At $1,430 in June 2026, Zillow’s ZORI for this ZIP presents a deceleration-without-decline tension. Its exact same-month annualized change was 2.58% over one year, 4.11% over three years, and 5.92% over five years. ZORI is a ZIP-level typical observed asking-rent index blended across rental types, rather than a quoted lease price for a stated bedroom count or building. Each horizon is positive, confirming the longer upward direction, yet the latest pace breaks from the faster multi-year path by slowing materially. The current index is thus a marketwide asking-rent signal with a positive but cooling historical backdrop, not evidence that every available listing or renewal changes at the same rate.
That cooling occurs in a complete local history rather than a fragment: 122 ZORI observations produced 121 consecutive monthly returns with 100% coverage through the stated endpoint. Annualized monthly-return variability was 2.09%, while the maximum drawdown was -1.76%. Those backward-looking measurements suggest that a single current ZORI snapshot has comparatively steady historical support, although no index can ensure a particular listing outcome. The transparent national discovery ranks among history-eligible ZIPs were 188 for stability, 884 for momentum, and 214 for balanced performance, where lower ranks are higher. They summarize past paths only and are neither forecasts nor investment recommendations.
Source definitions explain why the current index should not be read as a direct substitute for survey or administrative figures. The five-digit 36117 label is both Zillow’s ZIP market identifier and the Census ZCTA match; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. The ACS 2024 five-year survey reports a $1,267 median gross rent for occupied renter homes and includes selected utilities. That is 12.9% below the ZORI level, a scope difference rather than a price gap between like-for-like units. HUD’s FY2026 local two-bedroom FMR/SAFMR standard is $1,300, and ZORI is 10.0% above it. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent.
Instead of treating the HUD benchmark as an observed listing, the bedroom view scales the ZIP ZORI by the local HUD ladder. The resulting modelled monthly estimates are $1,210 for a studio, $1,221 for one bedroom, $1,430 for two bedrooms, $1,837 for three bedrooms, and $2,167 for four bedrooms. These are modelled estimates, never measured bedroom rents: the procedure preserves the local HUD bedroom relationships while anchoring the overall level to ZORI. A reader comparing an actual home should first confirm its marketed bedroom classification and determine whether its stated rent includes utilities, fees, furnishings, or concessions that make the index comparison incomplete.
Income and burden measures frame a separate affordability tension. At a 30% gross-income screen, the annual income required to cover the current monthly ZORI is $57,200. Against the matched ZCTA’s $74,720 median household income, the asking-rent-to-income arithmetic is 23.0%. This is arithmetic, not advice or an applicant qualification rule; household income and a blended asking-rent index do not describe a specific applicant. Separately, ACS estimates 3,536 of 8,154 renter households, or 43.4%, faced gross-rent burdens at or above the threshold. That survey measure describes occupied renter homes across the ZCTA and cannot determine whether any current unit or tenant is burdened.
Housing composition places these measures in an area-level inventory frame. The matched ZCTA’s vacancy rate is 10.2%, representing 2,502 vacant homes, of which 994 were classified vacant for rent; neither figure demonstrates that a particular property is available, competitively priced, or lease-ready. The stock includes 17,709 single-family units and 1,732 units in large multifamily structures, while renters account for 36.9% of occupied homes. For wider context only, the City of Montgomery context rent is $1,342.86, the Montgomery County context rent is $1,364, and the Montgomery, AL metro context rent is $1,429; all are wider geographic comparisons rather than ZIP observations.
Dates, geographies, and measurement rules limit any direct translation into a property decision. The Zillow value is a current ZIP index, ACS is a five-year ZCTA survey, HUD is a fiscal-year administrative standard, and city, county, and metro figures are context only. History describes a completed series and does not reveal future rent movement; vacancy and burden similarly cannot prove conditions at one address. Before using these figures to assess a listing, verify the property address and geographic inclusion, advertised and effective rent, bedroom count, lease term, utility treatment, recurring fees, concessions, availability date, property type, and the relevant HUD geography. Does the specific advertised home have the documentation needed for a clean, source-appropriate comparison?
