In June 2026, Zillow ZIP market identifier 89012 recorded a typical observed asking-rent index of $2,076, up 0.4% from a year earlier. This is a Zillow ZORI measure blended across rental types, rather than a lease-level average or a bedroom-specific rent survey. The matched Census ZCTA reports a $1,941 median gross rent, making the current asking-rent index 7.0% higher. Those figures should not be treated as competing measurements of the same transaction universe: ACS gross rent is a five-year survey of occupied renter homes and includes selected utilities. ZIP 89012 is both a Zillow ZIP market identifier and a Census ZCTA match; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP.
The rent history shows positive movement that has slowed materially from its longer path. The direct Zillow ZIP series contains 138 monthly observations with 100% coverage. Exact same-month annualized changes were 0.4% over 1 year, 1.9% over 3 years, and 3.5% over 5 years. Thus, the latest direction remains positive but breaks from the stronger pace visible across the longer backward-looking record. Monthly ZORI changes annualize to 2.5% variability, which supports somewhat more confidence in the stability of a current index reading than a highly erratic series would. Separately, the largest peak-to-trough decline was 4.6%, showing that modest variation did not eliminate historical setbacks. Transparent national discovery ranks among history-eligible ZIPs place stability at 758 and momentum at 1,950; these are retrospective discovery measures, not forecasts or investment recommendations.
Bedroom detail is modelled rather than observed. Scaling the ZIP ZORI through the supplied local HUD ladder produces modelled monthly estimates of $1,595 for a studio, $1,768 for a one-bedroom, $2,076 for a two-bedroom, $2,887 for a three-bedroom, and $3,307 for a four-bedroom. These figures are not measured bedroom rents, and they should not be substituted for live listings. HUD FMR/SAFMR is an administrative, bedroom-specific standard rather than asking rent; its local two-bedroom standard is $1,735. The HUD ladder provides a transparent relative sizing structure, while ZORI supplies the ZIP-level asking-rent anchor, so the resulting estimates are useful only as a modelled range framework.
The required-income screen illustrates a second tension. At a 30% rent share, the current ZORI implies $83,040 of annual income, while the ACS 2024 five-year median household income is $98,053; the index therefore equals 25.4% of that median income. This is arithmetic, not advice and not an applicant qualification rule. ACS also estimates 6,195 occupied renter households, of which 2,779, or 44.9%, paid at least 30% of income toward gross rent. That burden measure concerns occupied renter homes, selected utilities, and surveyed household incomes, not the payment capacity of a prospective tenant or the economics of any specific unit.
The matched ACS ZCTA points to a housing base weighted toward detached structures while retaining a meaningful renter segment. Renters occupied 38.3% of occupied homes, and the overall housing vacancy rate was 4.7%. The structure count includes 12,643 single-family units and 1,507 units in larger multifamily buildings, a mix that helps explain why a blended rental index should not be assumed to describe one property form. ACS also identifies a for-rent vacancy category, but that aggregate category does not establish whether a particular home is available, how long it has been listed, or what rent or concessions it carries. Vacancy and burden describe area-level conditions only.
Wider benchmarks place the ZIP’s asking-rent reading above nearby context measures, but those geographies cannot replace ZIP evidence. In the Henderson city context, rent was $1,826 and the ACS renter-burden share was 56.5%; in the Clark County context, rent was $1,748. For the Las Vegas-Henderson-Paradise, NV metro scope, the rent-to-income measure was 27.4%. City, county, and metro values are context rather than ZIP rental comparables, and their source mix and housing composition may differ from the ZIP. Their main relevance here is that the ZIP’s current asking-rent signal sits in a wider setting with lower reported context rent levels and a higher metro rent-to-income reading.
The direct rolling-three-month Redfin ZIP resale observation describes a for-sale market, not rental transactions. It reported a $514,884 median sold price, down 6.4% year over year, with 176 homes sold and a median 60 days on market. Resale inventory was 232 homes, months of supply stood at 4.0, average sale-to-list was 97.6%, and 8.8% of sales closed above list. These liquidity and pricing signals create a clear tension with the rent record: asking rent was slightly higher year over year while the observed resale median was lower. Annualized ZIP ZORI divided by median sold price is only a cross-source screening ratio; it is not a cap rate, net return, expected return, property yield, or property-level operating result.
