The five-digit label 33133 is both Zillow’s ZIP market identifier and a match to a Census ZCTA; a ZCTA is a statistical area, not an identical USPS delivery ZIP. At the stated Zillow endpoint, ZIP ZORI is $3,647 per month, Zillow’s typical observed asking-rent index blended across rental types. As wider context, the supplied Miami city-context rent is $3,004.13, the Miami-Dade County context rent is $2,886, and the Miami-Fort Lauderdale-Pompano Beach, FL metro context rent is $2,695. The ZIP therefore sits above each wider-area rent context, but those benchmarks are not ZIP rental comps, do not control for bedroom mix, and cannot establish the asking rent of a particular home.
Bedroom estimates should be read as a modelled ladder rather than measurements. The ZIP modelled monthly estimates are $2,795 for a studio, $2,972 for one bedroom, $3,647 for two bedrooms, $4,888 for three bedrooms, and $5,648 for four bedrooms. Each scales the ZIP ZORI with the local HUD ladder; it is not a set of measured bedroom rents or live listings. HUD FMR/SAFMR is an administrative, bedroom-specific standard, not asking rent, and the supplied two-bedroom HUD standard is $2,333. That benchmark helps construct the scale, while neither it nor the modelled figures substitute for a unit-specific asking-rent comparison.
The sizeable difference between current asks and survey rent should not be treated as a single-series rent increase. In the matched Census ZCTA, ACS 2024 five-year median gross rent is $2,068; it is a survey of occupied renter homes and includes selected utilities. The asking index is 76.4% higher, but its Zillow asking-rent universe, timing, and rental-type blend differ from the ACS measure. ACS reports median household income of $103,420. Annualizing the asking index and dividing by the 30% screen produces $145,880 of required household income; that is arithmetic, not affordability advice or an applicant qualification rule. At the reported household-income median, the same annualized index equals 42.3% of income. ACS estimates are survey estimates with sampling uncertainty, so precision should not be implied.
Rent burden creates a second, deliberately separate affordability lens. In the matched ZCTA ACS data, 55.4% of renter households reported gross-rent burdens of at least 30%. This is a survey-based household result, not evidence that the ZORI asking index absorbs that share of income or that any particular tenant or unit is burdened. The Miami city context and the Miami-Dade County context both have higher burden shares, but their wider geographies are context only. Lower ZIP survey burden alongside a higher current asking index is a real data tension, best interpreted through the measures’ different populations, periods, and definitions rather than as a claim about individual leases.
Vacancy must not be read as a count of currently rentable choices. The ACS ZCTA reports 2,389 vacant housing units and a 13.3% vacancy rate. Its stock includes 9,589 single-family units and 5,981 units in large multifamily structures, while 988 vacant units are seasonal. These figures describe the survey’s housing stock, not advertised supply, unit condition, or attainable rent. In particular, seasonal use and other vacant classifications prevent the vacancy rate from proving that a renter can find a comparable unit now. The housing mix does, however, show that the ZIP’s asking index aggregates across more than one structural form.
The direct Zillow ZIP history is complete across 138 monthly observations through the stated endpoint, providing a backward-looking rather than predictive record. Exact same-month annualized ZORI change is 2.9% over one year, 3.7% over three years, and 8.9% over five years. Thus recent direction still confirms the longer positive path, yet the one-year pace breaks from the faster five-year path and trails the three-year pace. Monthly changes produce 3.4% annualized variability; within the supplied high-variability category, that calls for less confidence in a single current rent snapshot than in the full history. Separately, the largest peak-to-trough drawdown was 2.4%, documenting a prior pullback rather than a forecast. Transparent national discovery ranks are 861 for momentum, 2,179 for stability, and 1,446 for balance among history-eligible ZIPs, with lower ranks higher. These ranks and past changes are not investment recommendations.
Resale evidence neither supplies rental comparables nor validates the income screen. In Redfin’s direct rolling-three-month ZIP for-sale observation, median sold price is $1,694,617, up 6.6% year over year; 186 homes sold, median marketing time was 89 days, inventory was 326 homes, and months of supply stood at 5.3. The average sale-to-list result was 94.6%, and relatively few sales were above list. These describe direct resale liquidity, marketing, and price negotiation, not rental transactions. The sale-price increase moves in the same direction as the positive ZORI history, but the 89-day marketing time and below-list average outcomes prevent a simple equation of rent strength with rapid resale execution. Annualized ZIP ZORI divided by median sold price is 2.58%, a cross-source screening ratio only, not a cap rate, net return, expected return, or property yield.
