At the June 2026 reading, Zillow’s ZORI for its 49423 ZIP market identifier was $1,768 per month. ZORI is a typical observed asking-rent index blended across rental types, so it is a market benchmark rather than a quote for a specified available home. The exact same-month one-year change was 5.35%, while annualized same-month growth was 6.83% over three years and 8.80% over five years. The latest positive year therefore confirms, rather than breaks from, the longer upward historical path, although its pace is below the reported three- and five-year annualized rates. These are backward-looking observed index changes through the supplied endpoint, not a forecast of what an individual renewal, new listing, or future market will do.
That apparently coherent growth path comes with the packet’s high-variability category. History coverage was 97.9% of expected monthly observations, allowing a fairly complete view, but annualized monthly-return variability was 4.67% and the largest peak-to-trough drawdown was 3.80%. In transparent national discovery ranks among history-eligible ZIPs, momentum ranked 195, stability ranked 2,775, and the balanced measure ranked 1,123; a lower rank is higher. Those ranks describe historical discovery measures, not quality ratings or investment signals. The combination of positive trailing changes and weak stability means a single current ZORI reading is useful as a benchmark but deserves less precision than a smooth series would justify. Month-to-month movement can alter the apparent level without establishing a new direction.
The current index should not be merged with the matched Census geography. The 49423 Census ZCTA is a statistical area used for tabulation, not identical to a USPS delivery ZIP, even though it is the required Census match for this market identifier. In the ACS 2024 five-year survey, median gross rent was $1,197. This is a survey measure for occupied renter homes and includes selected utilities; it is not the price of an advertised vacant unit. It stood 47.7% below the current asking-rent index, a gap that can reflect different universes, timing, dwelling mix, and the distinction between occupied homes and asking listings. It is therefore evidence of a measurement difference, not a contradiction or a claim that any particular tenant pays either figure.
HUD supplies a distinct administrative comparison rather than a competing asking-rent observation. For FY2026, its local bedroom-specific FMR/SAFMR ladder is $1,010 for a studio, $1,017 for a one-bedroom, $1,334 for a two-bedroom, $1,735 for a three-bedroom, and $2,013 for a four-bedroom. HUD FMR/SAFMR is an administrative, bedroom-specific standard, not asking rent. Scaling the ZIP ZORI by that local ladder produces modelled monthly estimates of $1,339, $1,348, $1,768, $2,299, and $2,668, respectively. They are modelled estimates, never measured bedroom rents; the match at the two-bedroom position comes from the scaling design. The ladder can help organize listing comparisons by size, but it cannot show unit condition, included charges, lease terms, or whether a specific advertised home is available.
Affordability has two different arithmetic frames here. Applying a 30% rent-to-income screen to the current index produces a required annual household income of $70,720. That screen is arithmetic only, not advice and not an applicant qualification rule. The matched ACS ZCTA reports median household income of $81,858, so the current asking index equals 25.9% of that benchmark when annualized; the comparison does not mean households have that exact income or rent. Separately, ACS reports that 46.6% of renter households were rent burdened at the same threshold. This is a five-year survey result for occupied renters, not a statement about a particular lease, household budget, or unit. It nonetheless places the index-to-income calculation beside an observed burden distribution rather than treating either as a universal affordability verdict.
The stock data offer a separate caution on availability. The matched ZCTA counted 19,417 housing units, with an overall vacancy rate of 7.6%, and 14,661 units were single-family. That composition describes the area’s housing inventory, not a count of rentals that can be leased now. Vacant homes are classified across for-rent, for-sale, seasonal, and other uses, so the headline vacancy rate cannot be turned into an asserted vacancy rate for a particular apartment or house. Likewise, a renter share or a large-multifamily count would describe occupancy or structure categories rather than price, quality, or turnover. The strongest supported takeaway is simply that the available sources distinguish stock, occupancy, and asking-rent concepts; they do not map a named unit to the index.
