At the June 2026 Zillow reading, ZIP 89436 carries a typical observed asking-rent index of $2,284 per month, 6.6% above the same month a year earlier. This is a ZIP-level Zillow ZORI, not a lease survey: it is a typical observed asking-rent index blended across rental types. The immediate signal is therefore a broad advertised-rent benchmark rather than the price, size, condition, concessions, or utility treatment of any one available home. That distinction matters because the index supplies a current market reference but does not classify an individual listing or establish its final contract rent.
The shorter-term rise breaks above, rather than merely confirms, the longer historical pace. Exact same-month annualized change was 6.6% over one year, 3.9% over three years, and 2.9% over five years, so the most recent period accelerated relative to both longer windows. Annualized monthly-return variability was 2.3%, while the maximum drawdown was -2.4%; the series has 100% coverage across 138 observations. Momentum, stability, and balanced transparent national discovery ranks were 323, 392, and 64 among history-eligible ZIPs, respectively, where a lower rank is higher. These are backward-looking measurements, not forecasts or investment recommendations. Because the reported variability and drawdown quantify past movement, the confidence warranted for one current snapshot comes from reading it alongside the full record, not from treating it as a standalone price.
Zillow and Census figures answer different questions. The five-digit label 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. In the ACS 2024 five-year survey, median gross rent is $2,128, with a reported $93 margin of error. That measure covers occupied renter homes and includes selected utilities, making it 7.3% below the current ZORI without making the two measures inconsistent. The FY2026 HUD two-bedroom FMR is $1,870, 22.1% below ZORI. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent.
Scaling the ZIP index with the local HUD ladder's relative steps across bedroom sizes produces modelled monthly ZIP estimates, in ascending order from studio through four bedrooms: $1,574 for a studio, $1,819 for one bedroom, $2,284 for two bedrooms, $3,101 for three bedrooms, and $3,602 for four bedrooms. These figures scale ZORI using the local HUD ladder. They are modelled estimates, never measured bedroom rents, and they should not be interpreted as counts of available units, signed leases, or price quotes for a specific home.
Income and reported burden add a separate screen to the asking-rent index. The matched ZCTA median household income is $114,100; at that income, the ZIP ZORI represents 24% of annual income before property-specific costs are known. At a 30% of income screen, the arithmetic required annual income is $91,360. This screen is arithmetic, not advice or an applicant qualification rule. Separately, ACS places 49.6% of renter households in the 30%-or-more burden category. That population-level survey result does not establish the payment burden of a particular household or the affordability of a particular listed unit.
The matched ZCTA reports 16,165 single-family units and 498 large multifamily units. Its all-housing vacancy rate is 4.6%, with 300 vacant units classified as for rent. These stock and vacancy data identify area-level categories, not the availability, condition, or asking rent of a particular unit. The supplied counts do not assign an individual address to either category. For wider-area context, the Sparks city rent context, the Washoe County rent context, and the Reno, NV metro rent context are all below the ZIP index; the county and metro values are each $2,004, and all three are wider-area context rather than ZIP measurements. The scopes should not be blended into a property comparison.
The dataset leaves property-specific facts unobserved. ZORI is a current typical index, ACS is a historic survey median, HUD is a standard, and the recorded historical results remain descriptive rather than predictive. A property-level comparison needs the advertised base rent, bedroom count, home type, availability date, utility responsibilities, concessions, fees, and lease terms; it also needs confirmation that the address belongs in the relevant ZIP rather than merely using a postal label. Aggregate data cannot replace those property-specific facts in a real listing. No aggregate source resolves those unknowns. None of these sources reports the condition, exact address, or contractual terms of a prospective home. The practical closing question is not which aggregate figure is right, but whether the specific home's terms align with the source and measurement appropriate to the comparison.
","findings":[{"body":"June 2026 ZORI for ZIP 89436 is $2,284, and the exact same-month one-year gain of 6.6% is above the three- and five-year annualized rates. This identifies an accelerating recent pace in the historical record. The series' complete coverage, historical drawdown, and discovery-rank outputs describe past index behavior only; they do not turn an area-level index into a forecast or a quote for one home.","title":"Recent ZORI growth exceeds the longer pace"},{"body":"Zillow ZORI and ACS median gross rent are not interchangeable. ZORI is a current ZIP asking-rent index, while ACS is a five-year ZCTA survey of occupied renter homes that includes selected utilities. HUD FMR adds a third universe: a bedroom-specific administrative standard. Differences among these figures reflect scope and methodology, rather than a contradiction between measurements.","title":"The rent benchmarks come from separate universes"},{"body":"Bedroom values from $1,574 for a studio to $3,602 for four bedrooms come from scaling ZIP ZORI by the local HUD ladder. They are modelled monthly ZIP estimates and have not been independently measured for each bedroom type. Their usefulness is comparative: they show the ladder applied to one ZIP-wide index, not available inventory or lease outcomes.","title":"Bedroom figures are modelled, not observed"},{"body":"The matched ZCTA reports a renter share of 25.3%, an all-housing vacancy rate of 4.6%, and a 49.6% rent-burden share. The data describe aggregate household and stock categories. They cannot establish that a particular vacant home is rentable, that a particular renter is burdened, or that any listed unit will match the area-wide ZORI benchmark.","title":"Stock and burden remain area-level measures"}],"risks":["ZORI's blended, typical asking-rent construction can differ materially from a unit's quoted rent because bedroom count, property type, utility treatment, concessions, timing, and lease terms are not identified by the ZIP index.","ACS values are ZCTA five-year survey estimates for occupied renter homes, not current listing observations; their reported margins of error and included selected utilities mean they cannot serve as a direct price quote.","HUD FMR/SAFMR is an administrative standard, and scaling it produces a modelled bedroom ladder. A modelled studio or four-bedroom value is not evidence that a matching unit was listed or leased at that amount.","Area-level vacancy, renter share, and burden statistics neither identify a particular property's availability nor prove a household's circumstances. Wider city, county, and metro context figures also cannot substitute for ZIP or listing-specific evidence."],"qa":[{"a":"The reported $2,284 is Zillow ZORI at ZIP scope in June 2026. It is a typical observed asking-rent index blended across rental types. It is a market benchmark, not a claim about the advertised rent, square footage, utilities, concessions, condition, or final lease terms of an individual property.","q":"What does the current $2,284 rent figure represent?"},{"a":"ACS median gross rent is a survey estimate for occupied renter homes in the matched ZCTA over the ACS five-year period, and it includes selected utilities. Zillow ZORI is a contemporaneous ZIP-level typical observed asking-rent index. A ZCTA is statistical geography, not the same thing as a USPS delivery ZIP, so neither geography nor measure is identical.","q":"Why is ACS median gross rent lower than ZORI?"},{"a":"The bedroom amounts are created by applying relative HUD studio-to-four-bedroom standards to the ZIP ZORI. That method preserves the ZIP index as the level and uses the HUD ladder for bedroom spacing. It yields modelled monthly ZIP estimates only. They are not observed bedroom medians, asking-rent samples, lease data, or a count of available homes.","q":"How were the bedroom estimates derived?"},{"a":"The historical series shows acceleration in the latest one-year comparison versus its longer annualized comparisons, along with reported variability and maximum drawdown. Those facts provide backward-looking context for the current index, not a forecast. Similarly, the vacancy rate is an area-wide stock measure; it cannot verify whether a particular home is currently available or what it will rent for.","q":"What can the historical and vacancy data 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 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