The immediate tension in ZIP 89113 is that its rental index remains modestly positive while direct resale evidence is softer and more deliberate. Zillow ZORI, a typical observed asking-rent index blended across rental types, is $1,841, up 0.6% year over year. In the separate for-sale universe, the direct rolling-three-month ZIP resale observation reports a $495,878 median sold price, down 0.8% from a year earlier. Annualized ZIP ZORI divided by that sold-price median is 4.46%, a cross-source screening ratio only; it is not a cap rate, property yield, net return, or expected return. The contrast identifies a current screening tension rather than a conclusion about any individual home.
Backward-looking Zillow history shows continued rent growth, but a deceleration from the longer path rather than a break from it. Exact same-month annualized ZORI change was 0.6% over one year, 1.6% over three years, and 3.2% over five years. The latest positive reading therefore confirms the direction of the longer record, though not its earlier pace. Its 2.8% annualized monthly-return variability means a single current index reading warrants measured confidence rather than heavy reliance as a unit-level quote. Separately, the deepest historical peak-to-trough decline was 5.3%, evidence that the observed series has not moved upward without interruption. Coverage is 100% across 138 observations. Transparent national discovery ranks among history-eligible ZIPs were 1,981 for momentum, 1,306 for stability, and 1,917 for the balanced measure; these are descriptive ranks, not forecasts or investment recommendations.
Resale liquidity reinforces the distinction between a stable asking-rent record and a less forceful for-sale setting. The ZIP’s rolling-three-month resale data show 168 homes sold with a median 61 days on market, alongside 503 active listings and an inventory count of 283 homes. Months of supply stood at 5.1. Sellers averaged 97.6% of list price, only 8.0% of sales closed above list, and 21.4% went off market within two weeks. These are ZIP resale observations, not rental transactions, lease comparables, or evidence of property operating performance. Together with the modest sold-price decline, they challenge any attempt to read the positive rent history as confirmation of broad near-term resale strength.
The bedroom view is a modelling exercise rather than a set of observed bedroom rents. Local HUD fair-market-rent or small-area fair-market-rent standards provide the bedroom ladder used to scale ZIP ZORI, producing modelled monthly estimates of $1,414 for a studio, $1,568 for a one-bedroom, the index’s two-bedroom level, $2,560 for a three-bedroom, and $2,933 for a four-bedroom. These are modelled estimates, not measured bedroom rents. HUD’s two-bedroom standard is $1,735, making the ZIP ZORI level 6.1% higher. HUD is an administrative, bedroom-specific standard and not asking rent, so the comparison helps position the index but cannot establish what a currently available unit will ask.
The matched Census ZCTA presents a different rental universe again. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP. In the ACS 2024 five-year survey, median gross rent for occupied renter homes was $1,863 with a $60 margin of error; gross rent includes selected utilities, unlike a pure asking-rent quote. The arithmetic income required to carry the $1,841 asking-rent index at 30% is $73,640, compared with median household income of $94,461, producing an asking-rent-to-income screen of 23.4%. That screen is arithmetic, not advice and not an applicant qualification rule. Meanwhile, 50.3% of the estimated 2,950 burdened renter households paid at least 30% of income toward gross rent, out of 5,866 renter households. Burden is a population measure, not proof that a particular tenant or unit is burdened.
Housing-stock evidence supplies useful scale but not a vacancy claim for any listing. The ZCTA has 16,921 housing units, including 11,407 single-family units and 2,494 units in large multifamily structures. Its 7.4% overall vacancy rate is a broad ACS measure, while renters account for 37.4% of occupied homes. The stock mix suggests that ZIP-level asking-rent movements aggregate across differing housing forms, which is consistent with Zillow’s blended rental-type index. Neither the vacancy rate nor the renter share can show that a specific property is available, competitively priced, or likely to lease at the reported index.
Wider geographies provide context only and should not replace ZIP evidence. The ZIP asking-rent index is $119 above the Las Vegas city context and $93 above both the Clark County context and the Las Vegas-Henderson-Paradise, NV metro context. The city and county context measures also show higher renter shares and higher renter-burden shares than this ZCTA, while the metro rent-to-income screen is broader than the ZIP arithmetic comparison. Those differences frame 89113 as a relatively higher-rent ZIP within the named city, county, and metro scopes, but they do not convert citywide, countywide, or metro data into ZIP rental comps or a property-level affordability finding.
