The five-digit label, 89139, functions both as Zillow’s ZIP market identifier and as the matched Census ZCTA label. A ZCTA is a statistical area, not the same thing as a USPS delivery ZIP. In June 2026, Zillow’s ZIP-level ZORI was $1,960 per month. ZORI is a typical observed asking-rent index blended across rental types, rather than a survey median or a unit-specific quote. That index stood 13.8% above the Las Vegas city context, and 12.1% above both the Clark County context and the Las Vegas-Henderson-Paradise, NV metro context; those city, county, and metro figures are wider-area comparisons rather than ZIP rental observations.
The rent path is positive but has decelerated. Exact same-month annualized ZORI changes were 0.7% over one year, 1.4% over three years, and 3.3% over five years through the stated endpoint. Thus, the recent direction confirms that asking rent remains above its earlier level, while breaking from the faster pace visible over the longer history. The series has complete coverage across its stated history. Annualized variation in monthly returns was 2.25%, a relatively limited degree of movement that supports moderate confidence in the current index as a snapshot. Its maximum drawdown was 2.84%, indicating that the observed rent path did experience reversals. National discovery ranks among history-eligible ZIPs were 341 for stability and 2,007 for momentum, with lower ranks stronger. These backward-looking measurements are not forecasts or investment recommendations.
Bedroom figures add a constructed lens rather than fresh measurements. Modelled ZIP estimates scale ZORI through the local HUD bedroom ladder: $1,506 for a studio, $1,670 for one bedroom, the current ZORI-aligned level for two bedrooms, $2,726 for three bedrooms, and $3,122 for four bedrooms. The local HUD standard for the two-bedroom rung is $1,735. HUD FMR/SAFMR is an administrative, bedroom-specific standard, not asking rent, so neither the HUD values nor the scaled outputs should be read as measured bedroom rents. The ladder is most useful for maintaining internally consistent size relationships around the ZIP asking-rent index.
The ACS 2024 five-year ZCTA survey reports median gross rent of $2,047 among occupied renter homes. Gross rent includes selected utilities, making it a different evidence universe from Zillow’s asking-rent index; the ZORI level is somewhat below the ACS measure, without establishing that either source is wrong. Median household income was $99,815. Annualizing the current ZORI produces a $78,400 income screen at 30%, and the implied asking-rent-to-income share is 23.6%. This 30% screen is arithmetic only, not advice and not an applicant qualification rule. Survey burden data still show 2,690 of 5,386 renter households, or 49.9%, reported spending at least that share of income on rent. That burden statistic describes households in the survey, not affordability at any specific available unit.
The ZCTA contained 15,727 housing units, with a 6.3% overall vacancy rate and a 36.5% renter share. Its stock mix was concentrated in single-family structures, which accounted for 13,572 units, while large multifamily structures accounted for 639 units. These are ACS ZCTA housing-stock and occupancy classifications, not a live inventory of rentals marketed in the Zillow ZIP area. In particular, an area vacancy measure cannot demonstrate that a particular address is available, competitively priced, or suitable for a given household. The relatively limited renter share also means that the renter survey and asking-rent evidence should not be treated as a complete description of all housing activity in the area.
Resale evidence offers a separate tension. In Redfin’s direct rolling-three-month ZIP for-sale observation, the median sold price was $489,889, essentially unchanged at a 0.02% year-over-year decline. There were 152 homes sold, and median marketing time was 50 days. Reported inventory was 218 homes, with 4.3 months of supply. The average sale-to-list ratio was 98.66%, while 12.85% of sales closed above list. These are for-sale market and resale-liquidity observations, not rental transactions or rental comparables. Annualized ZIP ZORI divided by the median sold price equals 4.80%; that is only a cross-source screening ratio and does not measure property economics or any return.
The central decision tension is that the ZIP asking-rent index sits materially above its wider city, county, and metro contexts, while the household-income screen appears less stretched than the renter-burden survey alone might suggest. At the same time, the resale record shows a near-flat sold-price change, several months of supply, marketing time measured in weeks, and an average sale below list. Those sales signals challenge any simple reading that a higher current asking-rent index necessarily corresponds to uniformly strong transaction conditions. Conversely, the limited historical rent variability and shallow observed drawdown keep the current rent index from looking like an isolated spike. None of these cross-source patterns establishes cause, tenant demand for a particular home, or the terms achievable at a specific address.
