The latest reading presents a cooling-versus-level tension. For 89131, Zillow ZORI is $1,942 per month in June 2026, down 2.1% from the same month a year earlier. ZORI is a ZIP-level typical observed asking-rent index blended across rental types; it is neither a particular unit's lease nor a rental transaction price. For wider rent context only, the city-scope Las Vegas value is $1,721.81, while the county-scope Clark County value and metro-scope Las Vegas-Henderson-Paradise, NV value are each $1,748. Those city, county, and metro values do not replace the direct ZIP signal: the ZIP remains above each broader context despite the recent decline.
That one-year retreat breaks rather than confirms the longer path. The history captures the entire stated series and reports exact same-month annualized changes of -2.1% over 1 year, 1.0% over 3 years, and 3.0% over 5 years. Annualized monthly-return variability of 2.7% suggests that past month-to-month rent-index movement was relatively contained, supporting somewhat more confidence in the stability of a single current index reading than a highly erratic series would. Separately, the worst peak-to-trough decline in the observed series was 3.0%, so a calm dispersion measure did not preclude declines. Transparent national discovery ranks among history-eligible ZIPs run from 1,105 for stability to 2,562 for momentum; the balanced measure also lies in that range, and lower ranks are higher. These backward-looking measures are not forecasts or investment recommendations.
Affordability signals should be read as a population and definition tension, not a verdict on a unit. The ACS 2024 five-year survey reports $2,100 median gross rent for occupied renter homes; it includes selected utilities and is 7.5% above ZORI. It is a survey, and its supplied margin of error should temper fine distinctions. The same ZCTA survey puts median household income at $116,468, but that is not renter income. At the structural 30% screen, annualizing the asking index produces required income of $77,680; this is arithmetic, not advice or an applicant qualification rule. That screen sits below the all-household median, yet 1,501 of 3,300 renter households, or 45.5%, reported gross-rent burdens at or above that threshold. Burden is an aggregate survey result, never proof about a specific available home.
Bedroom figures sharpen the reference point only if their construction is retained. The supplied local HUD ladder scales ZIP ZORI into modelled monthly ZIP estimates—not measured bedroom rents—of $1,492 for a studio, $1,654 for a one-bedroom, $1,942 for a two-bedroom, $2,701 for a three-bedroom, and $3,094 for a four-bedroom. The underlying HUD FMR/SAFMR ladder ranges from $1,333 for a studio to $2,764 for four bedrooms. HUD FMR/SAFMR is an administrative, bedroom-specific standard rather than asking rent, and the estimates inherit ZORI's blended rental-type basis. They are therefore proportional benchmarks, not evidence that an available unit at any bedroom count is priced at those amounts.
Supply composition frames why broad benchmarks may have limited fit. The matched ZCTA has 18,559 housing units, including 17,065 single-family units and 546 large-multifamily units. Overall vacancy is 3.6%, while renter households account for 18.4% of occupied homes. This owner-weighted, single-family-heavy stock mix is a description of the ZCTA, not a claim about a property's tenancy, availability, or rent. Total vacancy combines multiple vacancy statuses and cannot establish that a particular dwelling is offered for rent. Nor does the renter share identify the bedroom mix, condition, utilities, or lease terms that sit behind the Zillow index or the ACS gross-rent statistic.
Resale evidence points in the same price-direction but stays entirely in a different market universe. Redfin's direct rolling-three-month ZIP resale observation shows a $542,754 median sold price, down 3.4% year over year, with 187 homes sold, 48 median days on market, 190 homes of inventory, and 3.1 months of supply. Its sale-to-list signals were a 98.7% average ratio, 17.6% sold above list, and 32.9% off market within two weeks. These are for-sale/resale observations, not rental transactions or rent comparables. The price decline confirms the present cooling direction but does not explain the ZORI movement; the recorded closings and supply also challenge any reading of rent cooling as proof of a frozen resale market. Annualized ZORI divided by median sold price is 4.3%, solely a cross-source screening ratio, not property economics.
