At June 2026, Zillow’s ZIP-level ZORI for 97005 was $1,864 per month, up 3.5% from the same month a year earlier. ZORI is a typical observed asking-rent index blended across rental types, so it is a broad current asking-rent signal rather than a quoted lease price for a particular available home. The immediate tension is that this positive rent movement sits beside softer ZIP resale pricing, making it important not to treat either market as a complete substitute for the other.
Redfin’s direct rolling-three-month ZIP resale observation belongs entirely to the for-sale market, not rental transactions. The median sold price was $481,891, down 9.9% year over year, with 37 homes sold and a median 28 days on market. There were 94 active listings, while inventory was 45 homes and months of supply stood at 3.7. The average sale-to-list ratio was 99.1%; 30.6% of sales closed above list, and 48.4% went off market within two weeks. Falling sold prices challenge a simple reading of the rent increase as uniform market strength, although the sales activity and near-list pricing show that the resale data are not a rental-market measure.
The ZORI history is a backward-looking measurement, not a forecast or investment recommendation. Exact same-month changes annualized to 3.5% over one year, 1.8% over three years, and 4.2% over five years. Thus, the recent pace confirms that asking rents were rising, and it exceeds the middle-period trend, but it remains below the longer five-year pace rather than establishing a clean acceleration. Monthly rent changes annualize to 2.4% variability, which supports somewhat more confidence in the current snapshot than a highly erratic series would. Separately, the largest historical peak-to-trough decline was 3.7%, showing that the series has still had reversals. Coverage was 99.2%, and transparent national discovery ranks among history-eligible ZIPs were 1,176 for momentum, 594 for stability, and 590 for balance.
Source differences explain why the current asking-rent figure should not be equated with survey or administrative benchmarks. The matched Census ZCTA is a statistical area and is not identical to a USPS delivery ZIP, even though the five-digit label is both a Zillow ZIP market identifier and a Census ZCTA match. In the ACS 2024 five-year survey of occupied renter homes, median gross rent was $1,663 and includes selected utilities, placing it 12.1% below current ZORI. HUD’s fiscal-year bedroom ladder is an administrative bedroom-specific standard, not asking rent. Scaling ZIP ZORI using that local HUD ladder produces modelled monthly estimates—not measured bedroom rents—of $1,523 for a studio, $1,626 for one bedroom, $1,864 for two bedrooms, $2,540 for three bedrooms, and $3,015 for four bedrooms. The ZIP index is 3.0% below HUD’s $1,922 two-bedroom standard.
The 30% required-income screen is arithmetic, not advice or an applicant qualification rule. Applying it to the current ZIP asking-rent index produces required annual gross income of $74,560, compared with ACS median household income of $78,239; the resulting asking-rent-to-income screen is 28.6%. Yet the ACS burden measure gives a separate retrospective view of occupied renter households: an estimated 3,461 of 7,153 renter households, or 48.4%, paid at least 30% of income toward rent. That burden statistic describes the survey population and does not prove the affordability, condition, rent level, or utility cost of any particular available unit.
The matched ACS ZCTA housing stock contained 12,099 units, of which 11,762 were occupied. Its 2.8% vacancy rate is a stock-and-occupancy measure rather than direct evidence of concessions, lease-up conditions, or vacancy at a specific property. Renters occupied 60.8% of occupied homes, indicating that renter households form the larger tenure group in this ZCTA. The stock figures provide useful scale for interpreting the burden and asking-rent signals, but they cannot establish the availability or pricing of a particular bedroom type, building, or lease term.
For wider-scope context only, Beaverton city context reports rent of $1,871, Washington County context reports rent of $1,911, and Portland-Vancouver-Hillsboro, OR-WA metro context reports rent of $1,805 alongside 6.4% apartment vacancy. These city, county, and metro values are not replacements for the ZIP-level Zillow index, the matched ZCTA survey, or Redfin’s direct ZIP resale observation. They show that the ZIP asking-rent index is close to the city figure, below the county figure, and above the metro figure, while the metro apartment vacancy measure remains a separate broader-market context measure.