The evidence has important limits. ZORI is an index, ACS is a survey of occupied renter homes, HUD is an administrative standard, and Redfin is a resale observation; none provides a matched rent-and-sale record for the same property. A property-level review would need the actual advertised rent, lease term, concessions, bedroom count, condition, utility responsibility, listing availability, and relevant sale record before linking any area measure to a home. It would also need to verify that the property falls within the intended ZIP and understand whether the HUD ladder is being used only as a modelling device. The unresolved question is whether the specific property evidence aligns with the ZIP’s stable-but-slower rent path and softer resale signals.
","findings":[{"body":"The Zillow index indicates a current typical asking-rent level above the matched ACS median gross rent. That gap is informative but not a direct premium for a comparable unit because ZORI blends asking rents across rental types, whereas ACS describes occupied renter homes and includes selected utilities. The distinction is central when evaluating current listings.","title":"Current asking rent exceeds the occupied-home survey median"},{"body":"Backward-looking ZORI history remains positive across the measured horizons, but the latest annual pace is materially below the three-year and five-year rates. Relatively contained monthly variation improves the usefulness of the current index snapshot, while the historical drawdown shows that stability did not mean an uninterrupted climb. The discovery ranks reinforce that tension between stability and momentum.","title":"The recent rent pace is weaker than the longer historical record"},{"body":"The bedroom ladder uses the local HUD standard to scale the ZIP-level ZORI into studio through four-bedroom estimates. HUD is a bedroom-specific administrative benchmark, while ZORI is a blended asking-rent index. The resulting figures provide a transparent sizing relationship, but they do not demonstrate what any currently marketed bedroom type actually rents for.","title":"Bedroom figures are a calibrated model, not a rent-comp set"},{"body":"The ZIP’s direct Redfin resale observation shows a lower median sold price than a year earlier, marketing time, inventory, supply, and sale-to-list measures that belong only to the for-sale market. That contrasts with the small positive asking-rent change. The contrast is useful as a screening tension, but it does not establish causation or a property-level return.","title":"Resale evidence challenges a simple rent-strength narrative"}],"risks":["A blended ZIP asking-rent index can conceal meaningful differences in property type, condition, bedroom count, utilities, lease structure, concessions, and listing availability, so it cannot establish the market rent of a particular home.","ACS gross-rent and burden statistics are survey estimates for occupied renter households, not current applications or vacant listings. They cannot prove affordability, payment stress, or demand for any individual property.","The modelled bedroom estimates inherit the HUD ladder’s relative structure and the ZORI anchor. They are not measured bedroom rents and may differ from contemporaneous advertised listings for otherwise similar homes.","Redfin resale pricing and liquidity observations concern completed for-sale transactions. A falling resale median alongside modest rent growth is a cross-market tension, not evidence of causation, valuation, operating income, or future performance."],"qa":[{"a":"They describe different evidence universes. Zillow ZORI is a ZIP-level typical observed asking-rent index blended across rental types, while ACS is a five-year survey of occupied renter homes. ACS gross rent includes selected utilities, whereas a current asking-rent index does not function as a utility-inclusive lease survey.","q":"Why does the Zillow asking-rent index differ from the ACS median gross rent?"},{"a":"No. They are modelled estimates created by scaling the ZIP ZORI using the local HUD bedroom ladder. HUD FMR or SAFMR is an administrative standard rather than asking rent, so the estimates supply a transparent relative bedroom framework but do not replace active listing checks or signed-lease evidence.","q":"Are the bedroom rent figures observed market rents?"},{"a":"The screen divides annualized ZIP ZORI by a thirty-percent rent-share threshold to show the income associated with that arithmetic benchmark. It is not financial advice, a tenant-screening standard, or an applicant qualification rule. The ACS burden statistic is separate evidence about surveyed occupied renter households rather than prospective renters.","q":"What does the required-income screen show?"},{"a":"Redfin’s ZIP resale observation should remain in the for-sale universe: it describes sold prices, sales activity, marketing time, inventory, supply, and sale-to-list outcomes. Comparing it with ZORI can identify a tension between resale and asking-rent trends, but the annualized rent-to-price figure is only a cross-source screening ratio, not a return measure.","q":"How should the resale data be used alongside the rent data?"}],"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 — 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