Several limits remain important. ZORI is an index rather than a lease ledger; ACS is a five-year survey with sampling uncertainty; HUD is an administrative standard; and Redfin describes recent ZIP resale activity only. Before relying on this report for a property-specific assessment, verify the address’s current asking rent, bedroom count, utility treatment, lease length, concessions, condition, furnishing status, and listing recency. Compare those details with genuinely similar active and recently leased homes, separately review sale comparables when a purchase question is involved, and confirm carrying-cost items that do not appear in rent or resale medians. The practical question is whether the specific property’s terms resemble the evidence universe being used, rather than whether any area-level figure can stand in for it.
","findings":[{"body":"June 2026 ZIP ZORI was $1,960, exceeding the Las Vegas city context by 13.8% and the Clark County and metro contexts by 12.1%. Those comparisons identify a higher ZIP asking-rent index, but they do not convert wider-area context values into local rental comps. ZORI remains a blended observed asking-rent index rather than a measured lease payment.","title":"Asking-rent level is elevated versus broader contexts"},{"body":"The recent one-year ZORI change of 0.7% trails the three-year and five-year annualized rates of 1.4% and 3.3%. Limited monthly-return variability and a relatively shallow maximum drawdown support the view that the series has been stable, yet the lower momentum discovery rank highlights that recent growth has slowed. The record is descriptive and backward-looking.","title":"History shows stability with slowing growth"},{"body":"Median household income supports an arithmetic annual income screen of $78,400 at the current ZORI under a 30% rent-share assumption. However, nearly half of surveyed renter households reported rent burdens at or above that threshold. ACS gross rent includes selected utilities and reflects occupied renter households, so it should not be equated with Zillow asking rent or a particular household’s outcome.","title":"Income screen and burden survey tell different parts of the story"},{"body":"The direct ZIP resale observation showed nearly unchanged sold prices, marketing time of 50 days, supply above four months, and an average sale below list. Those for-sale signals sit beside an asking-rent index that is elevated relative to wider contexts. The annualized rent-to-price figure is a cross-source screen only, and it cannot establish property-level economics.","title":"Resale conditions do not simply mirror the rent index"}],"risks":["The Zillow ZIP market label and the Census ZCTA match are related reporting geographies, but neither should be assumed to match a USPS delivery boundary or a property’s practical rental competition set.","ACS burden, income, vacancy, and gross-rent figures are survey estimates for occupied households and housing classifications; they cannot prove availability, tenant demand, affordability, or lease terms for a particular dwelling.","The modelled bedroom estimates inherit the ZIP ZORI level and the HUD ladder’s relative structure, so they can be distorted when a specific property differs in condition, utilities, furnishings, or lease terms.","Redfin resale measures describe a rolling ZIP for-sale period, not rental transactions. A rent-to-price screening ratio omits operating expenses, financing, taxes, insurance, condition, and all property-specific income details."],"qa":[{"a":"The two figures are built from different universes. Zillow ZORI is a 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. A difference therefore does not identify an error, a rent discount, or a change in any individual property’s lease terms.","q":"Why is the Zillow rent figure lower than ACS median gross rent?"},{"a":"No. They are modelled estimates created by scaling the ZIP ZORI using the local HUD bedroom ladder. HUD FMR/SAFMR is an administrative standard with bedroom-specific amounts, not a record of local asking rents. The estimates provide a consistent size-based framework, but they require verification against current listings and lease details.","q":"Are the bedroom rent figures observed rents for this ZIP?"