June’s $1,556 Zillow Observed Rent Index (ZORI) for this ZIP rose 1.11% from the same month a year earlier, setting a modestly positive current asking-rent signal. This is a ZIP-level typical observed asking-rent index, blended across rental types; it is not a lease quote for every dwelling or a survey median. The five-digit label, 73034, is both Zillow’s ZIP market identifier and the matched Census ZCTA label. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP. The central tension is therefore a still-rising index whose latest pace needs to be assessed against a much faster earlier history and measures built for different purposes.
Backward-looking ZORI history supports stable growth more than acceleration. Exact same-month annualized change was 1.11% over one year, 2.66% over three years, and 4.11% over five years. Thus, recent direction confirms the longer upward path, but the slower short interval breaks from its prior speed. The series has 99.18% coverage through the stated endpoint. Monthly movement has been relatively contained: annualized monthly-return variability is 2.29%, which raises confidence that one current index reading is not wholly an erratic outlier, while the recorded maximum drawdown is 2.19%, showing there were nonetheless pullbacks. Transparent national discovery ranks among history-eligible ZIPs are 1,606 for momentum, 402 for stability, and 846 for the balanced score. These are descriptive ranks, not forecasts or investment assessments.
Bedroom figures provide a usable size ladder only as modelled estimates, not measured bedroom rents. Scaling the ZIP ZORI by the supplied local FY2026 HUD ladder produces monthly estimates of $1,170 for a studio, $1,272 for one bedroom, $1,556 for two bedrooms, $2,090 for three bedrooms, and $2,317 for four bedrooms. The local HUD two-bedroom FMR is $1,370, but HUD FMR/SAFMR is an administrative, bedroom-specific standard rather than asking rent. In other words, the standard supplies relative bedroom scaling and the ZORI supplies the level; neither establishes the price, availability, condition, lease terms, or utilities of a specific advertised unit.
The matched ACS 2024 five-year ZCTA survey tells a different, slower-moving story about occupied renter homes. Its median gross rent is $1,194, with a $75 margin of error, and includes selected utilities; that is 30.3% below current ZORI. It should not be treated as a competing asking-rent quote. Median household income is $109,700, and the index converts to $62,240 of annual income under a 30% required-income screen. On a simple annualized asking-rent-to-income comparison, the ratio is 17.0%. That screen is arithmetic only, not advice or an applicant qualification rule. The same survey estimates that 2,181 of 4,568 renter households, or 47.7%, pay at least that threshold. Survey burden and median measures describe occupied households, not proof of affordability or burden at any particular unit.
Housing composition supplies scale but not unit-level vacancy evidence. The ZCTA has 19,143 housing units and a 7.6% vacancy rate; renters account for 25.8% of occupied households. Of the vacant stock, 499 units are classified as for rent. Its listed structure counts include 14,864 single-family units and 889 large multifamily units, a distribution that frames how a blended rent index may combine distinct forms of rental supply. Those counts do not show which units are currently rentable, their asking prices, their condition, or the timing and reasons for vacancy. Likewise, vacancy and burden aggregates cannot demonstrate availability or financial stress for a particular property.
Wider geographies show why scope discipline matters. In the Edmond citywide rent context, the reading is $1,701.47; in the Oklahoma County-wide rent context it is $1,359; and in the Oklahoma City, OK metro-wide rent context it is $1,393. Each is a city, county, or metro context rather than the ZIP market, so none can replace ZIP ZORI. The ZIP’s current index lies below the city reading but above the county and metro readings, a contextual spread rather than an explanation for rent levels. City and county ACS figures, metro apartment metrics, and county or metro HUD standards likewise belong to their separately named universes and should not be merged into ZIP leasing evidence.
The direct rolling-three-month Redfin ZIP resale observation reports a $449,848 median sold price, up 1.22% year over year. It logged 311 homes sold with a 29-day median marketing time, 329 homes of inventory, and 3.2 months of supply. Sale-to-list signals were an average 98.85% sale-to-list ratio and a 17.57% share sold above list. These are for-sale transactions and resale-market liquidity measures, not rental transactions, rental comps, or property economics. Annualized ZIP ZORI divided by the median sold price equals a 4.15% cross-source screening ratio only; it is not a cap rate, net return, expected return, or property yield. Positive resale price change points in the same direction as ZORI, while below-list average execution and the rent index’s slowing growth challenge a simple translation from one current rent snapshot into a uniform market conclusion.
