Data Point: 2021-04-26, The ZORI 2014-2021
Preamble: I'm going to start a new thing called the "Data Point" where I quickly put up a particular point of data. This is the first. There is a lot of data, there is a constant stream of data. And there is a lot of conversations. Sometimes these two streams do not appear to intersect. So: the Data Point. You provide the context and the narrative, but start with data.
Zillow's definition of the ZORI: "A smoothed measure of the typical observed market rate rent across a given region. ZORI is a repeat-rent index that is weighted to the rental housing stock to ensure representativeness across the entire market, not just those homes currently listed for-rent. The index is dollar-denominated by computing the mean of listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region, which is once again weighted to reflect the rental housing stock. Details available in ZORI methodology."
So how does the ZORI look, by zip code, for Grand Rapids:
I included an incomplete zip code to neighborhood correlation in the image.
Notably absent from the data is zip code 49503 which includes Highland Park, MIdtown, and Belknap/NOBL.
Surprising, at least to me, is that the COVID19 pandemic is barely noticeable.