Zillow + Apartment List + Census ACS

Where gross rental yield survives measured vacancy and property tax

How much of current metro gross rent-to-value yield remains after subtracting direct rental vacancy and population-weighted effective property tax?

Gross yield is a useful first screen but it treats every scheduled rent dollar as collected and ignores property tax. This study removes only those two measured drags, keeps each deduction visible and stops before unmeasured property-level expenses.

Complete metro set
122
direct rent, value, vacancy and covered tax
Median gross yield
5.5%
before measured deductions
Median retained yield
4.1%
vacancy and property tax subtracted
Median measured drag
1.2%
vacancy drag plus property-tax rate
What survives the first two measured deductions

Gross yield narrows before a property-level expense is added.

Across 122 exact-evidence metros, the median gross yield is 5.5%. After applying the direct rental Vacancy Index and population-weighted effective property tax, the median measured rent-retention yield is 4.1%. The median gap is 1.2% of current home value.

Jackson, MS ranks first on this deliberately narrow screen at 7.1%. That does not make it the highest-cash-flow market: insurance, maintenance, management, capital expenditure, financing and property-specific rent remain outside the calculation and belong in the Deal Stress Test.

A measured deduction is useful because it is visible. An unmeasured expense does not become zero.
Top 20 of 122 complete direct-evidence metros

From gross yield to measured rent retention

Each bridge starts at retained yield and adds property-tax drag, then vacancy drag, to reach gross yield.

Gross rental yield bridged to measured rent-retention yieldHorizontal bridge chart for the twenty highest measured-retention metros. Each row shows retained yield, property-tax drag, vacancy drag and gross yield.0.0%1.8%3.6%5.4%7.2%8.9%JacksonJackson, MS: 7.1% measured retention8.3% gross yield; 0.7% property-tax drag; 0.4% vacancy drag7.1%New OrleansNew Orleans, LA: 6.3% measured retention7.3% gross yield; 0.6% property-tax drag; 0.4% vacancy drag6.3%ColumbiaColumbia, SC: 6.2% measured retention7.2% gross yield; 0.6% property-tax drag; 0.4% vacancy drag6.2%LakelandLakeland, FL: 6.1% measured retention7.4% gross yield; 0.7% property-tax drag; 0.6% vacancy drag6.1%Port St. LuciePort St. Lucie, FL: 5.9% measured retention7.3% gross yield; 0.9% property-tax drag; 0.5% vacancy drag5.9%AugustaAugusta, GA: 5.9% measured retention7.1% gross yield; 0.7% property-tax drag; 0.5% vacancy drag5.9%PittsburghPittsburgh, PA: 5.9% measured retention7.8% gross yield; 1.4% property-tax drag; 0.5% vacancy drag5.9%Baton RougeBaton Rouge, LA: 5.8% measured retention6.7% gross yield; 0.6% property-tax drag; 0.4% vacancy drag5.8%BirminghamBirmingham, AL: 5.7% measured retention6.7% gross yield; 0.5% property-tax drag; 0.5% vacancy drag5.7%PensacolaPensacola, FL: 5.6% measured retention6.7% gross yield; 0.6% property-tax drag; 0.5% vacancy drag5.6%MemphisMemphis, TN: 5.5% measured retention6.9% gross yield; 0.8% property-tax drag; 0.6% vacancy drag5.5%Palm BayPalm Bay, FL: 5.5% measured retention6.7% gross yield; 0.7% property-tax drag; 0.5% vacancy drag5.5%Little RockLittle Rock, AR: 5.5% measured retention6.6% gross yield; 0.7% property-tax drag; 0.4% vacancy drag5.5%MiamiMiami, FL: 5.5% measured retention6.8% gross yield; 0.9% property-tax drag; 0.5% vacancy drag5.5%FayettevilleFayetteville, NC: 5.4% measured retention6.8% gross yield; 0.9% property-tax drag; 0.5% vacancy drag5.4%WinstonWinston, NC: 5.4% measured retention6.6% gross yield; 0.7% property-tax drag; 0.5% vacancy drag5.4%Oklahoma CityOklahoma City, OK: 5.4% measured retention6.7% gross yield; 0.9% property-tax drag; 0.4% vacancy drag5.4%TampaTampa, FL: 5.4% measured retention6.7% gross yield; 0.8% property-tax drag; 0.6% vacancy drag5.4%Corpus ChristiCorpus Christi, TX: 5.3% measured retention7.5% gross yield; 1.5% property-tax drag; 0.6% vacancy drag5.3%GainesvilleGainesville, FL: 5.3% measured retention6.6% gross yield; 0.9% property-tax drag; 0.4% vacancy drag5.3%Yield on current Zillow home value →
Measured retention subtracts only direct Apartment List vacancy and population-weighted ACS effective property tax from annualized Zillow ZORI. It is not net yield, NOI, cap rate or property cash flow.
Decision table