Annualized ZIP ZORI divided by Redfin’s median sold price equals a 4.6% cross-source screening ratio only; it is not a cap rate, net return, expected return, or property yield. The resale-price decline and positive asking-rent history create a cross-market tension that warrants careful source separation rather than a directional conclusion. Property-level review should verify the actual bedroom count, asking rent date, utilities included, concessions, lease duration, building condition, comparable current listings, and the specific sale’s location and characteristics. ACS gross rent, HUD standards, ZORI, and resale medians each answer different questions and cannot independently validate a specific unit’s rent or economics.
","findings":[{"body":"ZIP-level Zillow asking rent increased from the same month a year earlier, while Redfin’s direct ZIP resale observation showed a year-over-year decline in median sold price. This is a meaningful cross-market tension, not contradictory evidence: ZORI tracks observed asking rents across rental types, whereas Redfin describes completed for-sale transactions. Neither measure should be used as a substitute for the other.","title":"Rent growth is positive, but resale pricing is softer"},{"body":"The backward-looking ZORI history shows positive rent change across the one-, three-, and five-year windows, with the latest annual pace stronger than the middle-period rate. Moderate monthly-return variability and high data coverage support a more reliable reading of the current index than a sparse or highly volatile series would. The recorded drawdown still shows that rent movement has not been one-directional.","title":"The historical rent series is relatively stable, not uninterrupted"},{"body":"The income needed under the arithmetic rent-to-income screen sits slightly below the ACS median household-income estimate. At the same time, nearly half of surveyed renter households were rent burdened under the ACS definition. These measures describe different populations and time frames, and the burden result cannot determine whether a particular listed home is affordable to a particular household.","title":"Survey affordability is close to the arithmetic screen, but burden remains material"},{"body":"The studio-through-four-bedroom figures are modelled ZIP estimates created by scaling the blended Zillow asking-rent index through the local HUD bedroom ladder. They are not measured rents for individual bedroom categories. HUD fair-market-rent standards are administrative and bedroom specific, while ZORI is an observed asking-rent index, so agreement or disagreement between them does not establish current lease terms.","title":"Bedroom figures are modelled from the HUD ladder"}],"risks":["ZORI blends asking-rent observations across rental types and does not identify a building’s condition, unit size, utilities, concessions, availability date, lease length, or the final rent accepted by a tenant.","ACS figures are five-year survey estimates for the matched statistical ZCTA and carry sampling uncertainty. They describe occupied renter homes, not necessarily current listings within the USPS delivery ZIP.","HUD bedroom standards are administrative benchmarks rather than observed asking rents. The bedroom estimates derived from that ladder are modelled allocations of ZIP ZORI and may not match any specific unit’s quoted rent.","Redfin resale data reflect a rolling ZIP for-sale observation, not rental transactions or property operating economics. A median sale price can mix different property types, conditions, locations, and transaction circumstances."],"qa":[{"a":"They are 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 estimate for occupied renter homes in the matched ZCTA and includes selected utilities. Differences may reflect timing, household composition, utility treatment, surveyed occupied units, and the fact that a ZCTA is not identical to a USPS delivery ZIP.","q":"Why does the ZIP asking-rent index differ from ACS median gross rent?"},{"a":"No. The studio through four-bedroom values are modelled monthly estimates created by scaling the ZIP-wide Zillow asking-rent index with the local HUD bedroom ladder. They should not be presented as measured bedroom rents, current quotes, lease comparables, or proof of what a particular apartment or house will rent for.","q":"Are the bedroom rent figures actual measured rents for each unit size?"},{"a":"It is an arithmetic screen that divides annualized asking rent by thirty percent of gross income. It is not affordability advice, a lending standard, an applicant qualification rule, or evidence that a household can obtain or sustain a lease. Household debts, taxes, utilities, subsidies, savings, and actual lease terms are outside this calculation.","q":"What does the 30% income figure mean?"},{"a":"Use Redfin’s ZIP resale figures as direct evidence about the for-sale market only, including sold prices, marketing time, supply, and sale-to-list signals. Annualized ZORI divided by median sold price is only a cross-source screening ratio. It is not a cap rate, return estimate, property yield, or substitute for property-level revenue and expense review.","q":"How should the resale data be used alongside the rent data?"}],"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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