Resale pricing presents the sharpest tension in the Franklin ZIP. In June 2026, Zillow’s direct ZIP ZORI was $1,997 per month, a typical observed asking-rent index blended across rental types. Redfin’s direct rolling-three-month ZIP resale observation reported a $892,298 median sold price, up 8.16% from a year earlier. Annualizing ZORI and dividing it by that median price produces a 2.69% cross-source screening ratio. It is not a cap rate, net return, expected return, or property yield: it excludes operating costs and joins differently constructed series. The faster resale-price move beside the rent series is a valuation-versus-rent-growth tension, not evidence about any individual property.
Through the current endpoint, exact same-month ZORI change was 1.80% annualized over one year, −0.46% over three years, and 3.16% over five years. The current positive direction breaks from the intermediate soft patch, but it does not confirm a return to the stronger five-year pace. Annualized monthly-return volatility was 3.67%, and maximum drawdown was −4.83%. The series has 100% coverage in the supplied monthly record. Its transparent national discovery ranks among history-eligible ZIPs were 1,998 for momentum, 2,384 for stability, and 2,533 for a balanced measure; lower ranks are higher. These backward-looking measurements carry the packet’s high-variability designation, are neither forecasts nor investment recommendations, and warrant less confidence in a single current rent snapshot than a smoother history would.
ZORI should not be merged with the survey or administrative measures. The five-digit 37067 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. The ACS 2024 five-year matched-ZCTA survey reports $1,938 median gross rent for occupied renter homes, and that measure includes selected utilities. It is therefore a survey median, not a current asking-rent quote. The FY2026 local HUD FMR/SAFMR two-bedroom standard is $2,250, an administrative bedroom-specific standard rather than asking rent. Each source answers a different question, so their dollar levels should not be treated as interchangeable.
Bedroom detail is a modelling exercise rather than a set of observed lease results. By scaling ZIP ZORI with the local HUD bedroom ladder, the modelled monthly estimates are $1,740 for a studio, $1,819 for one bedroom, $1,997 for two bedrooms, $2,556 for three bedrooms, and $3,115 for four bedrooms. The pattern is useful for making the index legible across unit sizes and mirrors the local HUD ladder’s relative spacing. It does not identify a market average, a current listing, included utilities, or the rent for any specific floor plan. These are modelled estimates, never measured bedroom rents.
Income and burden produce a separate, non-qualifying screen. The ACS ZCTA median household income was $111,759. Applying the stated 30% rent-share arithmetic to the current ZORI gives required annual income of $79,880, while annualized asking rent is 21.44% of that median income. The ACS renter survey estimates that 44.02% of renter households carry gross-rent burdens at or above the screen. Income, asking rent, and burden do not share the same household universe or timing, so the contrast should not be forced into a household-level conclusion. The required-income calculation is arithmetic, not advice and not an applicant qualification rule; the burden estimate does not prove what any particular renter pays or can pay.
Household mix and vacancy supply another caution against interpreting a ZIP average as a unit fact. The matched ACS ZCTA contains 14,654 housing units, of which 13,405 are occupied; renter-occupied units make up 48.33% of occupied units. The ZCTA-wide vacancy rate is 8.52%, including 537 units classified as vacant for rent. Its stock mixes single-family and large multifamily structures, making clear that the blended index spans materially different building forms. Neither the vacancy statistic nor the renter mix establishes availability, condition, concession, or rent at a particular property. The counts are survey-based area context, not a real-time listing inventory.
Broader comparisons position this ZIP without changing its evidence universe. The city-context asking-rent value for Franklin is $2,132, the county-context asking-rent value for Williamson County is $2,177, and the metro-context asking-rent value for Nashville-Davidson--Murfreesboro--Franklin, TN is $1,810. The ZIP asking-rent index is below the named city and county context values but above the metro context value. These city, county, and metro figures are wider-area context only; they are not direct ZIP observations, rental comps, or a basis to infer the terms of any available unit. Their geographic scope also differs from the matched ZCTA survey geography.
Resale liquidity tempers how much weight to put on the price increase alone. In the direct rolling-three-month ZIP resale observation, 113 homes sold, median marketing time was 47 days, and inventory was 161 homes, up 4.72% from a year earlier. Months of supply stood at 4.3. The average sale-to-list ratio was 97.35%, 17.29% of sales closed above list, and 41.50% went off market within two weeks. These are for-sale market signals, not rental transactions, and they leave the rent-versus-resale tension unresolved rather than confirming property economics. Before applying ZIP summaries to a property, check its advertised rent, included utilities, bedroom configuration, lease term, actual availability, and its own list, sale, and contract record. Do those property-specific records align with the ZIP-level asking-rent and resale observations?
