This five-digit label, 98662, is both a Zillow ZIP market identifier and a matched Census ZCTA. A ZCTA is a statistical area and is not identical to a USPS delivery ZIP. At June 2026, the ZIP Zillow Observed Rent Index is $1,741, down 0.3% from a year earlier. ZORI is a typical observed asking-rent index blended across rental types, so it is the clearest current asking-rent signal in this packet. It is not a lease-level rent survey, an individual listing quote, or the ACS median gross-rent measure. The immediate issue is not a sharp rent break but a modest decline that contrasts with firmer evidence in the local for-sale market.
The backward-looking ZORI path supports the supplied cooling classification. The exact same-month change was -0.3% over 1 year, while the annualized same-month changes were 0.3% over 3 years and 2.5% over 5 years. Thus, the recent direction breaks from the longer positive path, although the current setback is small relative to that multiyear record. Monthly ZORI changes produced 2.6% annualized variability, indicating that the index did move around its trend rather than following a perfectly smooth path. Its maximum historical drawdown was 3.0%, a separate measure showing the largest observed peak-to-trough decline. Coverage was 99.1% across 114 observations. National discovery ranks among history-eligible ZIPs were 2,440 for momentum, 794 for stability, and 1,984 for the balanced score, where lower rank is higher. These are descriptive history measurements, not forecasts or investment recommendations; they support measured confidence in one current rent snapshot, not certainty that the latest decline is a settled level.
Resale evidence creates the central tension. Redfin's direct rolling-three-month ZIP for-sale observation recorded a $489,889 median sold price, up 7.7% year over year, alongside 89 homes sold and a median 15 days on market. Inventory stood at 110 homes, 8.6% higher than a year earlier, with 3.7 months of supply. The average sale-to-list ratio was 99.4%, and 33.4% of sales closed above list price, signals that describe resale pricing and negotiation rather than rental transactions. Annualized ZIP ZORI divided by the median sold price equals a 4.3% cross-source screening ratio only, not a property cash-flow measure. Price appreciation and relatively quick marketing challenge the cooling rent signal: resale conditions look firmer than the current asking-rent direction, so neither series should be used as a substitute for the other.
The matched ACS 2024 five-year survey provides a different affordability and occupancy universe. Its median household income was $94,303, while median gross rent was $1,844; gross rent is measured among occupied renter homes and includes selected utilities, unlike Zillow asking rent. ACS counted 5,073 occupied renter households, of which 2,380, or 46.9%, reported paying at least 30% of income toward rent. The Zillow asking-rent-to-median-household-income screen equals 22.2%, and applying the 30% screen to current ZORI produces required annual income of $69,640. That calculation is arithmetic, not advice or an applicant qualification rule. Likewise, the burden statistic describes surveyed households in the ZCTA and cannot prove the cost burden, rent, utility bill, or financial position of a particular unit or household.
The bedroom figures should be read as modelled monthly ZIP estimates, not measured bedroom rents. They scale the ZIP-wide ZORI with the local HUD bedroom ladder: $1,422 for a studio, $1,519 for one bedroom, $1,741 for two bedrooms, $2,372 for three bedrooms, and $2,816 for four bedrooms. The applicable local HUD two-bedroom standard is $1,922. HUD FMR or SAFMR is an administrative, bedroom-specific standard rather than an asking-rent observation, and the ladder does not establish what an available unit in any size category is actually advertised for. The modeled two-bedroom estimate aligns with the ZIP ZORI by construction; it should not be mistaken for a separately observed two-bedroom market median.
Housing stock and vacancy add useful structural context without identifying current availability. The ACS ZCTA counts 10,892 single-family units and 1,656 units in large multifamily structures, indicating a stock mix weighted toward single-family housing. The renter-occupied segment is smaller than the owner-occupied segment in this survey. The overall vacancy rate was 4.5%, and 400 units were classified as vacant for rent. Those counts can include units in differing conditions, price ranges, turnover stages, or marketing status. Accordingly, vacancy is a broad area-level housing measure, not proof that a comparable rental is available, affordable, or suitable at a particular address.
Wider geography supplies context but does not replace ZIP evidence. For Zillow asking-rent context, Vancouver city scope is $1,818, Clark County scope is $1,874, and Portland-Vancouver-Hillsboro, OR-WA metro scope is $1,805. The ZIP therefore sits below each of those broader asking-rent references. In the ACS context, the ZIP's renter share is below the city scope but above the county scope; its vacancy rate is slightly below the city scope and above the county scope. ZIP household income is higher than the city context but lower than the metro context. These comparisons describe city, county, and metro aggregates only, each with a different scope from the ZIP ZORI, matched ZCTA survey, and direct ZIP resale observation.
