The five-digit label 29401 is both Zillow’s ZIP market identifier and the matched Census ZCTA. A ZCTA is a statistical area, not identical to a USPS delivery ZIP, so the match supports comparison without treating the two geographic constructs as interchangeable. At Zillow’s June 2026 endpoint, ZIP ZORI was $3,595 per month, a 4.39% year-over-year increase. ZORI is a typical observed asking-rent index blended across rental types, not a lease-level quote or a census statistic. The ACS 2024 five-year ZCTA survey reports a $1,790 median gross rent for occupied renter homes, including selected utilities. The difference is principally a source-universe distinction between current asking-rent index conditions and survey-reported occupied-home costs, rather than confirmation that either series measures the same tenancy.
Affordability is the immediate tension in the supplied figures. Applying a 30% share to annualized ZORI produces a required annual income of $143,800. That screen is arithmetic, not advice and not an applicant qualification rule. The ZCTA-wide ACS median household income is $99,667, making the current asking-rent index equivalent to 43.28% of that annual median income. Separately, 58.65% of ACS renter households were reported as spending at least 30% of income on rent. Neither the burden share nor the income screen proves anything about a current resident or a particular available unit. They instead show that the current index sits well above the survey-area median-income screen, while the ACS burden result describes occupied renters in its survey universe.
Broader rental benchmarks demonstrate scale, but only as context. In the supplied Charleston city context, the rent metric is about $2,245; in Charleston County context it is $2,156; and in the Charleston-North Charleston, SC metro context it is $2,066. Each is below the ZIP ZORI, yet none is a substitute ZIP rent observation. City, county, and metro values are wider-context aggregates whose housing mix and source construction differ from the direct ZIP index. The comparison therefore frames how elevated the ZIP asking-rent reading is within the supplied geographies, without treating any wider-area number as a local listing comp, an occupied-home estimate, or evidence about a particular address.
The bedroom ladder should be read as a modelling device, not a collection of observed bedroom rents. Modelled monthly ZIP estimates are $3,130 for a studio, $3,285 for one bedroom, $3,595 for two bedrooms, $4,478 for three bedrooms, and $5,160 for four bedrooms. They scale ZIP ZORI using the supplied local HUD ladder. That ladder begins with a $2,020 studio standard and rises with bedroom count. HUD FMR/SAFMR is an administrative, bedroom-specific standard rather than asking rent; it does not demonstrate that units at these estimates were advertised, leased, or available. These are modelled estimates, never measured bedroom rents, and differing utilities, furnishing, lease terms, and rental types further limit unit-level interpretation.
History supports the current positive direction but not a smooth extrapolation. History coverage is complete. Exact same-month annualized ZORI changes were 4.39% over one year, 6.59% over three years, and 10.49% over five years. Thus, the latest direction confirms the longer positive path, while its pace trails both longer-horizon measurements. Monthly index changes showed 5.32% annualized variability, placing this series in the supplied high-variability category and reducing the confidence a reader should attach to one current rent snapshot as a durable run rate. A separate peak-to-trough maximum decline of 3.89% shows a prior reversal within the otherwise positive multi-year record. Transparent national discovery ranks among history-eligible ZIPs were 321 for momentum, 2,854 for stability, and 1,360 for the balanced measure, where lower rank is higher. These are backward-looking measurements, not forecasts or investment recommendations.
Housing-stock evidence adds a separate availability caution. The ACS ZCTA profile contains 5,754 housing units and a 27.25% vacancy rate. Its vacant-unit classifications include units for rent and seasonal use. Those categories neither specify asking prices nor establish that a particular unit is available, suitable, or vacant today; the broader vacancy total also covers categories beyond rental marketing. The ZCTA profile describes a survey area over its ACS period, while the rent index is a current ZIP-market observation. Consequently, stock and vacancy can flag composition and measurement limits, but cannot be used as proof of bargaining conditions, vacancy, or affordability for a specific building or lease.
Resale data create a meaningful counterweight to the rent-only view. Redfin’s direct rolling-three-month ZIP for-sale observation recorded a $2,266,953 median sold price, up 48.17% year over year. It logged 110 homes sold with a 69-day median marketing time; inventory was 118 homes and months of supply stood at 3.3. The average sale-to-list ratio was 96.10%, while 7.48% of sales closed above list. These are direct ZIP resale and liquidity signals, not rental transactions, rental comparables, or property economics. The high sale-price change coexisted with below-list average pricing and a limited above-list share, which challenges a simple reading that the positive rent history alone describes all market conditions.
Combining the screens exposes the central tension: elevated current asking rent, a high income screen, and positive backward history stand beside a very large resale-price denominator and mixed sale-to-list evidence. Annualizing ZIP ZORI gives $43,140; divided by the median sold price, that is a 1.90% cross-source screening ratio only. It must not be treated as a property-level economic result because the series use different markets and definitions. The figures provide no unit condition, exact asking rent, bedroom count, included utilities, lease terms, availability date, or comparable sale detail. Any property-level assessment would need those specific checks alongside the stated source dates and geography match. The packet supports no forecast, causal explanation, or recommendation. Do the unit’s actual rent, utilities, bedroom configuration, vacancy status, and relevant sale records match the broad ZIP signals?