","findings":[{"body":"The current rent index and the resale observation are not telling the same speed story. Recent resale price appreciation is markedly stronger than the current rent path, while the annualized rent-to-price calculation remains only a cross-source screen. This contrast is useful for identifying a mismatch, but it cannot establish property economics, investment performance, or future outcomes.","title":"Rent and resale are moving at different speeds"},{"body":"The historical record shows a recent improvement after an intermediate period of soft rent movement, but it also carries elevated return variability and a meaningful prior decline. Full supplied coverage makes the calculations complete within the observed series, not more predictive. The discovery ranks are comparative navigation aids, and neither they nor the trend measurements are investment recommendations.","title":"Historical rent reading is not smooth"},{"body":"ZORI, ACS gross rent, and HUD bedroom standards should remain distinct in any review. ZORI represents blended observed asking rents; ACS reflects occupied renter households and selected utilities; HUD is an administrative standard. The bedroom figures are a ZORI-and-HUD scaling model rather than lease measurements. Combining these measures as if they were interchangeable can create false precision about a specific home.","title":"The rent sources answer different questions"},{"body":"Area stock combines single-family and large multifamily housing, and the reported vacancy measure is a broad survey statistic rather than a current availability count. Direct resale indicators describe only for-sale activity. A unit-level review still needs its advertised terms, utility treatment, layout, availability, and property-specific resale records before ZIP-level summaries can be applied to that address.","title":"Area statistics require unit-level verification"}],"risks":["The asking-rent index is blended across rental types and is not a bedroom-specific lease series, so a particular unit may differ materially because of configuration, utilities, condition, timing, or lease terms.","The ACS ZCTA survey is a multi-year statistical estimate of occupied renter homes, and its geographic boundary is not identical to a USPS delivery ZIP, limiting direct alignment with current listings.","High variability, a prior drawdown, and a recent change in rent direction mean that a single current index observation has less evidentiary stability than a consistently smooth series would provide.","The resale data are rolling ZIP for-sale observations; sale timing, list negotiations, and inventory signals cannot be used as rental transaction comparables or proof of financial performance for an individual property."],"qa":[{"a":"Each figure has a separate source universe. Zillow ZORI is a blended current asking-rent index, ACS is a five-year survey of occupied renter homes with selected utilities, and HUD is an administrative bedroom standard. City, county, and metro figures provide wider context. They cannot be substituted for one another or for a property’s advertised rent.","q":"Why does the report show several rent values?"},{"a":"No. They are modelled estimates produced by scaling the ZIP rent index with the local HUD bedroom ladder. They are presented to show relative unit-size positioning, not as observed lease averages. An individual unit may differ because the model does not observe its condition, utilities, layout, lease timing, or advertised terms.","q":"Are the bedroom amounts observed rents?"},{"a":"The screen simply converts the ZIP asking-rent index into an income amount using a stated rent-share rule. It is not underwriting guidance, affordability advice, or a qualification test. The burden statistic is an ACS survey measure across renter households and cannot determine the finances, payment history, or eligibility of a particular household.","q":"Does the required-income screen determine whether someone qualifies?"},{"a":"Redfin information is a direct rolling ZIP resale observation. It reports how for-sale transactions, marketing time, supply, and list-price outcomes appeared in that window. It does not describe rental transactions, property operating expenses, or investor performance. Review a property’s own current rent terms and sales records before assuming the ZIP patterns apply.","q":"What do the resale indicators say about rentals?"