The five-digit label is both the Zillow ZIP market identifier and the matched Census ZCTA in this packet. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP. Matching labels does not make data universes interchangeable: Zillow observes a typical blended asking-rent index, ACS surveys occupied renter homes over five years, HUD sets an administrative bedroom standard, and Redfin records direct resale outcomes. Their timing, populations, housing coverage, and rent concepts differ. The history describes prior index movement only. Consequently, no source here identifies an actual vacant rental, its concession, its utility bill, or its signed lease, and no broader-context reading establishes conditions at a particular address.
Useful property-level checks include the unit's advertised monthly price, availability date, bedroom count, property type, square footage, condition, and whether utilities or concessions alter the stated payment; those details test the gap between a blended asking index and a quoted home. If evaluating a sale listing, separately confirm the closing date, list-price history, sale condition, and whether the record belongs to the same ZIP resale universe. Compare the actual rent against the modelled bedroom reference without treating it as a measured comp, and keep the required-income calculation distinct from household underwriting. The unresolved question is whether the specific home's terms match any source definition closely enough to support comparison.
","findings":[{"body":"Zillow ZORI is $1,942 in June 2026 and is 2.1% below the same month one year prior. That cooling interrupts annualized same-month gains over the three- and five-year windows. Full stated-series coverage, 2.7% annualized variability, and a 3.0% maximum drawdown describe a fairly contained but not decline-free index history. They are backward-looking measurements rather than a rent forecast.","title":"Cooling now interrupts a positive multiyear record"},{"body":"The ACS matched ZCTA estimate has a different tenant and cost basis from ZORI: it covers occupied renter homes over five years and includes selected utilities. Its $2,100 median gross rent is not directly interchangeable with an asking-rent index. The $77,680 30% required-income screen falls below area median household income, while 45.5% of surveyed renter households report burdens at or above 30%, underscoring population-level tension rather than an applicant result.","title":"Affordability indicators differ because their populations differ"},{"body":"The HUD-scaled bedroom figures are modelled monthly ZIP estimates, not measured rents. They preserve local HUD bedroom relationships while anchoring the two-bedroom estimate to ZIP ZORI. Because HUD FMR/SAFMR is an administrative standard rather than an asking-rent observation, the ladder organizes comparison by bedroom size. A real listing's utilities, condition, lease terms, and property type can still depart materially.","title":"Bedroom ladder is a proportional reference, not observed rent"},{"body":"Redfin reports a direct rolling-three-month ZIP resale observation, so its sale price, sales pace, inventory, supply, and sale-to-list figures describe for-sale outcomes only. A lower median sold price agrees directionally with ZORI's recent decline, but it does not demonstrate a rental cause or effect. The annualized-rent-to-price figure is simply a cross-source screening ratio and cannot substitute for operating costs, financing, condition, or an actual rental comp.","title":"Resale cooling is corroborative but remains a separate universe"}],"risks":["The current asking-rent figure is a blended ZIP index. A specific home's actual payment may differ because bedroom count, property type, utilities, condition, concessions, and lease terms are unknown.","ACS burden and income describe survey populations, including all households for median income. They cannot