At the latest stated period, ZIP 32605 had a Zillow typical observed asking-rent index of $1,852 in June 2026, down 0.1% from a year earlier. The five-digit label is both a Zillow ZIP market identifier and a matched Census ZCTA; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. Zillow ZORI is an asking-rent index blended across rental types, rather than a lease-by-lease rent survey. For wider context only, Zillow’s Gainesville city value was $1,657, Alachua County’s context value was $1,675, and the Gainesville, FL metro context value was $1,675; none of those broader geographies is a substitute for the ZIP reading.
The immediate decline breaks from the longer historical path, although the break is small. Exact same-month ZORI changes were -0.1% over 1 year, 0.4% annualized over 3 years, and 5.0% annualized over 5 years. Monthly ZORI changes, expressed at an annual rate, showed 3.9% variability, so a single current index point deserves less certainty than a perfectly smooth series would support. Separately, the maximum historical drawdown was 2.8%, indicating a limited peak-to-trough retreat within the observed path. History coverage was 100%. Transparent national discovery ranks among history-eligible ZIPs were 2,406 for momentum, 2,530 for stability, and 2,747 for the balanced measure, where lower ranks are stronger. These are backward-looking measurements, not forecasts or investment recommendations.
The bedroom view should not be read as measured ZIP rents. It is a set of modelled estimates that scales ZIP ZORI by the local HUD bedroom ladder: $1,431 for a studio, $1,546 for a one-bedroom, $1,852 for a two-bedroom, $2,317 for a three-bedroom, and $2,452 for a four-bedroom. HUD’s two-bedroom standard is $1,493, making the corresponding modelled ZIP estimate 24.0% higher. HUD FMR or SAFMR is an administrative, bedroom-specific standard used for program purposes, not asking rent, and the ladder’s function here is to structure the model rather than establish rents actually advertised or signed in this ZIP.
The matched ACS five-year ZCTA survey describes occupied renter homes, not current listings. Its median gross rent was $1,623, and gross rent includes selected utilities, helping explain why it is not interchangeable with ZORI’s typical asking-rent index. The current ZORI sits 14.1% above that ACS median. Applying a 30% rent-to-income screen to the current monthly ZORI produces required annual income of $74,080; this is arithmetic, not advice and not an applicant qualification rule. The ZCTA’s median household income was $86,714, but that household measure spans more than renter households. In the ACS renter sample, 47.8%—1,123 of 2,347 renter households—reported paying at least 30% of income toward gross rent. That burden statistic cannot prove the affordability of any particular available unit.
Housing composition supplies important limits around aggregate rent interpretation. The matched ZCTA had 11,390 housing units, a 6.7% overall vacancy rate, and a renter-occupied share of 22.1%. Single-family structures accounted for 9,846 units, making the housing stock primarily single-family by count rather than a pure apartment-market universe. Vacancy describes the stock captured by ACS and should not be treated as proof that a particular rental is empty, available, or priced to lease. Likewise, the relatively modest renter share does not identify the mix, condition, lease terms, or utility treatment of listings contributing to Zillow’s blended asking-rent index.
Resale evidence creates the clearest cross-market tension. Redfin’s direct rolling-three-month ZIP for-sale observation recorded a $327,376 median sold price, up 9.1% year over year, while current ZIP ZORI was slightly lower than a year earlier. That contrast challenges any simple reading of the historical rent path as moving in lockstep with resale prices. The resale series recorded 119 homes sold and a median 29 days on market; active listings are a for-sale measure, while reported inventory was 123 homes and months of supply was 3.1. Average sale-to-list was 97.5%, and 18.1% of sales closed above list, both resale signals rather than rental transactions. Annualized ZORI divided by median sold price was 6.8%, but this is only a cross-source screening ratio, not a cap rate, net return, expected return, or property yield.
Several limits matter before attaching these ZIP aggregates to a property. Zillow captures a blended asking-rent index, ACS is a survey with sampling uncertainty, HUD provides administrative standards, and Redfin describes resale activity rather than rental comps or property economics. The historical measures establish what was observed through their endpoint, not what rents or prices will do next. Needed property-level checks include the actual advertised rent for the relevant bedroom count, lease length, concessions, utility allocation, unit condition, occupancy and availability, property type, and whether the listing’s location and features fit the broad ZIP evidence. For a purchase-side comparison, the property’s own list history, sale history, carrying costs, and physical condition remain outside this packet.