The evidence is strongest as a set of screens rather than as a unit valuation. Zillow captures a blended asking-rent index, ACS carries survey timing and sampling uncertainty, HUD supplies administrative standards, and Redfin observes for-sale resales rather than rental economics. Property-level checks that would resolve the remaining uncertainty include the actual advertised rent by bedroom count, included utilities, concessions, lease term, unit condition, exact property type, listing duration, and comparable active or recently leased units. For resale interpretation, relevant checks include address-level sale comparables, listing history, condition, and transaction terms. The key unresolved question is whether a specific rental's current terms resemble the ZIP index and modeled bedroom ladder, or differ materially from these broad indicators.
","findings":[{"body":"The current Zillow asking-rent index has edged down from a year earlier, while longer same-month history remains positive over multiyear horizons. Historical variability and drawdown show that movement around the path has occurred before. The evidence supports describing the latest observation as cooling, but does not establish a durable future direction or a rent level for any individual available unit.","title":"Cooling rent signal, but not a broad collapse"},{"body":"The direct ZIP resale observation shows price growth, short marketing time, active sales volume, and near-list sale outcomes. Those are for-sale market signals rather than rental transactions. Their contrast with the softer asking-rent index is decision-relevant because a reader should not infer that rent cooling automatically corresponds to weak resale conditions, or that resale strength establishes rental pricing.","title":"Resale conditions are firmer than current rent direction"},{"body":"The required-income calculation applies the stated share of income mechanically to the asking-rent index. ACS burden measures instead summarize surveyed occupied renter households in the matched ZCTA, and ACS gross rent includes selected utilities. A substantial burden share identifies an area-level affordability condition, but it cannot determine whether a particular household qualifies for, can afford, or is burdened by a specific rental.","title":"Affordability measures answer different questions"},{"body":"The studio-through-four-bedroom figures are modelled estimates created by scaling the ZIP-wide Zillow index using the local HUD bedroom ladder. HUD standards are administrative and bedroom-specific, while ZORI is a blended asking-rent index. Neither source is a direct observation of current asking rent for a particular bedroom count, building, lease term, condition level, or utility package.","title":"Bedroom rents are modeled from a HUD ladder"}],"risks":["The Zillow index is a blended ZIP-level asking-rent measure across rental types. It may differ materially from the advertised rent, concessions, utility treatment, timing, and condition of a specific available unit.","ACS gross rent, renter burden, occupancy, and vacancy are matched-ZCTA five-year survey measures. They have survey timing and sampling limitations and cannot establish current conditions for an address or household.","HUD bedroom standards are administrative benchmarks rather than observed asking rents. Scaling ZORI with the HUD ladder creates modelled estimates that should not be treated as measured bedroom-specific rental medians.","Redfin resale information covers a rolling period of for-sale transactions in the ZIP. Median sold price and sale-to-list behavior do not reveal rental transaction prices, operating costs, property cash flow, or lease demand."],"qa":[{"a":"They describe different populations and rent concepts. Zillow ZORI is a current typical observed asking-rent index blended across rental types, whereas ACS median gross rent is a five-year survey measure for occupied renter homes and includes selected utilities. Timing, utility inclusion, occupied-versus-marketed units, and survey methodology can all create a gap without either source being inherently incorrect.","q":"Why can the Zillow rent index differ from ACS median gross rent?"},{"a":"It summarizes backward-looking same-month Zillow rent changes through the stated history endpoint. The recent annual change is negative while the longer annualized paths remain positive, which is a break from the multiyear direction. Variability, drawdown, coverage, and discovery ranks describe the historical series quality and behavior; they do not predict future rents or provide an investment conclusion.","q":"What does the cooling history classification actually show?"},{"a":"Use the Redfin figures as direct ZIP for-sale market context only. They show how recently sold homes were priced, marketed, supplied, and negotiated, not what rentals leased for. The annualized rent-to-sale-price calculation is simply a cross-source screening ratio. It is useful for comparing scale, but it does not measure property expenses, financing, taxes, maintenance, or cash flow.","q":"How should the resale data be used alongside rent data?"},{"a":"The most useful missing details are the actual advertised rent, bedroom count, unit type, square footage, utilities, concessions, lease duration, condition, listing history, and comparable active or recently leased units. If resale context matters, address-level sale comparables and transaction conditions are also needed. Those checks determine whether a particular property resembles the broad ZIP index, survey profile, modelled ladder, or resale snapshot.","q":"What property-level information would most improve the analysis?"}],"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 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