ZIP 91605 is both Zillow’s five-digit ZIP market identifier and a matched Census ZCTA label. A ZCTA is a statistical area, not an area identical to a USPS delivery ZIP. In June 2026, Zillow’s ZIP-level ZORI was $2,189 per month, down 0.43% from the same month a year earlier. ZORI is a typical observed asking-rent index blended across rental types, so it is a current market indicator rather than a lease-specific quote, a utility-inclusive household budget, or a measure of every available unit.
The latest decline breaks from the longer rent path rather than confirming it. Exact same-month ZORI change was -0.43% over the one-year span, while the annualized change was 2.17% over three years and 4.62% over five years. History has complete 100% coverage across 78 observations, which supports comparison across the available series. Annualized variability in monthly changes was 3.25%, meaning a single current reading should be viewed with some movement around it rather than as a fixed price point. Separately, the maximum peak-to-trough drawdown was 2.93%, documenting a limited historical retreat within the observed path. These are backward-looking measurements, not forecasts or investment recommendations.
The transparent national discovery ranks also place the ZIP’s history in a cooling-oriented position: momentum ranked 2,109, stability ranked 1,983, and the balanced measure ranked 2,423 among history-eligible ZIPs, where a lower rank is higher. Those ranks are comparative discovery tools, not evidence of future rent performance. Their usefulness is in clarifying the decision tension: the index remains above its longer-interval starting points, yet the most recent same-month comparison is negative. That divergence reduces confidence in treating the present ZORI level as proof that prior multiyear appreciation is continuing.
The bedroom figures translate the ZIP ZORI through the local HUD bedroom ladder and are modelled estimates, never measured bedroom rents. The resulting monthly ladder is $1,698 for a studio, $1,809 for one bedroom, $2,189 for two bedrooms, $2,879 for three bedrooms, and $3,332 for four bedrooms. The match between the modelled two-bedroom estimate and ZIP ZORI is a scaling result, not an observed two-bedroom asking-rent sample. HUD’s two-bedroom standard is $3,070, but HUD FMR or SAFMR is an administrative, bedroom-specific standard rather than asking rent; it should not be substituted for a current lease quote.
The matched ZCTA’s ACS 2024 five-year median gross rent was $1,769, making the current ZORI 23.7% higher. That difference does not establish an error because ACS is a five-year survey of occupied renter homes and median gross rent includes selected utilities, whereas ZORI tracks typical observed asks. Applying a 30% rent-to-income screen arithmetically to the $2,189 ZORI produces required annual household income of $87,560. The ZCTA median household income was $65,481, and the same arithmetic places the asking-rent-to-income relationship at 40.1%. This screen is not advice and is not an applicant qualification rule.
The ACS housing inventory totals 17,284 units. Renters occupy a 62.97% share of occupied homes, while the areawide vacancy rate is 7.70%; neither statistic proves vacancy, availability, condition, or rent for a particular address. ACS estimates that 6,344 renter households have rent burdens at or above 30% of income, equal to 63.16% of renter households. That burden measure concerns occupied renter households in the survey universe, not prospective applicants. Of vacant units, 571 were classified as for rent, a useful supply-category signal but not a count of units currently advertised at the ZORI level or at any modelled bedroom estimate.
Wider rent context is materially higher: the Los Angeles city context rent is $2,773, the Los Angeles County context rent is $2,808, and the Los Angeles-Long Beach-Anaheim metro context rent is $2,927. Each is a broader geographic benchmark, not a substitute for the ZIP index. The ZIP’s lower asking-rent index can sit alongside its higher local burden share because the two metrics arise from different universes: current Zillow asking-rent observations versus ACS occupied-renter survey responses and household incomes. The comparison is descriptive rather than causal.
Direct ZIP resale evidence offers a separate tension. In Redfin’s rolling-three-month for-sale observation, median sold price was $868,804, down 1.61% year over year; 43 homes sold with 41 median days on market, inventory of 58 homes, and 4.1 months of supply. The average sale-to-list ratio was 100.32%, while 30.98% of sales closed above list. This is for-sale market evidence, not rental transactions or rental comparables. The slight resale-price decline partly confirms the recent ZORI cooling, but the sale-to-list and above-list signals challenge a simple interpretation of uniformly weak market conditions. Annualized ZIP ZORI divided by median sold price is 3.02%, solely a cross-source screening ratio, not a cap rate, property yield, net return, or expected return. A property-level file would still need current advertised rent, bedroom count, utility treatment, lease terms, condition, listing status, and comparable sale timing checked: does the specific property actually match the index and resale observations being compared?
