Print Page | Report Abuse | Sign In | Create ARES Profile
Waller, Weeks, and Johnson Rental Index
Waller, Weeks and Johnson Renatl Index

The Waller, Weeks and Johnson Rental Index is produced monthly for the top 100 US metros (MSAs) based on population. The index is provided to assist all in making unbiased rental decisions. Raw data from third party information providers (Zillow, Redfin, Realtor.com, etc.) is employed to estimate rents for the 100 largest MSAs and the U.S. as a whole. Differences between average rent for an MSA and estimated rent are calculated as a percentage change to indicate the scale of over(under) pricing for the MSA in question.

Additionally, Month-over-Month through Year-over-Year percentage changes in rents are also addressed. Affordability is also addressed — households making less than the indicated amount for an MSA will have difficulty acquiring savings, necessary healthcare, and other needed services due to local rent prices.

RENT is average monthly unit rent for an MSA
Est Rent is statistically estimated unit rent for an MSA
+/- is the percentage of over(under) pricing for an MSA
1MOM is the one-month change in rent prices for an MSA
3MOM is the three-month change in rent prices for an MSA
6MOM is the six-month change in rent prices for an MSA
9MOM is the nine-month change in rent prices for an MSA
YOY is the 12-month change in rent prices for the MSA
Affordability indicates the minimal annual household income needed to avoid difficulty in making making monthly rents for an MSA

Index Authors

Bennie D. Waller, Ph.D.
William Cary Hulsey Fellow
Culverhouse College of Business
The University of Alabama
Profile | Email

Shelton Weeks, Ph.D.
Lucas Professor of Real Estate & Director of the Lucas Institute for Real Estate Development & Finance
Florida Gulf Coast University
Profile | Email

Ken Johnson, Ph.D.
Christie Kirkland Walker Chair of Real Estate & Professor of Finance
School of Business Administration
The University of Mississippi
Profile | Email

For inquiries from reporters and media outlets seeking comments, please feel free to reach out through the contact information provided on this website.

 

