ZIP 68105 recorded a Zillow ZORI of $1,258 in June 2026, up 4.9% from the same month a year earlier. ZORI is a ZIP-level typical observed asking-rent index blended across rental types, rather than a lease-price record for a particular unit. For wider asking-rent context, Omaha city stood at $1,453, Douglas County at $1,448, and the Omaha-Council Bluffs, NE-IA metro at $1,444; each is a broader geographic scope, not a substitute for the ZIP observation. The immediate tension is therefore a ZIP asking-rent level below all three wider benchmarks while its own recent rent direction remains positive.
The recent increase confirms rather than breaks from the longer rent path. Exact same-month Zillow ZORI changes annualized at 4.9% over one year, 5.0% over three years, and 5.5% over five years, based on 116 observed monthly index levels and 115 consecutive monthly returns with complete coverage. Monthly return variability annualized to 2.2%, suggesting the current index sits within a comparatively steady historical series rather than a highly erratic one. The largest peak-to-trough drawdown was 1.6%, a modest historical setback that supports more confidence in the continuity of one current snapshot, while still not making it a forecast. Transparent national discovery ranks were 351 for momentum, 323 for stability, and 55 for the balanced measure; those are sorting tools among history-eligible ZIPs, not ratings or investment recommendations.
The bedroom figures should be read as modelled estimates, not measured bedroom rents. Scaling ZIP ZORI through the local HUD ladder produces a monthly sequence of $1,000 for a studio through $1,882 for four bedrooms, with $1,060, $1,258, and $1,664 at the intervening sizes. This ladder preserves the ZIP-wide ZORI as the anchor while applying local bedroom relationships. HUD FMR or SAFMR is an administrative, bedroom-specific standard and is not an asking-rent series; it supplies the scaling structure, not proof that units at those sizes were marketed or leased at these amounts. A unit's actual condition, utilities, lease terms, and availability can depart from either series.
The ACS comparison describes a different housing universe. In the matched Census ZCTA, the ACS 2024 five-year survey reported median gross rent of $1,097, including selected utilities, so current ZORI asking rent was 14.7% higher. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP. Annualizing the ZIP asking-rent index gives a $50,320 income figure under a 30% screen, versus ZCTA median household income of $57,533; the resulting 26.2% relationship is arithmetic only, not advice or an applicant qualification rule. Separately, 44.0% of surveyed renter households reported spending at least 30% of income on rent. That burden measure cannot establish the affordability of a specific available unit or household.
The ZCTA contained 10,635 housing units, and renters occupied 56.5% of occupied homes. Its 9.3% overall vacancy rate was accompanied by 327 vacant units classified as for rent. Housing stock included 5,683 single-family units and 2,103 units in large multifamily structures, showing that the survey-based area contains multiple structural forms rather than one uniform rental segment. These counts and shares frame the local housing base, but overall vacancy is not a direct measure of rental concessions, current apartment availability, or the vacancy of any particular property.
Relative to wider ACS context, the matched ZCTA had a higher renter share and vacancy rate than the Omaha city context and Douglas County context, while its reported rent-burden share was lower than both. The city, county, and metro figures remain contextual aggregates with different geographic scopes and, in the ACS measures, survey universes. The lower ZIP asking-rent index observed by Zillow alongside a substantial survey burden share is the core affordability tension: a market-level price relationship can look less demanding than broader benchmarks without demonstrating that renter experiences, household incomes, or unit-level costs are uniform.
The direct rolling-three-month Redfin ZIP resale observation introduces a separate for-sale-market tension. Median sold price was $259,781, up 15.5% year over year, while 75 homes sold and median marketing time was 25 days. Active listings numbered 139, inventory was 46 homes, and months of supply measured 1.9. Sellers averaged 100.8% of list price; 45.3% of sales closed above list, and 41.3% went off market within two weeks. These resale signals show active for-sale liquidity and price strength, which contrasts with the lower-than-context rent index and challenges any simple conclusion drawn from asking-rent growth alone. Annualized ZIP ZORI divided by median sold price was 5.8%, but that cross-source screening ratio is not a cap rate, net return, expected return, or property yield.
