori_city.csv","pulledAt":"2026-07-29","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori_zip","name":"Zillow ZORI — ZIP market rents","release":"ZORI ZIP 2026-06","pulledAt":"2026-08-08","url":"https://www.zillow.com/research/data/"}],"history":[{"period":"2020-05-01","rent":2148.091174},{"period":"2020-06-01","rent":2127.252257},{"period":"2020-07-01","rent":2142.053441},{"period":"2020-08-01","rent":2108.068299},{"period":"2020-09-01","rent":2126.507534},{"period":"2020-10-01","rent":2101.421735},{"period":"2020-11-01","rent":2105.024054},{"period":"2020-12-01","rent":2056.141124},{"period":"2021-01-01","rent":2047.312221},{"period":"2021-02-01","rent":2026.497315},{"period":"2021-03-01","rent":2044.681321},{"period":"2021-04-01","rent":2066.803131},{"period":"2021-05-01","rent":2077.312561},{"period":"2021-06-01","rent":2069.461542},{"period":"2021-07-01","rent":2075.364803},{"period":"2021-08-01","rent":2103.56476},{"period":"2021-09-01","rent":2128.530368},{"period":"2021-10-01","rent":2133.455219},{"period":"2021-11-01","rent":2150.94686},{"period":"2021-12-01","rent":2203.716624},{"period":"2022-01-01","rent":2244.739613},{"period":"2022-02-01","rent":2271.590244},{"period":"2022-03-01","rent":2258.269313},{"period":"2022-04-01","rent":2264.08337},{"period":"2022-05-01","rent":2292.516231},{"period":"2022-06-01","rent":2335.871655},{"period":"2022-07-01","rent":2361.054803},{"period":"2022-08-01","rent":2387.493998},{"period":"2022-09-01","rent":2409.793307},{"period":"2022-10-01","rent":2445.107089},{"period":"2022-11-01","rent":2446.231909},{"period":"2022-12-01","rent":2451.347977},{"period":"2023-01-01","rent":2455.324846},{"period":"2023-02-01","rent":2470.947577},{"period":"2023-03-01","rent":2488.445024},{"period":"2023-04-01","rent":2519.604102},{"period":"2023-05-01","rent":2539.717123},{"period":"2023-06-01","rent":2564.487864},{"period":"2023-07-01","rent":2574.918716},{"period":"2023-08-01","rent":2587.576587},{"period":"2023-09-01","rent":2571.49887},{"period":"2023-10-01","rent":2579.996647},{"period":"2023-11-01","rent":2588.704581},{"period":"2023-12-01","rent":2600.467089},{"period":"2024-01-01","rent":2583.661843},{"period":"2024-02-01","rent":2609.738982},{"period":"2024-03-01","rent":2648.629301},{"period":"2024-04-01","rent":2670.536689},{"period":"2024-05-01","rent":2674.22608},{"period":"2024-06-01","rent":2650.011391},{"period":"2024-07-01","rent":2637.23647},{"period":"2024-08-01","rent":2623.101806},{"period":"2024-09-01","rent":2625.360737},{"period":"2024-10-01","rent":2640.826647},{"period":"2024-11-01","rent":2642.806808},{"period":"2024-12-01","rent":2685.015877},{"period":"2025-01-01","rent":2732.701862},{"period":"2025-02-01","rent":2766.17145},{"period":"2025-03-01","rent":2750.045687},{"period":"2025-04-01","rent":2724.160316},{"period":"2025-05-01","rent":2741.123382},{"period":"2025-06-01","rent":2760.568982},{"period":"2025-07-01","rent":2793.90896},{"period":"2025-08-01","rent":2826.484882},{"period":"2025-09-01","rent":2862.692468},{"period":"2025-10-01","rent":2873.526775},{"period":"2025-11-01","rent":2903.112913},{"period":"2025-12-01","rent":2896.431357},{"period":"2026-01-01","rent":2902.527648},{"period":"2026-02-01","rent":2897.52904},{"period":"2026-03-01","rent":2927.909094},{"period":"2026-04-01","rent":2973.4856},{"period":"2026-05-01","rent":2997.318196},{"period":"2026-06-01","rent":3033.159064}],"historySummary":{"pointCount":74,"firstPeriod":"2020-05-01","latestPeriod":"2026-06-01","coverageMonths":74,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":2760.568982,"endRent":3033.159064,"change":0.09874416606771841,"cagr":0.09874416606771841},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":2564.487864,"endRent":3033.159064,"change":0.1827543060660004,"cagr":0.0575433514906063},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":2069.461542,"endRent":3033.159064,"change":0.4656754921227717,"cagr":0.07946251352600742}},"maxDrawdown":-0.05660553912782851,"annualizedVolatility":0.030703763401614133,"consecutiveReturnCount":73}}