The first 24 rows, with a path to the underlying market

122 total rows Download all rows JSON
Measured rent retention after direct vacancy and population-weighted effective property tax
RankMetroGross yieldVacancyVacancy dragProperty taxRetained yieldRetained rentOpen
1Jackson, MSCBSA 271408.3%4.9%2026-070.4%0.7%100.0% population coverage7.1%$1,283monthly equivalentInspect
2New Orleans, LACBSA 353807.3%5.7%2026-070.4%0.6%100.0% population coverage6.3%$1,385monthly equivalentInspect
3Columbia, SCCBSA 179007.2%6.1%2026-070.4%0.6%100.0% population coverage6.2%$1,336monthly equivalentInspect
4Lakeland, FLCBSA 294607.4%8.3%2026-070.6%0.7%100.0% population coverage6.1%$1,515monthly equivalentInspect
5Port St. Lucie, FLCBSA 389407.3%7.2%2026-070.5%0.9%100.0% population coverage5.9%$1,896monthly equivalentInspect
6Augusta, GACBSA 122607.1%7.1%2026-070.5%0.7%100.0% population coverage5.9%$1,252monthly equivalentInspect
7Pittsburgh, PACBSA 383007.8%6.7%2026-070.5%1.4%100.0% population coverage5.9%$1,154monthly equivalentInspect
8Baton Rouge, LACBSA 129406.7%5.9%2026-070.4%0.6%100.0% population coverage5.8%$1,202monthly equivalentInspect
9Birmingham, ALCBSA 138206.7%7.1%2026-070.5%0.5%100.0% population coverage5.7%$1,251monthly equivalentInspect
10Pensacola, FLCBSA 378606.7%7.6%2026-070.5%0.6%100.0% population coverage5.6%$1,462monthly equivalentInspect
11Memphis, TNCBSA 328206.9%8.3%2026-070.6%0.8%100.0% population coverage5.5%$1,140monthly equivalentInspect
12Palm Bay, FLCBSA 373406.7%7.2%2026-070.5%0.7%100.0% population coverage5.5%$1,581monthly equivalentInspect
13Little Rock, ARCBSA 307806.6%6.3%2026-070.4%0.7%100.0% population coverage5.5%$1,065monthly equivalentInspect
14Miami, FLCBSA 331006.8%6.8%2026-070.5%0.9%100.0% population coverage5.5%$2,169monthly equivalentInspect
15Fayetteville, NCCBSA 221806.8%7.3%2026-070.5%0.9%100.0% population coverage5.4%$1,174monthly equivalentInspect
16Winston, NCCBSA 491806.6%6.9%2026-070.5%0.7%100.0% population coverage5.4%$1,286monthly equivalentInspect
17Oklahoma City, OKCBSA 364206.7%6.0%2026-070.4%0.9%100.0% population coverage5.4%$1,114monthly equivalentInspect
18Tampa, FLCBSA 453006.7%8.6%2026-070.6%0.8%100.0% population coverage5.4%$1,620monthly equivalentInspect
19Corpus Christi, TXCBSA 185807.5%8.6%2026-070.6%1.5%100.0% population coverage5.3%$1,008monthly equivalentInspect
20Gainesville, FLCBSA 235406.6%5.5%2026-070.4%0.9%100.0% population coverage5.3%$1,353monthly equivalentInspect
21Deltona, FLCBSA 196606.5%7.0%2026-070.5%0.8%100.0% population coverage5.3%$1,458monthly equivalentInspect
22Cape Coral, FLCBSA 159806.6%10.0%2026-070.7%0.8%100.0% population coverage5.2%$1,465monthly equivalentInspect
23Greensboro, NCCBSA 246606.3%6.0%2026-070.4%0.8%100.0% population coverage5.2%$1,149monthly equivalentInspect
24Myrtle Beach, SCCBSA 348206.0%8.7%2026-070.5%0.3%100.0% population coverage5.2%$1,467monthly equivalentInspect