","findings":[{"body":"ZIP ZORI slipped 0.43% in the latest same-month annual comparison, despite positive annualized changes over the three-year and five-year intervals. The complete observation history makes the break visible, while the separate variability and drawdown measures caution against treating one current asking-rent reading as a durable trajectory. These figures describe prior index movement only.","title":"Recent rent cooling interrupts a positive multiyear path"},{"body":"ZORI is higher than the ACS median gross-rent estimate, but the gap is not a direct affordability or pricing discrepancy. Zillow tracks typical observed asking rents across rental types. ACS measures occupied renter homes over a five-year survey period and includes selected utilities. HUD standards serve yet another purpose: administrative bedroom-specific benchmarks, not asking-rent observations.","title":"The current asking-rent index exceeds the occupied-home rent survey"},{"body":"The arithmetic income screen for the ZIP asking-rent index exceeds the ZCTA median household income, and the ACS burden estimate reports a substantial share of renter households spending at least thirty percent of income on rent. Those conditions do not determine whether any applicant can qualify or whether any particular vacant unit is affordable, available, or utility-inclusive.","title":"Income and burden measures frame a household-level strain"},{"body":"The direct ZIP resale observation shows a year-over-year decline in median sold price, which is directionally consistent with recent ZORI cooling. Yet sale-to-list performance and the share of homes sold above list complicate a broad soft-market reading. These for-sale observations assess resale liquidity and pricing behavior, not rental leasing activity or property operating economics.","title":"Resale signals are mixed rather than a rental-market confirmation"}],"risks":["Current Zillow asking-rent index levels, ACS occupied-renter survey results, and HUD administrative bedroom standards use different populations, timing, and utility treatment, so their differences cannot be read as a direct unit-level price mismatch.","The bedroom ladder is a modelled scaling of ZIP ZORI using HUD relationships. It is not a measured sample of studio, one-bedroom, two-bedroom, three-bedroom, or four-bedroom asking rents in currently available listings.","The resale sample is a rolling-three-month for-sale observation. Median price, marketing time, supply, and sale-to-list measures may not represent any specific property type, condition, financing situation, or rental-use potential.","Historical rent changes, variability, drawdown, and national discovery ranks are retrospective measurements. They do not establish future rent direction, applicant demand, vacancy at a given property, or expected financial performance."],"qa":[{"a":"The measures describe different evidence universes. Zillow ZORI is a current typical observed asking-rent index blended across rental types. ACS median gross rent is a five-year survey result for occupied renter homes and includes selected utilities. Timing, household occupancy, utility treatment, and the distinction between asking rents and paid rents can all produce a difference.","q":"Why is Zillow ZORI higher than the ACS median gross-rent figure?"},{"a":"It divides annualized ZIP ZORI by thirty percent to show the household income that corresponds to that rent share under a simple arithmetic screen. It is not underwriting, advice, a legal affordability determination, or an applicant qualification rule. Actual household budgets can differ because utilities, lease terms, income sources, and unit rents differ.","q":"What does the required-income screen mean?"},{"a":"No. Redfin’s figures are direct ZIP resale evidence from a rolling-three-month for-sale observation, not rental transactions. The decline in median sold price aligns directionally with the recent ZORI decline, but sale-to-list results and above-list sales present countervailing resale signals. Neither source establishes causation between sales activity and leasing conditions.","q":"Do the Redfin data prove that the rental market is weakening?"