The five-digit label 37040 is both Zillow’s ZIP market identifier and the matched Census ZCTA. A ZCTA is a statistical area used for tabulation, not a USPS delivery ZIP; the two geographies are not identical. The immediate question is how a property’s current advertised rent compares with the broad local signal, rather than whether the signal predicts an individual home’s price. Zillow’s June 2026 ZORI is $1,298 per month, down 0.6% from a year earlier. ZORI is a typical observed asking-rent index blended across rental types, not a quote for a specified bedroom count or property. That geographic distinction affects how an address or a listing’s ZIP assignment is interpreted.
The closest cross-source comparison shows nearby levels but not a shared universe. The ACS 2024 five-year survey reports median gross rent of $1,266, with a $51 margin of error. It describes occupied renter homes and includes selected utilities. The ZIP ZORI is 2.5% higher, a relationship between an asking-rent index and a survey median, not a price change or a like-for-like rent gap. HUD’s FY2026 two-bedroom FMR is $1,346, placing ZORI 3.6% below that benchmark. HUD FMR/SAFMR is an administrative, bedroom-specific standard rather than asking rent, so it cannot be merged with either the Zillow index or the ACS median.
Income and renter exposure sharpen the screen beyond the headline rent. In the matched ZCTA, ACS reports median household income of $67,745 with a $2,310 margin of error. The current index translates to $51,920 in annual income at a 30% gross-income share, or 23.0% when annualized index rent is set against median household income. This required-income screen is arithmetic, not advice and not an applicant qualification rule. Of occupied homes, 10,432 are renter occupied, a 42.2% renter share. ACS observes 4,640 renter households, with a $687 margin of error, or 44.5% of renter households, paying at least the screen’s share of income toward gross rent. That burden result describes the survey population, not the circumstances of a given tenancy.
Bedroom detail requires an explicit model, rather than an assumption that the ZIP index is a two-bedroom observation. Scaling ZIP ZORI with the local HUD FMR ladder produces modelled monthly estimates of $1,051 for a studio, $1,055 for one bedroom, $1,298 for two bedrooms, $1,804 for three bedrooms, and $2,177 for four bedrooms. The near parity at the smallest sizes and the larger steps afterward follow the local HUD scaling relationship. They do not represent leases sampled in those bedroom categories. These are modelled estimates, never measured bedroom rents; their purpose is a consistent bedroom lens, while a property’s listed bedroom count and rent remain direct facts.
Housing stock and vacancy supply a composition measure, not a live availability reading. The ZCTA has 19,332 single-family units and 1,347 units in large multifamily structures. Its 1,395 vacant units produce a 5.3% vacancy rate. Among reported vacant categories, 693 are for rent, compared with 33 for sale and 94 seasonal. The listed categories do not resolve the asking terms, status date, or location of individual units. These ACS stock measures therefore do not show whether a particular property is vacant, leasable, or offered at the ZIP index; a vacancy or burden statistic cannot be proof about a particular unit.
The ZIP signal sits below each supplied wider rent context, but those values are context rather than ZIP conditions. In the City of Clarksville scope, the rent figure is $1,375.64; in the Montgomery County scope, it is $1,375; and in the Clarksville, TN-KY metro scope, it is $1,336. These scopes are wider-context geographies rather than the matched ZCTA. Their useful role is to frame the direction of this ZIP comparison, not to rank places or establish a rent, vacancy, income, or burden outcome inside the ZIP. No broader-scope value answers what a specific listing charges or includes.
Several limits determine what this report cannot answer. ZORI is dated and blended across rental types rather than a listing-level price; ACS is a ZCTA survey of occupied households; HUD FMR is a program standard; and the bedroom series is derived by scaling ZORI with HUD values. A property-level record needs the exact address and assigned delivery ZIP, current advertised rent and date, bedroom count, lease term, utility responsibility, recurring and nonrecurring fees, concessions, availability status, and stated occupancy terms. Those checks keep a broad market index, survey outcomes, administrative standards, and an actual offered property in their proper evidence universes. They also prevent vacancy and burden statistics from being treated as proof about that property or its tenant.