The evidence supports a constrained reading: current Zillow asking-rent conditions are positive but slower than their longer historical growth path; the ACS gross-rent and burden data describe occupied renter households; HUD supplies an administrative ladder; and Redfin describes a distinct resale market with slower marketing signals. Before treating these measures as unit evidence, the necessary property-level checks are the actual advertised rent, bedroom classification, lease term, included utilities, concessions, availability date, unit condition, recent comparable listings, and direct sale records for the relevant property. Those checks are especially important where the resale screen and rental index point in different directions. Does the specific property documentation align with the market index, modelled bedroom estimate, and separate resale evidence?
","findings":[{"body":"Zillow’s current ZIP asking-rent index remains above its prior same-month level and the supplied history is complete. However, the latest annual pace trails the longer annualized paths. Historical variability and the recorded drawdown make the current index a useful market measure, but not a promise about lease renewal pricing, unit availability, or future rent movement.","title":"Rent growth remains positive but has slowed"},{"body":"The bedroom ladder scales the ZIP asking-rent index through local HUD standards. It provides a consistent studio-through-four-bedroom framework, but the outputs are modelled monthly estimates rather than observed bedroom rents. HUD standards are administrative benchmarks, not asking-rent data, so their main use here is transparent relative sizing across bedroom categories.","title":"Bedroom figures are scaled estimates, not rental comps"},{"body":"The required-income screen applies a fixed share of income to the current asking-rent index, while ACS burden data summarize occupied renter households reporting gross rent. ACS gross rent also includes selected utilities and is measured in the matched ZCTA survey universe. Neither measure determines whether a particular household qualifies for a lease or whether a particular unit is affordable.","title":"Affordability indicators describe different populations and rules"},{"body":"Direct ZIP resale observations show a modest annual price decline, extended marketing time, meaningful supply, and sale-to-list results below full list price on average. These conditions do not measure rental demand or property income. They do create a tension with the still-positive rent index: stable asking-rent history does not automatically coincide with strong resale liquidity.","title":"Resale signals temper the rent-history reading"}],"risks":["Zillow ZORI is a blended asking-rent index across rental types, so it may not match the advertised rent, concessions, utilities, condition, or lease structure of any specific available property.","ACS estimates describe a matched statistical ZCTA over a multi-year survey period and include uncertainty; they should not be treated as a current census of tenants, vacancies, or lease terms.","The HUD-scaled bedroom ladder is modelled from administrative standards and the ZIP index. It cannot substitute for current bedroom-specific rental listings or executed lease comparables.","Redfin resale measures describe rolling ZIP home sales rather than rental transactions. Price, supply, and marketing signals cannot establish operating costs, rental cash flow, or future property performance."],"qa":[{"a":"They measure different universes. Zillow ZORI is a current-style ZIP asking-rent index blended across rental types. ACS median gross rent is a multi-year survey estimate for occupied renter homes and includes selected utilities. HUD fair-market-rent standards are administrative bedroom-specific benchmarks, not observed asking rents. Similar values do not mean the sources sampled identical units.","q":"Why do Zillow, ACS, and HUD rents differ?"},{"a":"They scale the ZIP Zillow asking-rent index using the local HUD bedroom ladder. The resulting figures are modelled monthly estimates intended to show relative bedroom sizing within the supplied framework. They are not measured rents, advertised rents, executed leases, or proof that a unit of a given bedroom count is currently available at that amount.","q":"What do the modelled bedroom estimates represent?"},{"a":"The required-income figure is a mathematical screen that applies a fixed income share to the asking-rent index; it is not lending, leasing, or qualification guidance. ACS rent burden instead summarizes surveyed renter households paying gross rent relative to income. Because gross rent can include utilities and the survey covers occupied homes, it cannot determine a specific applicant’s payment burden.","q":"How should the income and burden measures be read?"},{"a":"No. The resale dataset directly measures ZIP home sales, listing supply, marketing time, and sale-to-list outcomes over a rolling period. Zillow measures asking rents in a different market universe. Comparing annualized ZORI with median sold price creates only a cross-source screening ratio, while the softer resale signals provide a useful counterpoint rather than validation of rent performance.","q":"Does the resale data validate the rental index?"}],"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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