Interpretation remains limited by source design and timing. ZORI is an index rather than a portfolio of unit-specific leases; ACS is a five-year ZCTA survey of occupied homes; HUD is a standard; and Redfin is a rolling resale observation. For a property-level review, the relevant checks are the actual advertised rent, bedroom count, floor area, lease length, included utilities, concessions, fees, availability date, condition, and furnished status. Compare those details with like-for-like current listings and confirm any claimed occupancy or vacancy from property records rather than area aggregates. On the resale side, verify the individual sale date, property type, physical characteristics, list-price changes, and transaction terms. These checks preserve the useful signals here without treating geography-level indicators as proof about a particular home or tenant outcome.
","findings":[{"body":"ZORI is positive at the current endpoint, but its one-year pace is below the same-month annualized three- and five-year rates. Low observed monthly variability, a shallow recorded drawdown, high coverage, and a strong stability discovery rank make the history a relatively consistent retrospective series. That consistency does not make the current value predictive; it simply reduces the case for treating the latest reading as a single noisy spike.","title":"Rent path has slowed without reversing"},{"body":"The supplied studio-through-four-bedroom figures are modelled by applying the local HUD bedroom ladder to the ZIP’s all-types ZORI level. They help express internal size relationships, but no source here directly measures asking rent for a bedroom class. HUD FMR or SAFMR itself remains an administrative standard, so neither the HUD amount nor the resulting model output verifies a unit’s quoted rent or lease terms.","title":"The bedroom ladder is a model"},{"body":"ACS places the affordability and burden evidence in occupied renter homes, not advertised supply. Gross rent includes selected utilities and is measured over a five-year ZCTA survey period; ZORI is a current asking-rent index. The required-income calculation is a fixed share-of-income arithmetic screen, while the burden statistic describes surveyed households. Their difference is an informative scope contrast, not proof that any tenant can or cannot rent a given property.","title":"Affordability indicators use different populations"},{"body":"Redfin’s rolling ZIP resale results show turnover, marketing time, supply, and sale-to-list behavior among homes sold or listed for sale. They do not provide rental transactions or property operating costs. The annualized ZORI-to-price figure can organize a cross-source comparison, but its tension with decelerating rent growth and mixed sale execution prevents it from serving as a property return measure.","title":"Resale tone is mixed, not a rent comp"}],"risks":["The ZORI figure blends rental types and summarizes observed ZIP asking rents, so applying it to a particular home without matching size, lease terms, utilities, condition, concessions, and availability can misstate the relevant quote.","ACS evidence is a matched ZCTA survey of occupied renter households, with margins of error and selected-utility gross rent. The ZCTA is statistical and does not exactly match USPS delivery boundaries.","Vacancy, renter share, and rent-burden totals are area aggregates. They cannot establish that a named unit is vacant, currently offered, affordable to a given household, or occupied by burdened renters.","Redfin signals come from a rolling three-month for-sale ZIP observation. Median prices, supply, and sale-to-list outcomes neither identify rental comparables nor reveal financing, operating costs, or a transaction’s future outcome."],"qa":[{"a":"The two figures describe different populations, time designs, and rent concepts. ZORI is a current ZIP asking-rent index blended across rental types. ACS is a five-year survey for occupied renter homes in the matched ZCTA, and its median gross rent includes selected utilities. Geographic matching also does not make a ZCTA identical to a USPS delivery ZIP.","q":"Why does the ACS rent figure differ from Zillow’s ZORI?"},{"a":"No. The bedroom series is built by scaling the ZIP-wide ZORI using the relative local HUD FMR or SAFMR bedroom ladder. It is therefore a set of modelled monthly estimates, not observations of advertised studio, one-bedroom, or larger-unit rents. It is useful for relative sizing, while unit-level quotations still require direct verification.","q":"Are the bedroom rent figures observed rents for each unit size?"},{"a":"No. It divides annualized current ZORI by a fixed thirty-percent threshold to state an arithmetic income screen. It does not account for debt, taxes, household composition, actual lease terms, concessions, fees, or an applicant’s actual income, and it is neither advice nor a qualification standard.","q":"Does the required-income screen qualify an applicant?"},{"a":"Redfin describes the ZIP’s for-sale resale market over a rolling three-month window, including sold-price, activity, supply, marketing, and sale-to-list measures. It is not a rental dataset. Dividing annualized ZORI by median sold price creates only a cross-source screening ratio and omits property expenses, financing, and transaction-specific characteristics.","q":"What does the Redfin resale block establish?"}],"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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