},{"a":"It annualizes the current ZIP asking-rent index and divides that amount by 30%. The result is an arithmetic comparison point, not financial advice, a legal standard, or an applicant qualification rule. It also does not replace household-specific information such as utilities, debts, household size, income stability, or lease obligations.","q":"What does the 30% required-income screen actually mean?"},{"a":"It can be used only as a high-level cross-source comparison between annualized ZIP ZORI and the ZIP median sold price. It is not a measure of net property performance because it excludes expenses, taxes, insurance, maintenance, vacancy, financing, transaction costs, and property condition. Redfin’s underlying observations remain for-sale evidence rather than rental evidence.","q":"How should the Redfin rent-to-price screen be used?"}],"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 FY2026","pulledAt":"2026-07-26","url":"https://www.huduser.gov/portal/datasets/usps_crosswalk.html"},{"key":"realtor_county","name":"Realtor.com Economic Research — county listing inventory","release":"county inventory 2026-06","pulledAt":"2026-07-28","url":"https://www.realtor.com/research/data/"},{"key":"redfin","name":"Redfin Data Center — inventory, days on market, and price cuts","release":"metro tracker through 2026-05-01","pulledAt":"2026-07-26","url":"https://www.redfin.com/news/data-center/"},{"key":"redfin_zip","name":"Redfin Data Center — ZIP resale activity and supply","release":"ZIP rolling 3 months through 2026-06-30; updated 2026-07-03","pulledAt":"2026-08-12","url":"https://www.redfin.com/news/data-center/"},{"key":"zillow_county","name":"Zillow ZHVI and ZORI — county values and rents","release":"county ZHVI/ZORI 2026-06","pulledAt":"2026-07-26","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori","name":"Zillow ZORI — metro market 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":1125.390703},{"period":"2015-02-01","rent":1134.74346},{"period":"2015-03-01","rent":1137.035508},{"period":"2015-04-01","rent":1150.809882},{"period":"2015-05-01","rent":1157.104718},{"period":"2015-06-01","rent":1165.201933},{"period":"2015-07-01","rent":1163.5526},{"period":"2015-08-01","rent":1163.633882},{"period":"2015-09-01","rent":1160.364069},{"period":"2015-10-01","rent":1164.373177},{"period":"2015-11-01","rent":1172.285427},{"period":"2015-12-01","rent":1170.955591},{"period":"2016-01-01","rent":1177.561072},{"period":"2016-02-01","rent":1172.116159},{"period":"2016-03-01","rent":1179.207591},{"period":"2016-04-01","rent":1182.531428},{"period":"2016-05-01","rent":1191.732598},{"period":"2016-06-01","rent":1204.806752},{"period":"2016-07-01","rent":1209.637695},{"period":"2016-08-01","rent":1213.679189},{"period":"2016-09-01","rent":1213.049823},{"period":"2016-10-01","rent":1214.973672},{"period":"2016-11-01","rent":1218.849053},{"period":"2016-12-01","rent":1223.377415},{"period":"2017-01-01","rent":1232.043835},{"period":"2017-02-01","rent":1242.226553},{"period":"2017-03-01","rent":1240.566669},{"period":"2017-04-01","rent":1242.656018},{"period":"2017-05-01","rent":1241.054888},{"period":"2017-06-01","rent":1247.229828},{"period":"2017-07-01","rent":1252.32276},{"period":"2017-08-01","rent":1261.763317},{"period":"2017-09-01","rent":1273.372263},{"period":"2017-10-01","rent":1278.008775},{"period":"2017-11-01","rent":1287.190179},{"period":"2017-12-01","rent":1294.087993},{"period":"2018-01-01","rent":1304.941007},{"period":"2018-02-01","rent":1310.320931},{"period":"2018-03-01","rent":1319.559368},{"period":"2018-04-01","rent":1321.8538},{"period":"2018-05-01","rent":1331.230907},{"period":"2018-06-01","rent":1332.445401},{"period":"2018-07-01","rent":1339.68691},{"period":"2018-08-01","rent":1340.814255},{"period":"2018-09-01","rent":1350.155479},{"period":"2018-10-01","rent":1356.88774},{"period":"2018-11-01","rent":1364.571199},{"period":"2018-12-01","rent":1370.28692},{"period":"2019-01-01","rent":1379.591715},{"period":"2019-02-01","rent":1380.07161},{"period":"2019-03-01","rent":1386.912735},{"period":"2019-04-01","rent":1397.529752},{"period":"2019-05-01","rent":1403.199266},{"period":"2019-06-01","rent":1410.151023},{"period