For 89166, Zillow’s ZIP-level ZORI was $2,026 in June 2026, providing the current asking-rent reading. ZORI is a typical observed asking-rent index blended across rental types, not a bedroom-specific observed rent. The matched Census ZCTA’s ACS 2024 five-year median gross rent was $1,824. That survey describes occupied renter homes and includes selected utilities, so it cannot be read as an alternative current asking-rent quote. The 89166 label is both Zillow’s ZIP market identifier and a Census ZCTA match. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP. Scope and timing therefore matter before comparing these figures.
Cooling is clearest in same-month history. The 1-year annualized change through June was -0.37%, while the 3-year and 5-year annualized changes were 0.69% and 2.08%. Recent decline therefore breaks from, rather than confirms, the longer positive path; these are backward-looking measurements, not forecasts or investment recommendations. Coverage reaches 99.26%, giving a nearly continuous basis for the series. Its monthly changes annualize to 2.94% variability, which reduces confidence that one current index reading represents a stable near-term level. Separately, the maximum observed peak-to-trough drawdown was -2.92%, a contained but real historical retreat. Transparent national discovery ranks among history-eligible ZIPs—where a lower number ranks higher—were 2,412 for momentum, 1,504 for stability, and 2,389 balanced.
Bedroom sizing can be made internally consistent, but not measured. The FY2026 local HUD FMR/SAFMR ladder is an administrative, bedroom-specific standard rather than asking rent; its two-bedroom standard is $1,735. Scaling the ZIP ZORI by that local ladder yields modelled monthly estimates of $1,557 for a studio, $1,726 for one bedroom, the headline ZORI for two bedrooms, $2,818 for three bedrooms, and $3,228 for four bedrooms. These are modelled estimates, never measured bedroom rents or evidence of available units at those prices. They organize a size comparison only; actual asking terms may differ by unit type, included utilities, availability, and lease details.
Affordability evidence cuts differently from the cooling index. The ZCTA’s ACS median household income is $107,846. Applying a 30% rent-to-income screen to the monthly Zillow index produces required annual income of $81,040 and an asking-rent-to-income figure of 22.54%. This screen is arithmetic, not advice and not an applicant qualification rule; median household income and the asking-rent index also come from distinct population constructs. Within the ACS renter survey, 46.05% of renter households report paying at least that share of income toward gross rent. That burden statistic includes survey uncertainty and does not establish the cost burden, rent, or utility payment of any particular unit or household.
Stock composition gives another boundary on interpretation. The ACS ZCTA has 11,239 housing units, a 3.79% vacancy rate, and a 27.86% renter share. Its recorded stock is primarily single-family structures, which describes the area’s housing base rather than a rental-comparable set. Reported vacant categories include 178 units for rent, plus for-sale and seasonal classifications, while total vacancy is a status measure rather than a count of usable listings. Neither the vacancy rate nor the burden share proves availability, pricing, condition, or tenant experience at a particular rental unit. ACS stock results remain five-year survey estimates, not a live inventory feed.
Broader benchmarks underscore why the ZIP must stand on its own. For wider context only, the citywide City of Las Vegas rent benchmark is $1,721.81, while the countywide Clark County benchmark and metro-wide Las Vegas-Henderson-Paradise, NV benchmark are both $1,748; each has a named city, county, or metro scope and none is a ZIP observation. The ZIP asking index sits above all three, but that comparison does not make their values substitutes for Zillow’s local ZORI. Context also differs in construction: city and county ACS estimates, HUD standards, and metro indicators each represent broader populations or administrative geographies. They can frame relative scale, not supply ZIP rental comps or establish why the ZIP differs.
Direct ZIP resale evidence creates the central cross-market tension. In Redfin’s direct rolling-three-month ZIP for-sale observation ending June 30, 2026, median sold price was $524,881, down 0.02% year over year; 203 homes sold with a median 57 days on market. Inventory was 302 homes, 31.35% higher than a year earlier, and months of supply stood at 4.5. The average sale-to-list ratio was 98.91%, only 14.23% sold above list, and 22.82% went off market within a fortnight. These are resale, not rental, transactions. Together with slight ZORI cooling, the larger resale inventory and flat sold-price change challenge a simple scarcity interpretation of the current rent snapshot, even though they cannot measure rental availability. Annualized ZIP ZORI divided by median sold price is 4.63%, solely a cross-source screening ratio—not a cap rate, net return, expected return, or property yield.