The central reading is therefore mixed rather than uniformly strong or weak: a current ZIP asking-rent index near the modelled two-bedroom estimate, a mild recent rent retreat after a positive multiyear path, a substantial ACS renter-burden share, and a resale market whose median sold price rose materially. The resale data confirm that there was active ZIP transaction flow, but they do not validate rental income at a specific home. The burden data show pressure within surveyed renter households, but they do not establish a tenant’s ability to pay a given asking rent. The decisive unresolved question is whether the specific property’s actual rent, utilities, bedroom configuration, and condition align with the aggregate ZIP index rather than merely resembling its headline figure.
","findings":[{"body":"ZIP ZORI was $1,852 at the stated endpoint and was 0.1% lower than a year earlier. That small decline contrasts with positive annualized same-month changes over the three- and five-year windows. Historical variability was meaningful enough that the current index should be treated as a point within a changing series, not as a fixed rent conclusion.","title":"Recent rent direction has softened against a longer positive history"},{"body":"The studio-through-four-bedroom figures are modelled ZIP estimates created by scaling the blended Zillow asking-rent index with the local HUD bedroom ladder. They are not observed bedroom-specific asking rents. HUD’s standards are administrative program benchmarks, not market listings, so the estimates are most useful for comparing bedroom tiers rather than pricing an individual unit.","title":"Bedroom figures are modelled from the local HUD ladder"},{"body":"The $74,080 income figure is a simple annual-income result from applying a 30% screen to the current monthly ZORI. ACS instead reports a five-year survey of occupied renter households and gross rent that includes selected utilities. Its burden share describes surveyed households, while the arithmetic screen does not determine qualification, affordability, or payment ability for any person.","title":"The affordability screen and renter-burden measure answer different questions"},{"body":"Redfin’s rolling-three-month ZIP resale data show a higher median sold price year over year despite slightly softer current asking rent. Homes sold, marketing time, inventory, supply, and sale-to-list measures all belong to the for-sale market. The annualized-rent-to-price figure is a cross-source screening ratio only; it cannot establish cap rate, expenses, return, or expected performance.","title":"Resale strength does not establish rental economics"}],"risks":["A blended ZIP asking-rent index can differ from a specific property because bedroom count, utility treatment, concessions, lease duration, condition, and listing availability are not identified in the aggregate measure.","ACS gross rent and renter burden describe occupied renter homes in a five-year ZCTA survey, with sampling uncertainty, rather than current listings, newly signed leases, or the circumstances of one household.","HUD bedroom standards are administrative benchmarks rather than observed market asking rents, so using the ladder to create bedroom estimates introduces a modelling assumption that should remain explicit.","The resale figures reflect direct ZIP for-sale activity over a rolling three-month window; they do not measure rental transactions, operating expenses, financing terms, unit-level income, or property-specific economics."],"qa":[{"a":"They cover different evidence universes. Zillow ZORI is a typical observed asking-rent index blended across rental types, while ACS is a five-year survey of occupied renter homes in the matched ZCTA. ACS gross rent also includes selected utilities, whereas the Zillow index is not a gross-rent survey of occupied homes.","q":"Why does the Zillow asking-rent index differ from ACS median gross rent?"},{"a":"No. The bedroom figures are modelled estimates, not measured bedroom rents. They begin with ZIP ZORI and scale it using the local HUD bedroom ladder. That provides a transparent size-based structure, but it cannot identify actual advertised rent, concessions, utilities, amenities, condition, or lease terms for a particular unit.","q":"Are the bedroom rent figures measured rents for ZIP 32605?"