":"2019-07-01","rent":1414.83219},{"period":"2019-08-01","rent":1421.95593},{"period":"2019-09-01","rent":1422.320208},{"period":"2019-10-01","rent":1427.284743},{"period":"2019-11-01","rent":1428.326034},{"period":"2019-12-01","rent":1431.93456},{"period":"2020-01-01","rent":1429.243049},{"period":"2020-02-01","rent":1435.944909},{"period":"2020-03-01","rent":1442.290586},{"period":"2020-04-01","rent":1449.280753},{"period":"2020-05-01","rent":1449.350205},{"period":"2020-06-01","rent":1446.614643},{"period":"2020-07-01","rent":1452.259273},{"period":"2020-08-01","rent":1453.161935},{"period":"2020-09-01","rent":1477.537185},{"period":"2020-10-01","rent":1491.203942},{"period":"2020-11-01","rent":1516.578881},{"period":"2020-12-01","rent":1528.860146},{"period":"2021-01-01","rent":1547.792726},{"period":"2021-02-01","rent":1558.866908},{"period":"2021-03-01","rent":1589.223213},{"period":"2021-04-01","rent":1596.417584},{"period":"2021-05-01","rent":1628.9861},{"period":"2021-06-01","rent":1666.682317},{"period":"2021-07-01","rent":1720.975704},{"period":"2021-08-01","rent":1768.931808},{"period":"2021-09-01","rent":1797.614978},{"period":"2021-10-01","rent":1824.339812},{"period":"2021-11-01","rent":1845.021124},{"period":"2021-12-01","rent":1868.644833},{"period":"2022-01-01","rent":1883.595135},{"period":"2022-02-01","rent":1883.115065},{"period":"2022-03-01","rent":1878.288529},{"period":"2022-04-01","rent":1894.007643},{"period":"2022-05-01","rent":1898.861081},{"period":"2022-06-01","rent":1906.283035},{"period":"2022-07-01","rent":1899.245206},{"period":"2022-08-01","rent":1898.855898},{"period":"2022-09-01","rent":1897.214892},{"period":"2022-10-01","rent":1887.195415},{"period":"2022-11-01","rent":1877.216929},{"period":"2022-12-01","rent":1852.895887},{"period":"2023-01-01","rent":1852.170067},{"period":"2023-02-01","rent":1864.242302},{"period":"2023-03-01","rent":1885.026164},{"period":"2023-04-01","rent":1891.325309},{"period":"2023-05-01","rent":1885.72299},{"period":"2023-06-01","rent":1882.176389},{"period":"2023-07-01","rent":1874.378196},{"period":"2023-08-01","rent":1872.832974},{"period":"2023-09-01","rent":1871.313696},{"period":"2023-10-01","rent":1883.95374},{"period":"2023-11-01","rent":1896.601232},{"period":"2023-12-01","rent":1908.838036},{"period":"2024-01-01","rent":1916.92953},{"period":"2024-02-01","rent":1931.383383},{"period":"2024-03-01","rent":1935.277643},{"period":"2024-04-01","rent":1940.062655},{"period":"2024-05-01","rent":1938.880038},{"period":"2024-06-01","rent":1945.281022},{"period":"2024-07-01","rent":1954.721259},{"period":"2024-08-01","rent":1972.106252},{"period":"2024-09-01","rent":1972.424098},{"period":"2024-10-01","rent":1962.25902},{"period":"2024-11-01","rent":1939.977954},{"period":"2024-12-01","rent":1933.401979},{"period":"2025-01-01","rent":1930.655355},{"period":"2025-02-01","rent":1934.592106},{"period":"2025-03-01","rent":1943.229567},{"period":"2025-04-01","rent":1941.822519},{"period":"2025-05-01","rent":1952.433018},{"period":"2025-06-01","rent":1946.669127},{"period":"2025-07-01","rent":1949.587758},{"period":"2025-08-01","rent":1941.795202},{"period":"2025-09-01","rent":1947.003271},{"period":"2025-10-01","rent":1954.168225},{"period":"2025-11-01","rent":1970.218359},{"period":"2025-12-01","rent":1977.091076},{"period":"2026-01-01","rent":1978.426954},{"period":"2026-02-01","rent":1969.102276},{"period":"2026-03-01","rent":1959.640801},{"period":"2026-04-01","rent":1959.44387},{"period":"2026-05-01","rent":1955.543369},{"period":"2026-06-01","rent":1959.83672}],"historySummary":{"pointCount":138,"firstPeriod":"2015-01-01","latestPeriod":"2026-06-01","coverageMonths":138,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":1946.669127,"endRent":1959.83672,"change":0.006764165937275912,"cagr":0.006764165937275912},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":1882.176389,"endRent":1959.83672,"change":0.04126092084348221,"cagr":0.013568698006536373},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1666.682317,"endRent":1959.83672,"change":0.17589099014842424,"cagr":0.032935997104586834}},"maxDrawdown":-0.02838663881830117,"annualizedVolatility":0.02246572589569302,"consecutiveReturnCount":137}}