Limits are material rather than boilerplate. ZORI blends rental types, ACS is lagged survey evidence of occupied renters, HUD is an administrative standard, and Redfin covers resale only; none supplies a measured bedroom-specific lease comp or a property income statement. Needed property-level checks include the exact bedroom count and unit type, live comparable asking rents, utility inclusion, lease length, concessions, availability date, condition, and the geographic match to the delivery address. For a resale comparison, verify sold-record recency, property characteristics, list-price history, and whether the sale mix resembles the subject. Treat the historical path and screening ratio as backward-looking filters, not forecasts, recommendations, or proof of economics. The remaining decision question is whether those unit-level facts support the current index comparison.
","findings":[{"body":"Same-month Zillow history is negative over one year but remains positive over three and five years. That break makes the current ZORI a cooling observation rather than simple continuation of the multiyear path. Near-complete coverage strengthens the description of past movement, while variability and drawdown limit confidence in a single month as a durable level.","title":"Cooling interrupts a still-positive multiyear rent record"},{"body":"The HUD-scaled ladder creates a consistent studio-through-four-bedroom view, but it is a model tied to ZIP ZORI and HUD standards. It is not a set of observed listings or leases. The income screen appears less strained than the surveyed burden share, a difference that reflects separate measures, populations, and treatment of gross rent and utilities.","title":"Bedroom ladder is a model, not a listing set"},{"body":"Redfin’s rolling three-month data show near-flat sale pricing alongside higher inventory and a multi-month supply position. Those for-sale signals do not price rentals, yet they complicate an interpretation that the current rent index alone demonstrates scarcity. The annualized rent-to-price figure remains a cross-source screen, without property operating costs or investment-return meaning.","title":"Resale conditions complicate a scarcity reading"},{"body":"ACS portrays a ZCTA with a low reported vacancy rate, a minority renter share, and housing stock dominated by single-family units. Because this is a five-year survey and its ZCTA boundary is statistical, it cannot verify a currently available rental, its condition, or the precise delivery ZIP of an address.","title":"Survey stock measures need unit-level confirmation"}],"risks":["The ACS ZCTA is a statistical approximation rather than the USPS delivery ZIP, and its five-year survey timing, sampling error, and occupied-household scope limit direct comparison with current Zillow asking rents.","Modelled bedroom estimates inherit the ZIP ZORI and local HUD ladder. They can misstate a live unit’s advertised rent when unit type, utility inclusion, concessions, lease term, or availability differs.","Reported vacancy and rent-burden shares are area-level ACS measures. Neither shows that a specified unit is vacant, affordable, utility-inclusive, comparable in condition, or burdensome for a particular household.","Redfin resale data cover sold homes and listing-market signals, not rental transactions. The packet supplies no property-level operating-cost, financing, or rental-revenue evidence, so its cross-source ratio cannot establish net economics."],"qa":[{"a":"Zillow ZORI is a ZIP-level typical observed asking-rent index, blended across rental types at a current endpoint. ACS median gross rent is a five-year survey result for occupied renter homes in the matched ZCTA and includes selected utilities. A ZCTA is statistical, rather than identical to a USPS delivery ZIP, so values are not interchangeable.","q":"Why are the Zillow and ACS rent figures different measures?"},{"a":"No. Each bedroom figure is a modelled estimate created by scaling the ZIP ZORI with the local HUD FMR/SAFMR ladder. HUD is an administrative bedroom-specific standard, not an asking-rent series. The estimates do not observe listings, signed leases, utility treatment, concessions, or the availability of a unit.","q":"Are the bedroom estimates evidence of actual available rents?"},{"a":"No. The history reports backward-looking same-month changes, monthly-return variability, maximum drawdown, coverage, and transparent discovery ranks through the stated endpoint. A negative one-year measure breaks from positive three- and five-year measurements, but those measurements do not forecast rents. The recorded variability and drawdown mean that one current index snapshot is not a fixed near-term level.","q":"Does the historical record say rent will keep falling?"},{"a":"The direct rolling-three-month Redfin record combines virtually unchanged median sold pricing with increased inventory, several months of supply, and sale-to-list measures below full list on average. That for-sale evidence does not measure rental deals, but alongside slight ZORI cooling it challenges a one-dimensional scarcity reading. The rent-to-price calculation remains only a cross-source screen.","q":"What resale tension matters for ZIP 89166?"}],"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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