}],"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":"2018-03-01","rent":1465.242924},{"period":"2018-04-01","rent":1470.916922},{"period":"2018-05-01","rent":1474.321284},{"period":"2018-06-01","rent":1474.083754},{"period":"2018-07-01","rent":1468.590958},{"period":"2018-08-01","rent":1462.652594},{"period":"2018-09-01","rent":1468.859002},{"period":"2018-10-01","rent":1491.150841},{"period":"2018-11-01","rent":1497.646334},{"period":"2018-12-01","rent":1503.831443},{"period":"2019-01-01","rent":1495.519469},{"period":"2019-02-01","rent":1491.907342},{"period":"2019-03-01","rent":1495.776095},{"period":"2019-04-01","rent":1488.062387},{"period":"2019-05-01","rent":1494.270003},{"period":"2019-06-01","rent":1496.477223},{"period":"2019-07-01","rent":1502.678733},{"period":"2019-08-01","rent":1505.427533},{"period":"2019-09-01","rent":1512.798173},{"period":"2019-10-01","rent":1514.552156},{"period":"2019-11-01","rent":1527.154455},{"period":"2019-12-01","rent":1533.680255},{"period":"2020-01-01","rent":1546.952173},{"period":"2020-02-01","rent":1555.510875},{"period":"2020-03-01","rent":1562.888336},{"period":"2020-04-01","rent":1548.022504},{"period":"2020-05-01","rent":1524.776538},{"period":"2020-06-01","rent":1507.896605},{"period":"2020-07-01","rent":1490.229357},{"period":"2020-08-01","rent":1496.421497},{"period":"2020-09-01","rent":1491.719563},{"period":"2020-10-01","rent":1501.631275},{"period":"2020-11-01","rent":1506.314314},{"period":"2020-12-01","rent":1519.169312},{"period":"2021-01-01","rent":1541.802895},{"period":"2021-02-01","rent":1562.06801},{"period":"2021-03-01","rent":1604.854548},{"period":"2021-04-01","rent":1640.671126},{"period":"2021-05-01","rent":1677.034158},{"period":"2021-06-01","rent":1709.871297},{"period":"2021-07-01","rent":1771.632965},{"period":"2021-08-01","rent":1842.288711},{"period":"2021-09-01","rent":1912.601806},{"period":"2021-10-01","rent":1964.454684},{"period":"2021-11-01","rent":1964.724461},{"period":"2021-12-01","rent":1966.999844},{"period":"2022-01-01","rent":1941.42261},{"period":"2022-02-01","rent":1954.361712},{"period":"2022-03-01","rent":1959.374235},{"period":"2022-04-01","rent":1971.970034},{"period":"2022-05-01","rent":1977.597545},{"period":"2022-06-01","rent":1982.355647},{"period":"2022-07-01","rent":1992.161783},{"period":"2022-08-01","rent":1988.378066},{"period":"2022-09-01","rent":1976.814049},{"period":"2022-10-01","rent":1963.806976},{"period":"2022-11-01","rent":1969.003383},{"period":"2022-12-01","rent":1972.710606},{"period":"2023-01-01","rent":1999.659153},{"period":"2023-02-01","rent":1996.289681},{"period":"2023-03-01","rent":1988.943948},{"period":"2023-04-01","rent":1987.68198},{"period":"2023-05-01","rent":2005.391398},{"period":"2023-06-01","rent":2025.04869},{"period":"2023-07-01","rent":2007.304727},{"period":"2023-08-01","rent":1970.204106},{"period":"2023-09-01","rent":1954.070413},{"period":"2023-10-01","rent":1954.46432},{"period":"2023-11-01","rent":1964.635745},{"period":"2023-12-01","rent":1948.280073},{"period":"2024-01-01","rent":1927.258614},{"period":"2024-02-01","rent":1927.585314},{"period":"2024-03-01","rent":1948.676919},{"period":"2024-04-01","rent":1964.743975},{"period":"2024-05-01","rent":1974.749437},{"period":"2024-06-01","rent":1973.668677},{"period":"2024-07-01","rent":1976.90236},{"period":"2024-08-01","rent":1981.331686},{"period":"2024-09-01","rent":1977.917633},{"period":"2024-10-01","rent":1963.498248},{"period":"2024-11-01","rent":1964.602343},{"period":"2024-12-01","rent":1991.543174},{"period":"2025-01-01","rent":2017.935381},{"period":"2025-02-01","rent":2028.059207},{"period":"2025-03-01","rent":1996.140261},{"period":"2025-04-01","rent":1972.058507},{"period":"2025-05-01","rent":1956.599963},{"period":"2025-06-01","rent":1961.845641},{"period":"2025-07-01","rent":1965.869378},{"period":"2025-08-01","rent":1980.249322},{"period":"2025-09-01","rent":1992.428106},{"period":"2025-10-01","rent":2005.807141},{"period":"2025-11-01","rent":2000.102913},{"period":"2025-12-01","rent":1987.194147},{"period":"2026-01-01","rent":1973.580201},{"period":"2026-02-01","rent":1967.215348},{"period":"2026-03-01","rent":1983.185034},{"period":"2026-04-01","rent":1995.539561},{"period":"2026-05-01","rent":2001.675139},{"period":"2026-06-01","rent":1997.20212}],"historySummary":{"pointCount":100,"firstPeriod":"2018-03-01","latestPeriod":"2026-06-01","coverageMonths":100,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1961.845641,"endRent":1997.20212,"change":0.01802204937080476,"cagr":0.01802204937080476},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":2025.04869,"endRent":1997.20212,"change":-0.013751061955947441,"cagr":-0.004604859501407765},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1709.871297,"endRent":1997.20212,"change":0.1680423687467747,"cagr":0.031553410537086046}},"maxDrawdown":-0.04829023444369629,"annualizedVolatility":0.03666520554225094,"consecutiveReturnCount":99}}