No data stream here identifies a particular available home, lease, or transaction. ZORI is a blended ZIP asking index; ACS is a ZCTA household survey; HUD is an administrative standard; and Redfin describes ZIP resales. Their differing dates, compositions, and definitions limit direct comparison, while ACS sampling uncertainty and historical variation limit false precision. A property-level review would need to match current comparable rental asks by bedroom, livable area, structure type, condition, furnishing, included utilities, lease term, fees, and listing date. For a sale comparison, it would also need the exact address match, list and sale dates, sale condition, and relevant property characteristics. The unresolved question is whether a verified unit fits the modelled bedroom scale and current asking-index context without treating any aggregate metric as its measured rent.
","findings":[{"body":"Current ZORI is $3,647, versus the $103,420 ACS median household income. Annualizing the index and applying the 30% calculation yields $145,880, and the index equals 42.3% of reported median income. This is an aggregate arithmetic screen, not a judgment of a household’s income, utilities, lease terms, or qualification. It also does not identify what a particular rental is asking.","title":"Current ask requires a higher arithmetic income screen"},{"body":"The full 138-observation Zillow history records positive same-month annualized changes at one, three, and five years, but the most recent pace is the slowest of those reported horizons. The high-variability label, 3.4% variation, and 2.4% maximum drawdown mean the current ZORI level is a historical snapshot with variation around it, not a trajectory forecast.","title":"Slower rent growth sits inside a complete but variable history"},{"body":"ACS ZCTA median gross rent of $2,068 is a five-year survey measure for occupied renter homes and includes selected utilities. Zillow ZORI is a current asking index across rental types. Their 76.4% difference is useful as a scope warning, not a measured rent increase. A ZCTA is statistical geography rather than the same thing as USPS delivery ZIP boundaries.","title":"Survey affordability and current asking rent are different universes"},{"body":"The direct Redfin rolling-three-month resale observation records a $1,694,617 median sold price, with the average sale-to-list ratio at 94.6%. The 2.58% annualized-ZORI-to-price figure is simply cross-source screening arithmetic. It excludes operating costs, financing, taxes, repairs, vacancy performance, and unit matching, so it is not a cap rate, yield, or expected return.","title":"Resale data yields a screen, not property economics"}],"risks":["The ZIP identifier and matched ZCTA overlap for this report, but they are not identical geographies. Survey households, delivery boundaries, data vintages, and rental compositions can keep their aggregate values from matching.","The bedroom ladder is modelled from a broad ZIP index and a HUD proportional standard. It cannot capture unit size, quality, furnishings, utility treatment, lease duration, concessions, or the exact availability of a comparable rental.","Historical growth, variability, drawdown, and discovery ranks describe observed past ZORI changes. They do not establish a future rent path, a property’s lease renewal result, or the stability of a future listing.","Redfin’s figures are ZIP resale observations rather than rental transactions. Median sales can involve property mixes unlike rental inventory, and the screening ratio leaves out property operating costs and transaction-specific attributes."],"qa":[{"a":"They answer different questions. Zillow ZORI is a current ZIP-level typical observed asking-rent index across rental types. ACS is a 2024 five-year ZCTA survey of occupied renter homes, and its median gross rent includes selected utilities. The ZCTA is statistical geography rather than an identical USPS ZIP, so the difference is not a measured rent change.","q":"Why does ACS rent appear lower than ZIP ZORI?"},{"a":"No. The $2,795 through $5,648 figures are modelled monthly ZIP estimates built by scaling the overall ZORI with local HUD bedroom ratios. HUD FMR/SAFMR itself is an administrative bedroom-specific standard, not a market asking-rent series. A listed unit can differ because the model does not contain unit-level attributes or live availability.","q":"Are the bedroom estimates observed rents for available units?"},{"a":"It means the provided history has complete coverage across 138 monthly observations and shows changing past ZORI levels rather than a forecast. The one-, three-, and five-year changes remain positive, but the newest pace is slower. Variability and drawdown caution against relying on one reading alone, while discovery ranks only position the ZIP among history-eligible ZIPs.","q":"What does the high-variability history label mean here?"},{"a":"It adds direct ZIP for-sale evidence on sold prices, sales volume, marketing time, inventory, supply, and sale-to-list outcomes. It does not provide rental transactions or property operating economics. The annualized-ZORI-to-sale-price figure only puts separate rent and sale series into one screening ratio; it cannot estimate a cap rate, yield, or expected return.","q":"What does the Redfin resale block add to the rental analysis?"}],"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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