determine affordability, qualification, payment reliability, or cost burden for any named applicant or unit.","Overall ZCTA vacancy combines units held for several reasons and does not identify rentable availability. A low aggregate rate cannot establish scarcity, turnover, or the condition of listings.","Redfin measures resales rather than rentals, and its price screening ratio excludes expenses, financing, taxes, maintenance, vacancy experience, and property-specific quality. It should not be treated as property economics."],"qa":[{"a":"In 89131, Zillow ZORI reports a ZIP-level typical observed asking-rent index blended across rental types. It is not the price of a completed rental transaction, a signed lease, or a quote for a particular available dwelling. Its current decline identifies recent index direction, while the actual terms of any listing still require direct verification.","q":"What does the current Zillow ZORI figure measure?"},{"a":"The ACS value comes from the matched ZCTA five-year survey of occupied renter homes and includes selected utilities, whereas ZORI is an asking-rent index. A ZCTA is statistical and is not the same as a USPS delivery ZIP. Different periods, populations, utility treatment, and measurement methods make the two values complementary context rather than interchangeable rent quotes.","q":"Why is the ACS median gross rent not directly comparable with Zillow ZORI?"},{"a":"Each bedroom reference scales ZIP ZORI using the local HUD FMR/SAFMR ladder. That process preserves the ladder's bedroom relationship and creates modelled ZIP estimates for comparison. HUD is an administrative bedroom-specific standard, not observed asking rent; consequently, none of those estimates proves the market rent, availability, or terms of a unit with that bedroom count.","q":"How were the bedroom rent references created?"},{"a":"Redfin's rolling-three-month ZIP observation can describe direct resale pricing, the annual price change, transaction count, marketing time, inventory, supply, and sale-to-list behavior. It cannot describe rental transactions or establish a causal connection to ZORI. Dividing annualized ZORI by median sold price produces only a cross-source screen, without property-level operating information.","q":"What can 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 fallback","release":"ZIP-CBSA 2025Q4 + SAFMR 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rents","release":"Metro_zori_uc_sfrcondomfr_sm_sa_month.csv","pulledAt":"2026-07-26","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori_city","name":"Zillow ZORI — city market rents","release":"zillow_zori_city.csv","pulledAt":"2026-07-29","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori_zip","name":"Zillow ZORI — ZIP market rents","release":"ZORI ZIP 2026-06","pulledAt":"2026-08-08","url":"https://www.zillow.com/research/data/"}],"history":[{"period":"2015-01-01","rent":1106.250451},{"period":"2015-02-01","rent":1110.97317},{"period":"2015-03-01","rent":1121.707031},{"period":"2015-04-01","rent":1126.658471},{"period":"2015-05-01","rent":1125.485894},{"period":"2015-06-01","rent":1124.940768},{"period":"2015-07-01","rent":1126.839136},{"period":"2015-08-01","rent":1131.043252},{"period":"2015-09-01","rent":1137.418325},{"period":"2015-10-01","rent":1137.084975},{"period":"2015-11-01","rent":1135.981453},{"period":"2015-12-01","rent":1138.037528},{"period":"2016-01-01","rent":1146.329216},{"period":"2016-02-01","rent":1150.14457},{"period":"2016-03-01","rent":1151.734885},{"period":"2016-04-01","rent":1150.861604},{"period":"2016-05-01","rent":1155.00896},{"period":"2016-06-01","rent":1160.779594},{"period":"2016-07-01","rent":1163.861912},{"period":"2016-08-01","rent":1165.679032},{"period":"2016-09-01","rent":1163.508133},{"period":"2016-10-01","rent":1168.875306},{"period":"2016-11-01","rent":1176.20073},{"period":"2016-12-01","rent":1190.848892},{"period