The visible table is intentionally limited for reading. The CSV contains every row that passes the printed inclusion rule.

Reproduce the screen

Inclusion first, interpretation second.

Include a RentMarker metro only when Zillow publishes direct current ZHVI and ZORI, Apartment List publishes a current Vacancy Index whose metro FIPS exactly equals the stored OMB CBSA code, and direct ACS effective property-tax observations cover at least 80 percent of the population in mapped counties. Rank by measured rent-retention yield.

Methodology version: v18

Method

  1. Gross yield is monthly Zillow ZORI multiplied by 12 and divided by Zillow ZHVI.
  2. Vacancy drag multiplies annualized ZORI by the direct Apartment List Vacancy Index; property-tax drag multiplies ZHVI by the population-weighted ACS effective property-tax rate.
  3. Measured retained rent subtracts those two dollar amounts from annualized ZORI. Dividing by ZHVI produces measured rent-retention yield; no other expense or financing assumption enters.
  4. Descriptive groups compare retention yield and total measured drag with unweighted medians from the same complete intersection. They are not scores or recommendations.

Counter-signals

  • Apartment List vacancy and Zillow asking rent use different source methodologies; combining them is a transparent market screen, not a matched-property income statement.
  • A higher retained yield can still coexist with weak jobs, insurance risk, deferred maintenance, tenant turnover or neighborhood-level problems.
  • Property tax is population-weighted across mapped counties and can differ materially by parcel, assessment rules, exemptions and municipal levies.

Limitations

  • Measured rent retention is not net yield, NOI, cap rate or cash flow because insurance, maintenance, management, utilities, capital expenditure, financing and transaction costs are excluded.
  • ZORI, ZHVI, Apartment List and ACS releases cover different periods and housing samples; the study is a current joined screen rather than a synchronized portfolio observation.
  • Metro values are not rent comps, appraisals, tax bills or vacancy forecasts for a specific property. Missing direct evidence remains excluded rather than estimated.
Move from market to deal

Use the study to narrow the question—not to skip underwriting.

Open a market for its supply, affordability, migration and risk context. Compare a deliberate substitute, then bring a real property price, rent and expenses into the stress test.

Explore measured retention Stress-test a dealOpen curated comparisons
Source vintages

Every input release used by this study

Release and retrieval dates stay visible so a reader can tell whether two measures describe the same moment.

apartment list vacancyApartment List Vacancy Index — rental vacancyApartment List 2026-07 · retrieved 2026-08-08cbsa delineationOMB/BLS delineation — metro geographyOMB July 2023 delineation · retrieved 2026-07-30property taxCensus ACS 5-year — effective property taxACS 2024 5-year · retrieved 2026-08-06zillow zhviZillow ZHVI — metro home valuesMetro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv · retrieved 2026-07-26zillow zoriZillow ZORI — metro market rentsMetro_zori_uc_sfrcondomfr_sm_sa_month.csv · retrieved 2026-07-26