ZIP 32824’s June 2026 Zillow Observed Rent Index is $2,289 per month, up 2.9% from the same month a year earlier. This is a ZIP-level typical observed asking-rent index blended across rental types, rather than a lease database or a measure of every available unit. The five-digit label is both Zillow’s ZIP market identifier and a matched Census ZCTA; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. The current index is therefore a useful market snapshot, but it should not be read as a quoted rent for a particular property.
The bedroom view is deliberately modelled rather than measured. Scaling ZIP ZORI through the local HUD bedroom ladder produces modelled monthly estimates of $1,911 for a studio, $2,006 for one bedroom, $2,289 for two bedrooms, $2,877 for three bedrooms, and $3,392 for four bedrooms. HUD Fair Market Rent or Small Area Fair Market Rent is an administrative, bedroom-specific standard, not asking rent. The two-bedroom ZIP asking-rent index is 5.0% above the local HUD standard, which indicates the scale of the difference between the current asking-rent index and that administrative benchmark without turning either figure into a unit-level rental comp.
The ACS 2024 five-year survey presents a separate renter-home universe: occupied renter homes, with median gross rent including selected utilities. Its median gross rent was $1,895, with a $155 margin of error, making the Zillow asking-rent index 20.8% higher. That gap can reflect differences in timing, coverage, rental types, and the inclusion of utilities; it is not evidence that a specific unit is overpriced. Applying a 30% required-income screen to the current ZORI produces $91,560 of annual income, while median household income was $84,841 and the implied asking-rent-to-income ratio is 32.4%. This screen is arithmetic, not advice or an applicant qualification rule. Separately, 49.4% of surveyed renter households reported paying at least 30% of income toward gross rent, documenting broad survey burden rather than the affordability of any particular lease.
The matched ZCTA’s housing stock is weighted toward detached inventory: 17,421 of 20,909 housing units were single-family, while 784 were in large multifamily structures. ACS also counted 2,561 vacant units, equivalent to a 12.2% vacancy rate, and renters represented 24.1% of occupied households. Those figures describe housing status across the statistical area, not vacant rentable apartments or likely leasing outcomes. In particular, a vacant home can be held for sale, seasonal use, repair, or another purpose, so area vacancy cannot establish availability, condition, or pricing for a particular rental unit.
The backward-looking rent path is positive but more moderate than its longer-term pace. Exact same-month one-year ZORI change was 2.9%, compared with 1.3% annualized over three-year history and 5.4% over five-year history. Recent direction therefore confirms an upward path relative to the middle period, yet remains below the stronger five-year rate. Annualized monthly-return variability of 2.1% supports moderately high confidence that a single current index reading is not dominated by large month-to-month swings. Separately, the maximum drawdown was only 1.5%, indicating a limited historical retreat from prior peaks. Coverage was complete over the available series. Transparent national discovery ranks among history-eligible ZIPs were 1,416 for momentum, 208 for stability, and 562 for the balanced measure; these are descriptive ranks, not forecasts or investment recommendations.
Broader geographies provide context only, not substitutes for the ZIP reading: Orlando city-context rent was about $1,904, Orange County context rent was $1,955, and Orlando-Kissimmee-Sanford, FL metro-context rent was $1,972. Each sits below ZIP 32824’s $2,289 asking-rent index. The comparison shows that the ZIP’s current asking-rent signal is elevated against these wider benchmarks, but it does not identify why, nor does it establish a premium for any structure, bedroom count, location, or lease term. The ZIP’s income screen and survey burden warrant equal attention alongside that rent difference.
Redfin supplies a different, direct rolling-three-month ZIP resale observation, not rental transactions. In that for-sale universe, median sold price was $394,911, down 1.3% year over year; 176 homes sold, median marketing time was 44 days, inventory was lower year over year, and months of supply measured 3.2. The average sale-to-list ratio was 97.8%, while 9.4% of sales closed above list. Those resale liquidity and pricing signals challenge a simplistic reading of rising ZORI as an unqualified strength: asking rents increased while the observed resale median declined. Annualized ZIP ZORI divided by median sold price equals a 7.0% cross-source screening ratio only. It is not a cap rate, net return, expected return, or property yield, and it excludes property-level costs and income.