","findings":[{"body":"June 2026 ZIP ZORI was $3,595 and rose 4.39% year over year. The ACS 2024 five-year ZCTA median gross rent was $1,790 among occupied renter homes and includes selected utilities. The two figures differ in timing, population, and definition, so their gap is not evidence that a typical current listing costs the ACS median.","title":"Current asking rent sits apart from occupied-home survey rent"},{"body":"Same-month annualized ZORI growth was positive over one, three, and five years, but the latest one-year pace was slower than the longer-period measures. Monthly index variability was high and the record experienced a measurable drawdown. Complete coverage improves confidence that the history is observed, while volatility limits confidence in treating one endpoint as a stable run rate.","title":"The longer rent path is positive, but the series is not smooth"},{"body":"The studio-through-four-bedroom figures are modelled monthly estimates created by scaling ZIP ZORI with the supplied HUD bedroom ladder. HUD FMR/SAFMR is an administrative bedroom-specific standard, not a dataset of advertised or executed rents. The estimates cannot confirm a unit’s availability, furnishing level, utilities, lease terms, or actual asking price.","title":"Bedroom figures provide sizing logic rather than rental comps"},{"body":"The Redfin observation is a direct ZIP resale measure, with a high median sold price and strong year-over-year price change alongside below-list average sale pricing and limited above-list closings. It confirms active for-sale transactions but does not describe rental transactions. Annualized ZORI divided by median sold price is therefore only a cross-source screening ratio, not a property-level outcome.","title":"Resale evidence complicates a simple rent-price reading"}],"risks":["ZORI, ACS gross rent, HUD bedroom standards, and Redfin sale data have different timing, populations, and definitions. Substituting one measure for another can distort a unit-level rent, income, or resale comparison.","The matched Census ZCTA is a statistical reporting area rather than a USPS delivery ZIP. Individual addresses, listing boundaries, and delivery ZIP assignments should not be assumed to match the ZCTA exactly.","High variability in monthly ZORI changes and a prior drawdown mean the current index is insufficient evidence of a stable recurring rent path, even though longer same-month history remains positive.","The resale observation is aggregate and rolling, while the rent-price screen combines two separate sources. It lacks property condition, financing, expenses, utilities, lease terms, and comparable-sale detail needed for unit-level interpretation."],"qa":[{"a":"The report uses 29401 as Zillow’s ZIP market identifier and as a matched Census ZCTA. This aligns the supplied series for reporting, but a ZCTA is a Census statistical area rather than a USPS delivery geography. Addresses, delivery boundaries, and individual listings should not be assumed to match the ZCTA exactly.","q":"What geography does 29401 represent in this report?"},{"a":"ZORI is a typical observed asking-rent index blending rental types at the ZIP-market level. ACS median gross rent is a five-year survey result for occupied renter homes and includes selected utilities. One reflects asking-rent conditions at the stated Zillow endpoint, while the other reflects surveyed occupied housing costs over a longer period.","q":"Why does Zillow ZORI differ from ACS median gross rent?"},{"a":"No. The bedroom figures are modelled estimates that scale ZIP ZORI through a local HUD bedroom ladder, and HUD FMR/SAFMR is an administrative standard rather than asking rent. The 30% income figure is also arithmetic based on the index. Neither measure is an advertised unit rent, applicant rule, or qualification decision.","q":"Are the bedroom estimates observed rents or affordability qualifications?"},{"a":"Redfin provides a direct rolling-three-month ZIP for-sale observation covering sold prices, sales activity, marketing time, inventory, supply, and sale-to-list behavior. It describes resale liquidity rather than rental transactions. Dividing annualized ZORI by median sold price creates only a cross-source screening ratio and cannot establish property-level economics.","q":"What does the Redfin resale observation add?"