},{"a":"No. The calculation simply annualizes the current Zillow asking-rent index and applies a 30% share of income. It is an arithmetic screen, not financial advice, an applicant qualification standard, or evidence that a particular household can or cannot afford a particular rental home.","q":"Does the 30% required-income calculation determine whether a renter can qualify?"},{"a":"It divides annualized ZIP ZORI by Redfin’s median sold price from the direct ZIP resale observation. That can help compare two aggregate indicators at a high level, but it is not a cap rate, property yield, net return, expected return, or substitute for property-level rents, costs, and transaction details.","q":"What does the annualized rent-to-sale-price screen show?"}],"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":"2020-10-01","rent":1342.751918},{"period":"2020-11-01","rent":1343.15321},{"period":"2020-12-01","rent":1353.766041},{"period":"2021-01-01","rent":1363.785249},{"period":"2021-02-01","rent":1383.524073},{"period":"2021-03-01","rent":1404.831241},{"period":"2021-04-01","rent":1427.479739},{"period":"2021-05-01","rent":1443.050359},{"period":"2021-06-01","rent":1448.013625},{"period":"2021-07-01","rent":1489.29801},{"period":"2021-08-01","rent":1545.429894},{"period":"2021-09-01","rent":1595.95873},{"period":"2021-10-01","rent":1658.562657},{"period":"2021-11-01","rent":1706.397886},{"period":"2021-12-01","rent":1736.730633},{"period":"2022-01-01","rent":1737.396248},{"period":"2022-02-01","rent":1713.738264},{"period":"2022-03-01","rent":1715.25167},{"period":"2022-04-01","rent":1705.081954},{"period":"2022-05-01","rent":1725.75488},{"period":"2022-06-01","rent":1745.449237},{"period":"2022-07-01","rent":1771.445348},{"period":"2022-08-01","rent":1771.866427},{"period":"2022-09-01","rent":1772.893604},{"period":"2022-10-01","rent":1753.004207},{"period":"2022-11-01","rent":1739.572691},{"period":"2022-12-01","rent":1746.464948},{"period":"2023-01-01","rent":1758.343713},{"period":"2023-02-01","rent":1797.810093},{"period":"2023-03-01","rent":1814.528429},{"period":"2023-04-01","rent":1830.557981},{"period":"2023-05-01","rent":1829.107476},{"period":"2023-06-01","rent":1830.627915},{"period":"2023-07-01","rent":1813.355399},{"period":"2023-08-01","rent":1789.175188},{"period":"2023-09-01","rent":1788.022802},{"period":"2023-10-01","rent":1779.810387},{"period":"2023-11-01","rent":1793.81042},{"period":"2023-12-01","rent":1791.440016},{"period":"2024-01-01","rent":1821.123914},{"period":"2024-02-01","rent":1814.041627},{"period":"2024-03-01","rent":1812.605831},{"period":"2024-04-01","rent":1812.398611},{"period":"2024-05-01","rent":1824.350544},{"period":"2024-06-01","rent":1835.335217},{"period":"2024-07-01","rent":1841.615337},{"period":"2024-08-01","rent":1856.275623},{"period":"2024-09-01","rent":1841.130525},{"period":"2024-10-01","rent":1841.89629},{"period":"2024-11-01","rent":1838.253495},{"period":"2024-12-01","rent":1843.26669},{"period":"2025-01-01","rent":1835.13036},{"period":"2025-02-01","rent":1829.04947},{"period":"2025-03-01","rent":1825.132714},{"period":"2025-04-01","rent":1836.699101},{"period":"2025-05-01","rent":1848.23982},{"period":"2025-06-01","rent":1854.255859},{"period":"2025-07-01","rent":1861.606915},{"period":"2025-08-01","rent":1869.368153},{"period":"2025-09-01","rent":1887.069483},{"period":"2025-10-01","rent":1898.823895},{"period":"2025-11-01","rent":1900.991947},{"period":"2025-12-01","rent":1899.839605},{"period":"2026-01-01","rent":1891.722501},{"period":"2026-02-01","rent":1894.082022},{"period":"2026-03-01","rent":1894.982255},{"period":"2026-04-01","rent":1882.570772},{"period":"2026-05-01","rent":1865.73737},{"period":"2026-06-01","rent":1851.638262}],"historySummary":{"pointCount":69,"firstPeriod":"2020-10-01","latestPeriod":"2026-06-01","coverageMonths":69,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1854.255859,"endRent":1851.638262,"change":-0.001411669801281823,"cagr":-0.001411669801281823},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1830.627915,"endRent":1851.638262,"change":0.011477125869131077,"cagr":0.003811165190567678},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1448.013625,"endRent":1851.638262,"change":0.278743673423653,"cagr":0.05040480470233555}},"maxDrawdown":-0.027759616022243416,"annualizedVolatility":0.03873955849167342,"consecutiveReturnCount":68}}