The evidence is strongest as a structured comparison of distinct datasets, not as a valuation, leasing promise, or forecast. Zillow measures a blended asking-rent index; ACS measures surveyed occupied renter homes; HUD provides administrative bedroom standards; and Redfin records ZIP resale activity. Property-level review would need the actual bedroom count, usable area, condition, utility responsibility, asking-rent date, lease concessions, and directly comparable active and leased listings. For a resale-oriented review, sale condition, list history, closing terms, taxes, insurance, maintenance, financing, and any rental restrictions would also require separate verification. The central tension is clear: a relatively high and recently rising asking-rent index sits beside burden pressure and softer observed resale pricing, so neither source universe should be used alone.
","findings":[{"body":"ZIP 32824’s Zillow asking-rent index is materially above the ACS median gross-rent measure. This is not a direct contradiction because Zillow tracks a typical blended asking-rent signal, while ACS summarizes occupied renter homes over a five-year survey period and includes selected utilities. The difference is decision-relevant, but it should not be interpreted as a unit-level pricing error.","title":"Asking-rent signal exceeds survey gross rent"},{"body":"The one-year rent increase exceeds the three-year annualized pace but remains below the five-year annualized pace. Low historical variability and a limited maximum drawdown make the current ZORI snapshot more dependable than a highly erratic series would be. These remain backward-looking observations rather than a projection of future rent changes.","title":"Rent history is stable, but recent growth is below the five-year pace"},{"body":"Redfin’s direct ZIP resale data show a year-over-year decline in median sold price even as the Zillow asking-rent index increased. Moderate marketing time, supply, and below-list average sale pricing belong solely to the for-sale market. The resulting rent-to-price screening ratio is a comparison device and cannot describe property income, costs, or investment performance.","title":"Resale evidence creates a cross-market tension"},{"body":"The arithmetic income required under a 30% rent screen exceeds the ZCTA median household income, while nearly half of surveyed renter households report gross-rent burden at or above that threshold. Neither measure determines whether a particular household qualifies, nor whether a particular unit is affordable, because household composition, utilities, income, and lease terms vary.","title":"Affordability indicators require separate interpretation"}],"risks":["The Zillow index is a blended asking-rent measure across rental types, so it may not match the rent, concessions, utility treatment, bedroom count, condition, or lease term of a specific available property.","ACS gross rent and burden data describe surveyed occupied renter homes across a five-year period, with sampling uncertainty; they cannot establish present-day pricing or financial pressure for an individual renter or unit.","Redfin resale observations concern sold homes and listing-market conditions rather than rental transactions. A falling median sold price does not directly determine lease pricing, and rising asking rent does not establish resale value.","The modelled bedroom estimates inherit the HUD bedroom ladder and ZIP ZORI level. They are not measured bedroom rents and should be checked against current unit attributes, actual listings, concessions, utilities, and lease terms."],"qa":[{"a":"They measure different populations and periods. Zillow ZORI is a typical observed asking-rent index for a ZIP market and blends rental types. ACS median gross rent is a five-year survey estimate for occupied renter homes and includes selected utilities. The gap should be treated as a source-scope difference before drawing conclusions about any individual rental.","q":"Why does the Zillow asking-rent index differ from ACS median gross rent?"},{"a":"No. They are modelled estimates created by scaling the ZIP Zillow asking-rent index using the local HUD bedroom ladder. HUD Fair Market Rent or Small Area Fair Market Rent is an administrative bedroom-specific standard, not a record of current asking rents. Actual bedroom rents can differ based on property type, condition, utilities, lease structure, and current concessions.","q":"Are the bedroom rent figures observed rents for studios through four-bedroom homes?"},{"a":"It does not directly describe the rental market. Redfin’s figures are a direct rolling-three-month observation of ZIP for-sale and resale activity, including sold prices, marketing time, supply, inventory, and sale-to-list outcomes. They are useful for comparing a separate housing-market universe with the rent data, but they are not rental comps or property-income evidence.","q":"What does the Redfin information say about the rental market?"},{"a":"The required-income figure is a simple arithmetic result of applying a 30% share to the current asking-rent index. It is not financial advice, an underwriting standard, or an applicant qualification rule. The ACS burden share is a survey statistic about renter households reporting gross-rent costs relative to income, not proof of affordability or hardship at a specific property.","q":"How should the 30% income screen and renter-burden figure be used?"}],"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 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