At the reported June 2026 endpoint, Zillow’s ZIP-level ZORI for 89509 is $1,743 per month. The index rose 6.2% on an exact same-month basis over 1 year, versus annualized exact same-month gains of 4.1% over 3 years and 4.2% over 5 years. The current direction therefore accelerates rather than breaks from the longer path, but all of these are backward-looking measurements, not forecasts or investment recommendations. ZORI is a typical observed asking-rent index blended across rental types, not a quote for every advertised home or an executed lease. The five-digit label is both a Zillow ZIP market identifier and the matched Census ZCTA identifier.
History coverage is 99.3% through the stated endpoint. Annualized monthly-return variability was 3.0%, while the maximum drawdown was a 3.2% decline from a prior peak. This range means a single current snapshot has meaningful, but not unlimited, precision as evidence of recent market direction; it should receive less confidence than a record considered across several years. Transparent national discovery ranks among history-eligible ZIPs were 331 for momentum, 1,573 for stability, and 463 for the balanced measure, where a lower rank is higher. The relatively strong momentum rank agrees with the accelerating recent change, whereas the much weaker stability rank reinforces caution about reading too much into one current rent observation.
Regional level comparisons emphasize that rapid ZIP movement and a high regional level are separate signals. In the Reno city context, the asking-rent reading is $1,932; the Washoe County context and Reno, NV metro context each report $2,004. The ZIP reading is therefore 9.8% below the city context and below both the county and metro contexts. These named city, county, and metro values are wider-context readings, not replacements for the ZIP observation. Their difference from the local ZIP reading does not reveal the cause of the gap, establish conditions in an individual building, or make a claim about where any specific listing will be priced.
Another source universe supplies a lower, but not competing, benchmark. In the matched ZCTA, the ACS 2024 five-year survey puts median gross rent at $1,495, with a $52 90% margin of error. That result is 16.6% below current ZORI, a $248 difference. ACS is a five-year survey of occupied renter homes, and median gross rent includes selected utilities; ZORI instead captures typical observed asking rents blended across rental types. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP, even where this matched label enables comparison. Different populations, time windows, utility treatment, and geographic constructs mean the gap is not a market-wide markup, a leasing premium, or a unit-level price difference.
The bedroom ladder answers a different question and must remain explicitly modelled. FY2026 HUD FMR/SAFMR provides the local bedroom-specific administrative standard; its two-bedroom value is $1,870. Scaling the ZIP ZORI using that local HUD ladder yields modelled monthly estimates of $1,201 for a studio, $1,388 for one bedroom, $1,743 for two bedrooms, $2,367 for three bedrooms, and $2,749 for four bedrooms. These are modelled estimates, never measured bedroom rents: the two-bedroom model equals the all-type ZORI by design. HUD FMR/SAFMR is an administrative bedroom-specific standard, not asking rent, so this ladder cannot substitute for an observed bedroom-specific listing sample. Actual listings can differ by usable space, condition, lease structure, and included utilities.
Affordability evidence is likewise a screen, not a property decision. ACS reports median household income of $86,126 for the matched ZCTA. Assigning 30% of income to the $1,743 monthly ZORI produces a directly arithmetic annual-income screen of $69,720 and a ZIP rent-to-income ratio of 24.3%. It is not advice, a budget finding, or an applicant qualification rule: household size, non-rent expenses, actual utility bills, and a landlord’s standards are outside this calculation. In the ACS renter survey, 3,645 of 7,465 renter households, or 48.8%, reported gross-rent burdens at or above that threshold. The burden measure describes surveyed households rather than demonstrating affordability for a new household or a particular home.
Survey housing counts provide useful scale but not live inventory. The matched ZCTA contains 18,256 housing units and 1,468 vacant units, an 8.0% vacancy rate; the renter share is 44.5%. Single-family structures outnumber large multifamily structures in the reported stock, but vacancy classifications cover more than rental availability and do not prove that a particular unit can be leased, at what rent, or in what condition. Before comparing any property with the blended ZIP index, check the live asking rent and date, bedroom count and usable space, utilities and recurring fees, lease term, move-in timing, and actual availability. The decisive question is whether those property facts make a specific listing comparable with this ZIP-level measure, rather than whether a broad average can answer for it.