","findings":[{"body":"June 2026 ZORI is $1,430. The history remains positive across the one-, three-, and five-year same-month annualized windows, but the 2.58% latest pace is below the 4.11% and 5.92% longer-window rates. With 100% coverage, 2.09% annualized monthly-return variability, and a -1.76% maximum drawdown, the series has been comparatively steady. These are backward-looking index measurements, not a forecast.","title":"Cooling, positive rent history"},{"body":"ZORI, ACS, and HUD answer different questions. ZORI represents blended, typical observed asking rent at ZIP scope. ACS 2024 five-year median gross rent is for occupied renter homes in the matched ZCTA and includes selected utilities. HUD FY2026 two-bedroom FMR/SAFMR is a bedroom-specific administrative standard. Therefore, the gap between $1,430 ZORI and $1,267 ACS rent should not be interpreted as a matched-unit price change.","title":"Separate rent universes"},{"body":"Studio through four-bedroom figures are modelled monthly ZIP estimates, not measured rents. They scale the $1,430 ZIP ZORI through the local HUD ladder, producing a smooth bedroom progression. This is useful for consistent scenario comparison, but it cannot identify the rent of a particular unit. Actual advertisements may have different effective rents because the source index and the model do not encode listing-specific terms or components.","title":"Modelled bedroom ladder"},{"body":"The $57,200 screen converts current monthly ZORI into required annual income using 30%, while the $74,720 median household income and 43.4% burden share describe separate ACS aggregates. The latter does not say which units are affordable or whether a vacancy is suitable. Vacancy, renter share, and structure counts should be read as area-level composition and inventory classifications, not proof about a current property.","title":"Affordability and inventory boundaries"}],"risks":["ZORI is a blended typical asking-rent index rather than a property quote, so any listing can differ because of bedroom count, condition, term, furnishings, utilities, fees, and concessions.","ACS is a five-year ZCTA survey of occupied renter homes, while the ZCTA is statistical and not a USPS delivery ZIP; its median and burden measures should not be assigned to a particular building or household.","Vacant-for-rent units and the overall vacancy rate describe an area-level inventory category, not current availability, effective rent, leasing competition, unit condition, or whether a specific home is habitable.","HUD standards and the bedroom ladder are administrative or modelled tools, not observed bedroom rents; history is backward-looking, so neither establishes a future path, lease outcome, or investment result."],"qa":[{"a":"They are separate evidence universes. ZORI is a current ZIP-level typical observed asking-rent index blended across rental types. ACS is a five-year survey of occupied renter homes in a matched statistical ZCTA and includes selected utilities. The ZCTA is not the same thing as a USPS delivery ZIP. Consequently, the reported difference does not compare identical units, terms, or dates.","q":"Why is ZORI above ACS gross rent here?"},{"a":"No. Each bedroom amount is a modelled monthly estimate created by scaling the ZIP ZORI with the applicable local HUD bedroom ladder. The values express a standardized relative ladder, not a sample of current studio, one-bedroom, two-bedroom, three-bedroom, or four-bedroom advertisements. Verify an actual listing’s bedroom designation, rent components, and lease terms before making a property comparison.","q":"Are the bedroom figures measured rents?"},{"a":"The required-income figure divides annualized current ZORI by 30%, producing an arithmetic screen. It is not a recommendation, underwriting result, tenant budget, or qualification standard. The ACS burden statistic is different: it summarizes surveyed occupied renter households reporting gross-rent burden in the matched ZCTA. Neither calculation establishes affordability or burden for a specific household or property.","q":"What does the 30% required-income figure mean?"},{"a":"City of Montgomery, Montgomery County, and Montgomery, AL metro values are broader geographic context only; they are not substitutes for ZIP observations. The monthly ZORI history measures what the index previously did, with complete supplied coverage and ranked discovery statistics. Use both as orientation while confirming listing-level rent, availability, utilities, fees, lease terms, and geographic applicability.","q":"How should city, county, metro, and history figures 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 rent fallback","release":"ZIP-CBSA 2025Q4 + SAFMR 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