In 89149, the June 2026 Zillow ZORI stands at $1,823 per month. It is a typical observed asking-rent index blended across rental types, not a quote for a particular dwelling or a census measure of what a tenant pays. The exact same-month movement is -0.70% over one year, compared with annualized same-month changes of 0.94% over three years and 3.46% over five years. Recent direction therefore breaks from, rather than confirms, the longer recorded upward path, consistent with the cooling history category. These are backward-looking measurements, not a forecast or investment recommendation, and they do not establish that every listing changed by the index amount.
That break is visible in a full rather than fragmentary history. Coverage is 100% across 138 monthly Zillow ZIP observations, making the calculated path auditable over the supplied window. Past monthly rent changes show 2.23% annualized variability, so the index has not moved in a straight line. Separately, its largest peak-to-trough setback was -3.36%, which shows the historical downside experienced before the endpoint. The transparent national discovery ranks among history-eligible ZIPs are 2,423 for momentum, 325 for stability, and 1,649 for balanced history; lower rank is higher. Those retrospective ranks and the drawdown argue for measured confidence in one current index snapshot, not a claim that its next move is known.
Broader rental context points in a different direction from the ZIP's local level, but it is not a substitute for ZIP evidence. For wider geographic context only, Las Vegas city asking-rent context is $1,722, while Clark County context and Las Vegas-Henderson-Paradise, NV metro context are both $1,748. The direct ZIP ZORI is above each of those city, county, and metro figures, while its recent decline is measured only in the direct ZIP history. Scope matters: those wider values cannot supply bedroom comps, describe a specific property, or turn a ZIP-level index into a lease quote. They simply frame the level difference surrounding this identified market.
The five-digit label 89149 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 ACS 2024 five-year survey reports median gross rent of $1,897 for occupied renter homes, and that measure includes selected utilities. It is therefore a distinct universe from asking rent and sits 3.9% above current ZORI without demonstrating an error in either series. ACS median household income is $101,697. Applying a 30% arithmetic screen to annualized ZORI produces $72,920 of required annual income. That calculation is neither advice nor an applicant qualification rule. Meanwhile, 54.1% of renter households reported gross-rent burden at or above that threshold; an area-wide burden share cannot prove affordability or payment stress for a particular unit.
The bedroom view is deliberately a model, not a set of measured bedroom rents. Scaling the ZIP ZORI with the local HUD ladder produces modelled monthly estimates of $1,401 for a studio, $1,553 for one bedroom, $1,823 for two bedrooms, $2,535 for three bedrooms, and $2,904 for four bedrooms. The FY2026 HUD FMR/SAFMR ladder behind that scaling runs from $1,333 for a studio to $2,764 for four bedrooms, with $1,735 at two bedrooms. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent. Accordingly, the two-bedroom estimate is index-scaled through that local standard, rather than a direct observation of advertised two-bedroom leases.
Physical stock and vacancy help set boundaries around the rent and burden readings. The matched ACS ZCTA contains 17,550 housing units, with a 6.2% vacancy rate. Single-family units account for 14,396 of the stock, compared with 1,420 units in large multifamily structures, while renter-occupied homes represent 29.2% of occupied housing. There are 467 units classified vacant for rent. The ZIP vacancy rate is below the Las Vegas city and Clark County contextual vacancy rates, but these are still area aggregates. A vacant-for-rent count does not reveal a unit's asking price, condition, bedroom count, lease terms, or whether any particular property is actually available.
Resale data give a direct market signal, but from an entirely separate for-sale universe. Redfin's rolling-three-month ZIP observation through June 30, 2026 shows a $481,391 median sold price, down 4.0% year over year, across 193 homes sold. Median marketing time was 50 days, inventory was 273 homes, and months of supply stood at 4.3. Average sale-to-list was 98.4%; 17.0% of sales closed above list. These are ZIP resale pricing and liquidity observations, not rental transactions, rental comps, or evidence about a landlord's achieved rent. They nevertheless describe the market in which the screening price denominator was observed.