},{"a":"A specific analysis would need the current advertised rent, bedroom count, lease length, utility responsibility, concessions, availability date, condition, and listing status. For a resale comparison, it would also need property type, sale date, condition, and comparable-sale relevance. ZIP indexes and rolling resale summaries cannot verify those individual property facts.","q":"What property-level information remains necessary?"}],"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":"2020-01-01","rent":1671.159473},{"period":"2020-02-01","rent":1668.122399},{"period":"2020-03-01","rent":1691.213174},{"period":"2020-04-01","rent":1696.397734},{"period":"2020-05-01","rent":1685.975897},{"period":"2020-06-01","rent":1693.590979},{"period":"2020-07-01","rent":1707.878254},{"period":"2020-08-01","rent":1707.106222},{"period":"2020-09-01","rent":1691.998064},{"period":"2020-10-01","rent":1659.666058},{"period":"2020-11-01","rent":1662.878906},{"period":"2020-12-01","rent":1658.042574},{"period":"2021-01-01","rent":1674.247639},{"period":"2021-02-01","rent":1698.288356},{"period":"2021-03-01","rent":1705.682704},{"period":"2021-04-01","rent":1725.004037},{"period":"2021-05-01","rent":1729.738406},{"period":"2021-06-01","rent":1746.070959},{"period":"2021-07-01","rent":1753.898985},{"period":"2021-08-01","rent":1782.547271},{"period":"2021-09-01","rent":1796.342523},{"period":"2021-10-01","rent":1826.922674},{"period":"2021-11-01","rent":1817.349884},{"period":"2021-12-01","rent":1852.492301},{"period":"2022-01-01","rent":1861.730682},{"period":"2022-02-01","rent":1886.23903},{"period":"2022-03-01","rent":1886.19181},{"period":"2022-04-01","rent":1891.68291},{"period":"2022-05-01","rent":1919.675669},{"period":"2022-06-01","rent":1947.669367},{"period":"2022-07-01","rent":1948.331081},{"period":"2022-08-01","rent":1950.486214},{"period":"2022-09-01","rent":1956.553721},{"period":"2022-10-01","rent":1969.719617},{"period":"2022-11-01","rent":2004.720463},{"period":"2022-12-01","rent":2006.221983},{"period":"2023-01-01","rent":2011.557888},{"period":"2023-02-01","rent":1986.304691},{"period":"2023-03-01","rent":2021.595746},{"period":"2023-04-01","rent":2068.060641},{"period":"2023-05-01","rent":2072.631591},{"period":"2023-06-01","rent":2052.278999},{"period":"2023-07-01","rent":2051.475566},{"period":"2023-08-01","rent":2050.951118},{"period":"2023-09-01","rent":2057.910839},{"period":"2023-10-01","rent":2046.413697},{"period":"2023-11-01","rent":2053.463408},{"period":"2023-12-01","rent":2057.998178},{"period":"2024-01-01","rent":2087.025674},{"period":"2024-02-01","rent":2091.005862},{"period":"2024-03-01","rent":2103.122248},{"period":"2024-04-01","rent":2062.723817},{"period":"2024-05-01","rent":2086.68735},{"period":"2024-06-01","rent":2079.980858},{"period":"2024-07-01","rent":2113.388563},{"period":"2024-08-01","rent":2157.432943},{"period":"2024-09-01","rent":2182.616859},{"period":"2024-10-01","rent":2184.929671},{"period":"2024-11-01","rent":2163.724002},{"period":"2024-12-01","rent":2139.87137},{"period":"2025-01-01","rent":2167.816504},{"period":"2025-02-01","rent":2196.132523},{"period":"2025-03-01","rent":2202.482468},{"period":"2025-04-01","rent":2213.195818},{"period":"2025-05-01","rent":2181.425383},{"period":"2025-06-01","rent":2197.893587},{"period":"2025-07-01","rent":2184.021765},{"period":"2025-08-01","rent":2160.854666},{"period":"2025-09-01","rent":2148.292324},{"period":"2025-10-01","rent":2159.442761},{"period":"2025-11-01","rent":2175.600854},{"period":"2025-12-01","rent":2200.475288},{"period":"2026-01-01","rent":2173.509353},{"period":"2026-02-01","rent":2164.417057},{"period":"2026-03-01","rent":2155.869545},{"period":"2026-04-01","rent":2166.673298},{"period":"2026-05-01","rent":2185.427301},{"period":"2026-06-01","rent":2188.540293}],"historySummary":{"pointCount":78,"firstPeriod":"2020-01-01","latestPeriod":"2026-06-01","coverageMonths":78,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":2197.893587,"endRent":2188.540293,"change":-0.004255571814451131,"cagr":-0.004255571814451131},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":2052.278999,"endRent":2188.540293,"change":0.0663951120029953,"cagr":0.02165919629065982},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1746.070959,"endRent":2188.540293,"change":0.25340856379250964,"cagr":0.04620919225969544}},"maxDrawdown":-0.029325689788557208,"annualizedVolatility":0.03252330156846634,"consecutiveReturnCount":77}}