":"2017-01-01","rent":1193.931133},{"period":"2017-02-01","rent":1197.418588},{"period":"2017-03-01","rent":1193.282098},{"period":"2017-04-01","rent":1194.150394},{"period":"2017-05-01","rent":1196.560159},{"period":"2017-06-01","rent":1202.523413},{"period":"2017-07-01","rent":1217.560173},{"period":"2017-08-01","rent":1227.204298},{"period":"2017-09-01","rent":1238.49572},{"period":"2017-10-01","rent":1237.47405},{"period":"2017-11-01","rent":1242.20467},{"period":"2017-12-01","rent":1238.366746},{"period":"2018-01-01","rent":1245.55327},{"period":"2018-02-01","rent":1256.347728},{"period":"2018-03-01","rent":1267.608209},{"period":"2018-04-01","rent":1283.419523},{"period":"2018-05-01","rent":1290.384339},{"period":"2018-06-01","rent":1309.291837},{"period":"2018-07-01","rent":1307.098604},{"period":"2018-08-01","rent":1315.611893},{"period":"2018-09-01","rent":1309.383891},{"period":"2018-10-01","rent":1318.944136},{"period":"2018-11-01","rent":1320.279808},{"period":"2018-12-01","rent":1337.96505},{"period":"2019-01-01","rent":1347.459001},{"period":"2019-02-01","rent":1352.430488},{"period":"2019-03-01","rent":1360.442751},{"period":"2019-04-01","rent":1363.181928},{"period":"2019-05-01","rent":1371.419578},{"period":"2019-06-01","rent":1368.105064},{"period":"2019-07-01","rent":1377.335352},{"period":"2019-08-01","rent":1381.465417},{"period":"2019-09-01","rent":1397.289197},{"period":"2019-10-01","rent":1405.630182},{"period":"2019-11-01","rent":1417.087048},{"period":"2019-12-01","rent":1418.042684},{"period":"2020-01-01","rent":1422.269288},{"period":"2020-02-01","rent":1428.189894},{"period":"2020-03-01","rent":1423.501087},{"period":"2020-04-01","rent":1431.147863},{"period":"2020-05-01","rent":1411.969261},{"period":"2020-06-01","rent":1414.094636},{"period":"2020-07-01","rent":1412.42829},{"period":"2020-08-01","rent":1432.542485},{"period":"2020-09-01","rent":1445.753606},{"period":"2020-10-01","rent":1462.493868},{"period":"2020-11-01","rent":1481.785079},{"period":"2020-12-01","rent":1508.693922},{"period":"2021-01-01","rent":1524.151338},{"period":"2021-02-01","rent":1543.914086},{"period":"2021-03-01","rent":1561.865663},{"period":"2021-04-01","rent":1574.014489},{"period":"2021-05-01","rent":1633.329031},{"period":"2021-06-01","rent":1671.818323},{"period":"2021-07-01","rent":1737.385203},{"period":"2021-08-01","rent":1757.981501},{"period":"2021-09-01","rent":1793.801864},{"period":"2021-10-01","rent":1834.393206},{"period":"2021-11-01","rent":1849.552531},{"period":"2021-12-01","rent":1866.093229},{"period":"2022-01-01","rent":1886.116907},{"period":"2022-02-01","rent":1892.553703},{"period":"2022-03-01","rent":1892.439206},{"period":"2022-04-01","rent":1894.342788},{"period":"2022-05-01","rent":1891.95369},{"period":"2022-06-01","rent":1903.074089},{"period":"2022-07-01","rent":1888.002713},{"period":"2022-08-01","rent":1894.86772},{"period":"2022-09-01","rent":1882.399952},{"period":"2022-10-01","rent":1860.5468},{"period":"2022-11-01","rent":1860.186163},{"period":"2022-12-01","rent":1848.323346},{"period":"2023-01-01","rent":1857.331617},{"period":"2023-02-01","rent":1865.740813},{"period":"2023-03-01","rent":1889.229695},{"period":"2023-04-01","rent":1895.136376},{"period":"2023-05-01","rent":1891.663001},{"period":"2023-06-01","rent":1886.118652},{"period":"2023-07-01","rent":1893.61986},{"period":"2023-08-01","rent":1892.81127},{"period":"2023-09-01","rent":1883.987591},{"period":"2023-10-01","rent":1878.381629},{"period":"2023-11-01","rent":1881.098905},{"period":"2023-12-01","rent":1895.822124},{"period":"2024-01-01","rent":1891.607457},{"period":"2024-02-01","rent":1887.265509},{"period":"2024-03-01","rent":1887.658323},{"period":"2024-04-01","rent":1909.137544},{"period":"2024-05-01","rent":1919.660936},{"period":"2024-06-01","rent":1935.628803},{"period":"2024-07-01"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