Rental Data Ending End of October

Size City RENT Est Rent +/- 1MOM 3MOM 6MOM 9MOM YOY Affordability
0United States$1,949$1,968-0.97%-0.17%-0.22%0.51%2.14%2.32%$77,948
1New York, NY$3,398$3,2335.08%-0.37%0.17%2.85%5.36%5.25%$135,916
2Los Angeles, CA$2,925$2,967-1.43%-0.08%-0.05%0.31%1.88%2.43%$116,995
3Chicago, IL$2,077$1,9735.27%-0.27%-0.16%2.20%5.11%5.80%$83,072
4Dallas, TX$1,678$1,769-5.11%-0.36%-0.87%-0.84%0.75%0.04%$67,139
5Houston, TX$1,646$1,672-1.55%-0.37%-0.40%-0.74%0.50%0.16%$65,839
6Washington, DC$2,381$2,3610.86%-0.59%-1.25%-0.85%1.28%1.03%$95,240
7Philadelphia, PA$1,877$1,8590.97%-0.08%0.46%1.84%2.52%3.43%$75,079
8Miami, FL$2,668$2,743-2.73%-0.07%-0.10%-0.18%0.33%0.70%$106,718
9Atlanta, GA$1,860$1,949-4.54%-0.17%0.32%0.82%2.70%2.64%$74,417
10Boston, MA$2,917$2,8851.08%-0.32%-1.18%-0.52%1.27%2.99%$116,664
11Phoenix, AZ$1,763$1,930-8.66%-0.36%-0.83%-1.37%-0.11%-0.68%$70,522
12San Francisco, CA$3,128$3,0353.07%0.16%1.00%3.11%5.52%5.96%$125,112
13Riverside, CA$2,521$2,611-3.46%0.02%0.10%0.27%1.30%1.96%$100,833
14Detroit, MI$1,492$1,498-0.37%-0.05%0.21%0.81%2.43%2.72%$59,685
15Seattle, WA$2,224$2,255-1.38%-0.36%-0.68%1.03%2.91%2.68%$88,945
16Minneapolis, MN$1,706$1,7050.07%-0.06%0.02%1.50%3.76%4.04%$68,242
17San Diego, CA$2,987$3,058-2.29%-0.12%0.00%0.75%1.83%1.80%$119,499
18Tampa, FL$2,024$2,124-4.72%-0.41%-1.11%-1.71%-0.73%1.13%$80,959
19Denver, CO$1,921$2,031-5.42%-0.98%-2.11%-1.16%0.67%-2.09%$76,847
20Baltimore, MD$1,921$1,8951.35%-0.19%0.28%1.07%2.36%2.76%$76,834
21St. Louis, MO$1,401$1,3652.70%0.24%1.17%2.07%2.99%4.12%$56,057
22Orlando, FL$1,975$2,079-4.99%-0.40%-0.80%-0.64%0.88%0.55%$78,998
23Charlotte, NC$1,760$1,831-3.88%-0.38%-0.72%-0.17%1.40%1.35%$70,394
24San Antonio, TX$1,406$1,495-5.93%-0.77%-1.66%-1.53%-0.11%-0.82%$56,237
25Portland, OR$1,838$1,883-2.42%-0.53%-0.70%0.76%2.15%1.10%$73,505
26Sacramento, CA$2,288$2,378-3.77%-0.17%-0.02%1.06%2.17%1.94%$91,526
27Pittsburgh, PA$1,467$1,4382.07%-0.16%-0.17%1.88%3.62%3.59%$58,695
28Cincinnati, OH$1,558$1,5411.08%0.09%0.31%2.07%3.06%3.28%$62,319
29Austin, TX$1,601$1,784-10.24%-0.67%-2.36%-2.86%-1.94%-3.08%$64,043
30Las Vegas, NV$1,744$1,860-6.20%-0.20%-0.79%-0.72%0.73%0.44%$69,780
31Kansas City, MO$1,482$1,4522.07%-0.16%0.17%1.73%3.67%4.43%$59,298
32Columbus, OH$1,547$1,5430.26%0.16%-0.03%1.00%2.93%3.13%$61,882
34Indianapolis, IN$1,494$1,4830.78%-0.11%-0.38%0.97%2.81%3.83%$59,765
35Cleveland, OH$1,393$1,3443.64%0.55%1.13%2.31%3.24%5.44%$55,720
36San Jose, CA$3,449$3,3453.14%-0.29%0.21%2.32%4.79%3.85%$137,979
37Nashville, TN$1,801$1,875-3.97%-0.37%-0.68%-0.17%1.27%0.82%$72,024
38Virginia Beach, VA$1,811$1,7642.65%0.15%0.48%2.66%3.99%4.56%$72,449
39Providence, RI$2,141$2,1031.81%0.46%-0.18%1.63%3.51%5.09%$85,640
40Jacksonville, FL$1,680$1,760-4.50%-0.27%-0.25%0.37%1.15%1.05%$67,213
41Milwaukee, WI$1,427$1,3872.85%0.35%0.60%1.26%3.01%4.45%$57,082
42Oklahoma City, OK$1,355$1,3371.30%-0.07%0.60%1.63%2.75%3.04%$54,181
43Raleigh, NC$1,703$1,780-4.36%-0.43%-0.87%-0.42%0.68%0.70%$68,103
44Memphis, TN$1,452$1,474-1.51%0.20%0.24%0.73%2.38%1.98%$58,076
45Richmond, VA$1,692$1,6840.47%-0.64%-0.76%1.07%3.24%3.80%$67,687
46Louisville, KY$1,351$1,3381.00%-0.21%-0.12%0.96%1.89%2.43%$54,058
47New Orleans, LA$1,621$1,645-1.48%-0.21%-0.96%-1.55%-0.05%0.22%$64,843
48Salt Lake City, UT$1,647$1,732-4.89%-0.42%-0.75%-0.07%2.04%0.47%$65,885
49Hartford, CT$1,886$1,8163.91%-0.18%-0.25%1.34%3.02%3.73%$75,457
50Buffalo, NY$1,375$1,3591.15%0.14%0.86%1.76%2.64%2.87%$55,003
51Birmingham, AL$1,375$1,3720.26%-0.20%-0.33%0.41%2.11%2.17%$55,001
52Rochester, NY$1,508$1,4652.95%0.18%0.65%2.03%3.54%5.54%$60,310
53Grand Rapids, MI$1,601$1,602-0.11%-0.08%-0.32%1.74%3.27%3.77%$64,022