Here is the central cross-source tension: the resale price decline confirms the recent ZORI cooling signal, while the three- and five-year ZORI path remains positive and the ACS burden share remains elevated despite the aggregate income screen. Annualized ZIP ZORI divided by Redfin median sold price is 4.5%, but it is only a cross-source screening ratio and not a property-level economics measure. It cannot turn resale observations into rental performance. A property-level review should verify the live asking rent and lease term, bedroom configuration and housing type, utility and concession treatment, occupancy or availability status, and applicable listing details before translating area evidence to a specific dwelling. Can those checks reconcile the modelled rent, the observed asking-rent index, and the individual property facts?
","findings":[{"body":"Current ZIP ZORI of $1,823 declined 0.70% on the one-year same-month measure. Positive 0.94% and 3.46% annualized changes over three and five years show that this recent cooling interrupts a longer upward record. Complete history coverage, monthly variation, and the recorded drawdown describe past path quality, not the next rent movement or a recommendation.","title":"Cooling interrupts the longer rent path"},{"body":"The matched ACS ZCTA reports higher median gross rent than ZORI, but it studies occupied renter homes over five years and includes selected utilities. Median household income clears the mechanical income screen, while a majority of renter households report burden at or above the screen's threshold. That gap is an aggregate affordability tension, not evidence about payment capacity or burden in a particular dwelling.","title":"Aggregate affordability masks reported burden"},{"body":"Each studio through four-bedroom amount is a modelled monthly ZIP estimate created by scaling the general ZORI with the local HUD FMR/SAFMR ladder. HUD is an administrative, bedroom-specific standard and not asking rent. The ladder can organize a bedroom comparison, but it cannot substitute for observed bedroom-specific listings or executed leases.","title":"Bedroom estimates are a HUD-scaled model"},{"body":"Redfin records ZIP resale activity, where median sold price fell year over year and transactions showed measurable supply, marketing time, and sale-to-list signals. That directional price evidence aligns with the most recent rent cooling measurement, but it is not a rental sample. The annual-rent-to-sale-price figure remains a cross-source screen rather than property economics.","title":"Resale evidence shares the cooling direction"}],"risks":["ZORI is a blended ZIP asking-rent index across rental types, so it cannot verify the advertised rent, concessions, utility treatment, bedroom count, lease duration, or availability of a specific dwelling.","The ACS figure uses a five-year matched ZCTA survey rather than USPS delivery geography or live listings. Its occupied-home gross-rent and burden estimates, including survey uncertainty, should not be read as current tenant terms.","HUD standards are bedroom-specific administrative benchmarks. The modelled ladder mechanically scales ZORI from those standards and is not a measured set of studio through four-bedroom asking rents.","Redfin tracks a rolling three-month ZIP resale sample. Sale price, inventory, days, supply, and sale-to-list indicators describe for-sale liquidity; they cannot demonstrate rental transactions, property economics, or performance of an individual asset."],"qa":[{"a":"ZORI is a ZIP-level typical observed asking-rent index blended across rental types. ACS is a matched ZCTA five-year survey of occupied renter homes whose median gross rent includes selected utilities. The shared five-digit label makes a geography match possible, yet a ZCTA is statistical geography rather than the identical boundary of a USPS delivery ZIP. Differences can therefore reflect scope, method, and timing.","q":"Why can ZORI and ACS rent differ in this report?"},{"a":"No. They are modelled monthly ZIP estimates, obtained by scaling the general ZORI using the local HUD FMR/SAFMR bedroom ladder. HUD standards are administrative and bedroom-specific; they do not count active advertisements. A reader should treat the figures as a consistent allocation of the ZIP index, then verify an individual listing's bedroom count, lease terms, and utility treatment.","q":"Are the bedroom figures measured asking rents?"},{"a":"The screen annualizes ZORI and identifies the household income mathematically associated with spending 30% of that rent amount. It is not advice, a tenant underwriting standard, or an applicant qualification rule. ACS burden is a separate historical five-year survey measure of occupied renter households; it does not say that any named unit will impose the same burden.","q":"How should the 30% required-income screen be used?"},{"a":"No. Redfin's rolling-three-month ZIP data record for-sale and resale observations: sold-price direction, homes sold, days on market, inventory, supply, and sale-to-list outcomes. The price decline shares a cooling direction with recent ZORI, but it does not cause or validate a rental transaction. Dividing annualized ZORI by sold price is only a cross-source screening ratio, not a measure of a property's economics.","q":"Does Redfin resale data measure this ZIP's rental market?"}],"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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