","findings":[{"body":"The ZIP ZORI reached $1,743 at the reported endpoint after a 6.2% exact same-month gain. That pace exceeded the annualized 3-year and 5-year changes, confirming faster recent direction. Yet the reported level remained below the Reno city, Washoe County, and Reno metro context readings. This is a distinction between current level and momentum, not an explanation for the pattern or a prediction of subsequent rents.","title":"Acceleration sits below broader rent readings"},{"body":"ACS median gross rent is a survey measure for occupied renter homes, while ZORI is an asking-rent index. The ACS figure includes selected utilities and is reported for a matched statistical ZCTA across a five-year survey period. Therefore, its difference from the current ZORI is not evidence of a universal premium, a landlord pricing practice, or the cost of any particular listing.","title":"Survey rent is not asking rent"},{"body":"The local HUD bedroom ladder is useful for creating a consistent set of modelled ZIP estimates, but it is administrative rather than observational. The resulting studio-through-four-bedroom amounts preserve HUD relative standards and use the ZIP ZORI as the anchor. They should be read as modelled estimates only, not measured bedroom rents or evidence that matching homes are currently available at those amounts.","title":"Bedrooms are modelled through HUD standards"},{"body":"The income screen places the current ZORI below the arithmetic level associated with allocating thirty percent of median household income to rent, while nearly half of surveyed renter households report burdens at that threshold or above. Meanwhile, the area vacancy rate is a survey stock statistic. Neither measure determines a household’s budget, eligibility, or whether a particular advertised unit is vacant and comparable.","title":"Affordability and vacancy remain area-level measures"}],"risks":["ZORI blends rental types and represents a typical observed asking-rent index, so the ZIP reading may not match a specific listing’s bedroom count, condition, included utilities, timing, fees, or lease structure.","ACS gross rent applies to occupied renter homes across the survey window and includes selected utilities. Its margin of error and different ZCTA geography mean a direct comparison with current listing asks remains imperfect.","HUD FMR/SAFMR is an administrative bedroom standard. The derived bedroom amounts preserve that ladder’s proportions, but they are not observed bedroom rents and cannot establish the fair or available price of a unit.","Vacancy and rent-burden estimates describe area-level classifications and surveyed households. They cannot demonstrate whether a particular property is vacant, attainable, utility-inclusive, suitable, or available on the reader’s needed date."],"qa":[{"a":"It is the ZIP-level Zillow ZORI at the reported endpoint, a typical observed asking-rent index blended across rental types. It summarizes an index for the ZIP market identifier, not a guaranteed quote for every listing, an executed rent, or an observed value for a particular bedroom size. Listing-specific facts can differ substantially.","q":"What does the current Zillow rent reading measure?"},{"a":"The ACS result is not a second asking-rent quote. It is a five-year survey estimate of median gross rent among occupied renter homes in the matched ZCTA, and it includes selected utilities. Zillow ZORI follows observed asking rents instead. In addition, the ZCTA is a statistical area, not the same thing as a USPS delivery ZIP.","q":"Why is the ACS rent figure lower than the Zillow index?"},{"a":"The model starts with ZIP ZORI and applies the relative bedroom factors in the local HUD FMR/SAFMR ladder. This makes the two-bedroom model equal to the all-type ZORI by construction, then scales the other bedroom sizes around it. The outputs are modelled estimates, not measured asking rents, completed leases, or direct bedroom samples.","q":"How were the modelled bedroom estimates created?"},{"a":"No. The required-income figure only annualizes the reported monthly index using a stated share of income; it does not test a household’s budget or a landlord’s qualification criteria. Burden and vacancy are area-level survey statistics. A listing comparison still needs its live asking price, utilities and fees, lease terms, size, timing, and actual availability.","q":"Can the 30% screen, renter burden, or vacancy rate establish what a specific listing will cost or whether someone qualifies?"}],"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 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