54Tucson, AZ$1,533$1,619-5.33%-0.53%-0.83%-0.39%-0.34%-0.23%$61,305
55Urban Honolulu, HI$2,825$2,7183.95%0.51%0.96%2.85%4.56%4.56%$113,008
56Tulsa, OK$1,383$1,3651.36%-0.03%1.09%0.62%3.30%2.31%$55,328
57Fresno, CA$2,019$2,064-2.18%0.17%0.40%0.85%2.36%2.87%$80,775
58Worcester, MA$2,090$2,0472.11%-0.36%-0.55%1.31%3.46%4.76%$83,615
59Omaha, NE$1,413$1,3871.85%0.07%0.39%1.21%2.99%3.82%$56,510
60Bridgeport, CT$2,823$2,7532.58%0.24%0.39%1.51%2.53%4.45%$112,940
61Greenville, SC$1,561$1,580-1.17%-0.12%-0.07%-0.83%0.55%2.71%$62,440
62Albuquerque, NM$1,527$1,538-0.70%-0.17%-0.02%0.73%2.35%2.46%$61,075
63Bakersfield, CA$1,801$1,812-0.60%-0.08%-0.34%0.92%2.65%3.16%$72,031
64Albany, NY$1,590$1,5492.61%0.01%0.24%1.62%4.35%4.79%$63,584
65Knoxville, TN$1,743$1,767-1.38%-0.40%-0.71%0.30%1.60%1.44%$69,701
66Baton Rouge, LA$1,336$1,3280.61%-0.63%-0.16%0.62%1.64%1.25%$53,440
67McAllen, TX$1,119$1,138-1.63%-0.04%-0.73%0.33%0.04%0.99%$44,778
68New Haven, CT$1,955$1,8843.81%0.25%0.37%1.60%3.73%4.06%$78,218
69El Paso, TX$1,513$1,5100.23%-0.54%-0.73%0.71%1.15%2.68%$60,535
70Allentown, PA$1,784$1,7770.38%-0.09%0.47%2.18%2.58%3.51%$71,356
71Oxnard, CA$2,988$3,034-1.51%-0.29%-1.18%-0.83%0.87%2.69%$119,522
72Columbia, SC$1,587$1,5591.82%0.17%0.23%0.79%3.02%4.65%$63,494
73North Port, FL$2,135$2,300-7.16%-0.23%-0.70%-2.41%-3.15%-2.45%$85,410
74Dayton, OH$1,321$1,3021.45%-0.21%0.19%1.89%3.32%3.77%$52,821
75Charleston, SC$1,969$1,984-0.74%-0.39%-0.92%0.48%2.19%1.26%$78,756
76Greensboro, NC$1,426$1,4210.32%-0.14%0.32%1.49%3.07%2.94%$57,033
77Stockton, CA$2,397$2,498-4.07%0.23%-0.27%0.50%2.32%2.29%$95,864
78Cape Coral, FL$1,877$2,091-10.21%-0.92%-1.97%-3.37%-3.94%-4.59%$75,091
79Boise City, ID$1,787$1,885-5.20%-0.52%-0.87%1.79%3.55%2.81%$71,495
80Colorado Springs, CO$1,752$1,870-6.32%-0.85%-1.48%-0.69%0.05%-0.83%$70,060
81Little Rock, AR$1,216$1,2100.51%0.21%0.41%-0.01%2.16%1.99%$48,659
82Lakeland, FL$1,863$1,965-5.18%-0.33%-0.77%-0.36%0.67%1.52%$74,530
83Akron, OH$1,281$1,2343.81%-0.32%1.84%3.55%4.26%4.44%$51,241
84Des Moines, IA$1,270$1,271-0.04%-0.62%-0.52%0.26%2.23%1.17%$50,816
85Springfield, MA$1,933$1,8633.76%0.64%0.87%2.21%5.14%4.78%$77,323
86Poughkeepsie, NY$2,215$2,225-0.42%0.34%1.19%0.98%2.48%2.22%$88,619
87Ogden, UT$1,647$1,726-4.60%-0.64%-0.62%0.26%0.98%2.04%$65,860
88Madison, WI$1,821$1,7563.70%0.84%1.58%1.57%2.86%3.90%$72,853
89Winston, NC$1,558$1,5500.52%-0.51%-0.65%1.37%4.18%3.63%$62,311
90Deltona, FL$1,788$1,878-4.78%-0.74%-0.58%-0.75%0.48%1.24%$71,523
91Syracuse, NY$1,599$1,5542.96%-0.87%0.93%1.50%2.54%5.02%$63,978
92Provo, UT$1,779$1,837-3.14%-0.19%-0.31%1.11%3.00%1.83%$71,161
93Toledo, OH$1,156$1,1302.30%0.64%1.25%2.77%3.48%4.09%$46,251
94Wichita, KS$1,177$1,1393.36%0.30%1.29%3.01%3.95%4.70%$47,093
95Durham, NC$1,663$1,732-3.98%-0.26%-1.15%-0.36%1.17%0.85%$66,515
96Augusta, GA$1,479$1,4740.35%-0.22%0.09%-0.40%2.27%4.17%$59,162
97Palm Bay, FL$1,945$2,048-5.00%0.02%-0.16%0.00%1.05%0.72%$77,820
98Jackson, MS$1,524$1,4693.72%-0.05%0.92%2.17%3.17%4.59%$60,955
99Harrisburg, PA$1,416$1,3941.52%0.13%1.88%2.30%3.83%4.55%$56,624
100Spokane, WA$1,516$1,604-5.44%-0.29%-0.18%-0.01%2.97%2.08%$60,652

Our Mission

To research and promote education in real estate, improve communication and exchange of information in real estate and allied matters among college/university faculty and practicing professionals, and facilitate the association of academic, practicing professional, and research persons in the area of real estate.

Contact Us

American Real Estate Society
PO Box 500
Athens, OH 45701

T: 740-239-2737
F: 740-593-6768

e: membership@aresnet.org

Our Sister Affiliates