Wider geographies are useful only as context. At the City of Holland scope, context rent was $1,791.75; at the Allegan County scope, context rent was $1,754; and at the Holland, MI metro scope, context rent was $1,645. Each is broader-context evidence rather than a substitute for the ZIP-level ZORI. The ZIP reading sits near the city and county figures and above the metro figure, but such comparisons do not establish a local cause, a future path, or a list price for a property. Before relying on the benchmark, verify the address’s actual ZIP and rental type, bedroom count, asking rent, utility treatment, availability date, lease duration, fees, concessions, and application terms. Does the listing’s full monthly cost and physical configuration actually match the modelled rung being used?
","findings":[{"body":"Zillow’s current asking-rent index rose over the latest same-month interval and over the longer trailing intervals, so recent direction aligns with the recorded historical path. The series nevertheless carries a high-variability label, material annualized return movement, and a documented drawdown. These are backward-looking measurements, not a forecast or investment recommendation. The current index is a useful benchmark, but not a precise promise for an individual listing.","title":"Direction is positive but snapshot stability is limited"},{"body":"ZORI summarizes typical observed asking rents across rental types. ACS median gross rent comes from a five-year survey of occupied renter homes and includes selected utilities. HUD’s bedroom standards are administrative benchmarks. The difference between those universes should be preserved rather than averaged. The displayed bedroom values are ZORI-scaled modelled estimates; describing them as observed market rents would overstate what the evidence measures.","title":"Asking, occupied-home, and HUD figures answer different questions"},{"body":"The income screen converts the index to an annual household-income threshold using a 30% arithmetic convention. It does not approve, deny, or advise any renter. ACS burden data describe surveyed occupied renter households and show that a substantial share crossed the burden threshold. Neither the income comparison nor the burden rate reveals what a specific household can pay, qualify for, or owe for a particular home.","title":"Affordability signal is mixed, not applicant-specific"},{"body":"Area housing-unit and vacancy statistics describe the matched ZCTA’s stock and occupancy classifications. Vacant units may be held for rent, sale, seasonal use, or another status, while stock mix says nothing about condition, turnover, or advertised price. Confirm the property address, listing status, bedroom count, utilities, fees, concessions, and lease terms before comparing a home with the ZIP benchmark.","title":"Inventory labels cannot prove unit availability"}],"risks":["ZORI blends rental types and represents observed asking-rent conditions at ZIP scope; it cannot establish the rent, availability, lease renewal outcome, condition, concessions, or utility treatment of a single property.","The Census match is a ZCTA statistical area rather than a USPS delivery ZIP, while ACS gross rent measures occupied homes with selected utilities, creating unavoidable geographic, timing, and universe differences.","HUD FMR/SAFMR is administrative and bedroom-specific; the displayed bedroom values are modelled from the index and local ladder, so treating them as measured market rents would overstate precision.","High historical variability and the recorded drawdown mean that the current index can be sensitive to recent monthly movement; the historical record does not provide a forecast or investment recommendation."],"qa":[{"a":"The current figure is Zillow ZORI for the supplied ZIP market identifier at the stated endpoint. It is a typical observed asking-rent index blended across rental types. It is not a Census median, a HUD standard, an offered lease, or confirmation that every available unit is priced at that level.","q":"What does the current rent figure represent?"},{"a":"ACS uses the matched Census ZCTA, which is a statistical tabulation area and not identical to a USPS delivery ZIP. Its five-year survey covers occupied renter homes and includes selected utilities. ZORI is a ZIP-level asking-rent index. Different geography, timing, occupancy status, rental mix, and utility treatment mean the two measures should be compared, not combined.","q":"Why does ACS median gross rent differ from the asking-rent index?"},{"a":"No. HUD supplies a local administrative FMR/SAFMR ladder by bedroom size, and the report scales the ZIP ZORI with that ladder. The resulting figures are modelled monthly estimates. They are useful for a size-consistent benchmark, but they do not record transaction prices, advertised rents, unit condition, or a listing’s actual included costs.","q":"Are the bedroom estimates observed rents?"},{"a":"No. The burden statistic summarizes ACS survey responses for occupied renter households at the geography-wide level. The required-income figure uses a 30% arithmetic screen against the index, not an underwriting rule. Neither metric observes the applicant’s income, other obligations, utility bills, fees, lease terms, or the rent on a named property.","q":"Does the burden data show whether a particular home is affordable?"}],"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 + 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