Limits matter because the evidence spans an asking-rent index, a five-year occupied-renter survey, an administrative HUD standard, and a rolling resale observation. None provides current unit-level rent, utility responsibility, building condition, lease concessions, operating costs, financing terms, or an appraisal. The historical measurements are backward-looking and the resale measures describe sales rather than rental transactions. Concrete property-level checks should therefore distinguish advertised base rent from included utilities, verify bedroom count and unit condition, review current comparable listings and concessions, identify actual vacancy by property, and compare a specific home's list, sale, and physical characteristics with the ZIP-wide resale figures. Which of those unit-level facts would most change the interpretation of the ZIP-wide screen?
","findings":[{"body":"The current Zillow ZORI increase aligns closely with the ZIP's one-, three-, and five-year same-month growth history. Modest annualized monthly variability and a limited historical drawdown support confidence that the latest index is not isolated from the series' broader path. That evidence remains backward-looking, however, and does not establish future asking rents, lease renewals, or returns.","title":"Asking-rent growth has been steady rather than abrupt"},{"body":"Current ZIP ZORI is above the matched ZCTA's ACS median gross rent, but the two figures should not be treated as contradictory or interchangeable. Zillow measures a typical observed asking-rent index across rental types, whereas ACS summarizes occupied renter homes over five survey years and includes selected utilities. The ZCTA geography is statistical and does not precisely replicate USPS ZIP delivery boundaries.","title":"Survey rent and asking rent answer different questions"},{"body":"The annualized asking-rent screen falls below the matched ZCTA median household-income benchmark at the stated 30% arithmetic threshold, yet a meaningful share of surveyed renter households reported rent burdens at or above that threshold. The first measure is a market-level calculation, while the second reflects surveyed household circumstances. Neither proves affordability, eligibility, or costs for a specific home.","title":"The affordability screen is mixed"},{"body":"Redfin's ZIP resale evidence shows price appreciation, active transactions, limited months of supply, and sale-to-list results above parity in a rolling three-month for-sale observation. Those signals may challenge a simplistic reading of lower ZIP asking rents relative to wider rent contexts. They remain resale-market observations, not rental comparable data, and the rent-to-price screen excludes expenses, occupancy, and property-specific conditions.","title":"Resale strength does not convert into rental economics"}],"risks":["The Zillow index is a blended asking-rent measure rather than a verified lease record, so a particular unit's advertised rent, concessions, utility charges, availability, and renewal terms may differ materially from the ZIP-wide figure.","ACS values describe occupied renter households in a five-year matched ZCTA survey and carry survey uncertainty; they cannot be used as current pricing evidence or as proof of a household's income, burden, or eligibility.","The modelled bedroom estimates rely on HUD bedroom relationships, while HUD FMR or SAFMR is an administrative standard rather than observed asking rent. Unit mix, condition, and included utilities can change actual rents.","The Redfin figures concern homes sold and listed in the ZIP's for-sale market. Sale prices, marketing times, and list-price outcomes do not establish rental demand, landlord expenses, property yield, or future resale performance."],"qa":[{"a":"They are built from different evidence universes. Zillow ZORI is a current typical observed asking-rent index across rental types, while ACS median gross rent is a five-year survey measure for occupied renter homes and includes selected utilities. Different timing, geography, household mix, and utility treatment can all create a gap without either source being incorrect.","q":"Why is the Zillow rent figure higher than the ACS gross-rent figure?"},{"a":"No. They are modelled monthly estimates created by scaling the ZIP-wide Zillow ZORI with the local HUD bedroom ladder. HUD FMR or SAFMR is a bedroom-specific administrative standard, not a record of advertised or signed rents. Actual unit rents may differ because of building quality, furnishings, utilities, concessions, lease duration, and availability.","q":"Are the bedroom rent figures actual rents observed in the ZIP?"},{"a":"It simply divides annualized ZIP ZORI by Redfin's ZIP median sold price, combining an asking-rent index with a resale-price statistic. It can help frame a cross-source price relationship, but it excludes operating expenses, taxes, insurance, financing, vacancies, repairs, unit mix, and realized lease revenue. It is not a cap rate, yield, net return, or expected return.","q":"What does the rent-to-price screening ratio show?"},{"a":"Confirm the specific unit's advertised base rent, included utilities, bedroom count, condition, concessions, lease term, and current availability. For a home under review, compare its physical characteristics and transaction status with appropriate current listings and sales. Also separate building-level vacancy and operating information from area-wide ACS vacancy and renter-burden measures.","q":"What should be checked before applying these ZIP-level figures to a property?"}],"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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