","findings":[{"body":"Zillow’s June 2026 ZORI for 37040 is $1,298, 0.6% lower than a year earlier. The figure is a ZIP-level typical observed asking-rent index blended across rental types. It provides a current broad signal, but it is not a quoted rent for a named property, a direct bedroom observation, or evidence of what an available unit will lease for.","title":"Current ZIP rent signal"},{"body":"The matched ZCTA’s ACS 2024 five-year median gross rent is $1,266 and includes selected utilities; its $51 margin of error accompanies a survey estimate for occupied renter homes. HUD’s FY2026 two-bedroom FMR is $1,346 and serves an administrative purpose. These measures and ZORI answer different questions, despite the ZIP index standing 2.5% above ACS and 3.6% below HUD.","title":"Separate rent benchmarks"},{"body":"Bedroom values are modelled monthly estimates obtained by scaling the ZIP ZORI through the local HUD ladder: $1,051 studio, $1,055 one bedroom, $1,298 two bedrooms, $1,804 three bedrooms, and $2,177 four bedrooms. The sequence is a comparison tool, not a sample of measured rents. A property’s stated bedroom designation and advertised terms remain separate evidence.","title":"Modelled bedroom ladder"},{"body":"ACS places renter occupancy at 10,432 homes, or 42.2% of occupied homes, and identifies 4,640 renter households, or 44.5%, as paying at least 30% of income toward gross rent. The current ZORI yields a $51,920 annual required-income arithmetic screen. Vacancy measures include 1,395 units, but those aggregate counts cannot demonstrate availability at any specific address.","title":"Renter exposure and stock measures"}],"risks":["ZORI is a ZIP-level blended asking-rent index and may not match an individual listing’s bedroom count, advertised date, utility treatment, fees, concessions, lease length, or availability status.","ACS rent, income, tenure, burden, and vacancy figures are survey estimates for the matched ZCTA and appropriate population universes; they are not current transaction or listing observations and include sampling uncertainty.","HUD FMR/SAFMR is an administrative bedroom standard, while the bedroom series is mechanically modelled from that ladder and ZIP ZORI; neither is measured bedroom asking rent.","Aggregate vacancy and rent-burden statistics cannot verify a particular unit’s availability, price, lease terms, applicant eligibility, or tenant finances, even when the property uses the same ZIP label."],"qa":[{"a":"The 37040 label is used as Zillow’s ZIP market identifier and as the matched Census ZCTA in the packet. A ZCTA is a statistical tabulation area, while a USPS delivery ZIP serves mailing operations. They are not identical geographies, so address assignment and delivery ZIP need property-level confirmation.","q":"Why does the report distinguish the ZCTA from a USPS ZIP?"},{"a":"ZORI is a blended ZIP-level typical observed asking-rent index. ACS median gross rent is a five-year survey measure for occupied renter homes and includes selected utilities. HUD FMR is an administrative bedroom-specific standard. Each has a different construction and purpose, so dollar proximity does not authorize combining them into a single market rent.","q":"Why are ZORI, ACS median gross rent, and HUD FMR kept separate?"},{"a":"The supplied bedroom figures are modelled by scaling the ZIP ZORI with the local HUD FMR ladder. They preserve the ladder’s relative bedroom pattern, which is why they offer a consistent comparison frame. They are not leases, listing observations, or measured rents for studio through four-bedroom properties.","q":"How were the bedroom figures produced?"},{"a":"The $51,920 figure is arithmetic: it annualizes the current ZORI and divides it by a 30% gross-income share. It is a screen for comparing the index with ZIP-level income, not advice, an applicant qualification threshold, an affordability determination, or evidence about a particular renter’s finances.","q":"What does the required-income figure mean?"}],"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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