}],"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 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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":"2017-10-01","rent":1757.633573},{"period":"2017-11-01","rent":1784.406628},{"period":"2017-12-01","rent":1746.627832},{"period":"2018-01-01","rent":1751.895653},{"period":"2018-02-01","rent":1742.98801},{"period":"2018-03-01","rent":1756.287407},{"period":"2018-04-01","rent":1765.445485},{"period":"2018-05-01","rent":1761.070284},{"period":"2018-06-01","rent":1759.938414},{"period":"2018-07-01","rent":1751.921813},{"period":"2018-08-01","rent":1786.183102},{"period":"2018-09-01","rent":1824.286432},{"period":"2018-10-01","rent":1829.024057},{"period":"2018-11-01","rent":1868.240566},{"period":"2018-12-01","rent":1854.517855},{"period":"2019-01-01","rent":1869.114161},{"period":"2019-02-01","rent":1831.99673},{"period":"2019-03-01","rent":1832.562581},{"period":"2019-04-01","rent":1833.881196},{"period":"2019-05-01","rent":1838.86301},{"period":"2019-06-01","rent":1840.777806},{"period":"2019-07-01","rent":1842.832182},{"period":"2019-08-01","rent":1826.446598},{"period":"2019-09-01","rent":1796.357266},{"period":"2019-10-01","rent":1829.749144},{"period":"2019-11-01","rent":1812.937524},{"period":"2019-12-01","rent":1864.785336},{"period":"2020-01-01","rent":1865.610735},{"period":"2020-02-01","rent":1918.235692},{"period":"2020-03-01","rent":1922.857632},{"period":"2020-04-01","rent":1916.534071},{"period":"2020-05-01","rent":1915.102258},{"period":"2020-06-01","rent":1905.225174},{"period":"2020-07-01","rent":1931.408992},{"period":"2020-08-01","rent":1964.088836},{"period":"2020-09-01","rent":1980.095187},{"period":"2020-10-01","rent":1972.610059},{"period":"2020-11-01","rent":1957.708267},{"period":"2020-12-01","rent":1993.664664},{"period":"2021-01-01","rent":2021.163264},{"period":"2021-02-01","rent":2047.210479},{"period":"2021-03-01","rent":2047.850613},{"period":"2021-04-01","rent":2066.457165},{"period":"2021-05-01","rent":2123.857303},{"period":"2021-06-01","rent":2182.688038},{"period":"2021-07-01","rent":2201.604858},{"period":"2021-08-01","rent":2223.342162},{"period":"2021-09-01","rent":2228.287335},{"period":"2021-10-01","rent":2219.897995},{"period":"2021-11-01","rent":2253.329278},{"period":"2021-12-01","rent":2263.793284},{"period":"2022-01-01","rent":2339.891489},{"period":"2022-02-01","rent":2413.835125},{"period":"2022-03-01","rent":2482.021025},{"period":"2022-04-01","rent":2532.815626},{"period":"2022-05-01","rent":2501.394744},{"period":"2022-06-01","rent":2546.088876},{"period":"2022-07-01","rent":2637.179621},{"period":"2022-08-01","rent":2670.677675},{"period":"2022-09-01","rent":2804.042695},{"period":"2022-10-01","rent":2787.375093},{"period":"2022-11-01","rent":2885.266074},{"period":"2022-12-01","rent":2825.77708},{"period":"2023-01-01","rent":2861.495237},{"period":"2023-02-01","rent":2801.191754},{"period":"2023-03-01","rent":2856.724328},{"period":"2023-04-01","rent":2874.881329},{"period":"2023-05-01","rent":2992.525984},{"period":"2023-06-01","rent":2968.921774},{"period":"2023-07-01","rent":2976.887166},{"period":"2023-08-01","rent":2976.001936},{"period":"2023-09-01","rent":2916.445945},{"period":"2023-10-01","rent":3078.181538},{"period":"2023-11-01","rent":3035.749892},{"period":"2023-12-01","rent":3171.733886},{"period":"2024-01-01","rent":3105.938978},{"period":"2024-02-01","rent":3163.890459},{"period":"2024-03-01","rent":3175.515819},{"period":"2024-04-01","rent":3217.689049},{"period":"2024-05-01","rent":3269.26347},{"period":"2024-06-01","rent":3311.178953},{"period":"2024-07-01","rent":3324.048116},{"period":"2024-08-01","rent":3327.725385},{"period":"2024-09-01","rent":3364.885069},{"period":"2024-10-01","rent":3350.027378},{"period":"2024-11-01","rent":3392.581383},{"period":"2024-12-01","rent":3383.092105},{"period":"2025-01-01","rent":3397.946304},{"period":"2025-02-01","rent":3431.125322},{"period":"2025-03-01","rent":3447.280874},{"period":"2025-04-01","rent":3494.132633},{"period":"2025-05-01","rent":3433.970471},{"period":"2025-06-01","rent":3443.790637},{"period":"2025-07-01","rent":3460.910635},{"period":"2025-08-01","rent":3503.120535},{"period":"2025-09-01","rent":3526.067903},{"period":"2025-10-01","rent":3502.199734},{"period":"2025-11-01","rent":3515.645152},{"period":"2025-12-01","rent":3510.117465},{"period":"2026-01-01","rent":3566.033416},{"period":"2026-02-01","rent":3564.000993},{"period":"2026-03-01","rent":3571.679099},{"period":"2026-04-01","rent":3548.287106},{"period":"2026-05-01","rent":3581.33099},{"period":"2026-06-01","rent":3594.940171}],"historySummary":{"pointCount":105,"firstPeriod":"2017-10-01","latestPeriod":"2026-06-01","coverageMonths":105,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":3443.790637,"endRent":3594.940171,"change":0.04389045384352164,"cagr":0.04389045384352164},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":2968.9217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