Data Point: 2022-09-18, The ZORI 2015-2022
The ZORI
The ZORI is the Zillow Observed Rent Index. Zillow provides a variety of data at their Data page.
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 for Grand Rapids vs. the national score.
Image is a link to full-size image (click it). For Grand Rapids a Year-over-Year, based on August, looks like:
| Year | 2015-08 | 2016-08 | 2017-08 | 2018-08 | 2019-08 | 2020-08 | 2021-08 | 2022-08 |
|---|---|---|---|---|---|---|---|---|
| Rent (ZORI) | $913.99 | $990.42 | $1,062.34 | $1,112.75 | $1,162.93 | $1,211.03 | $1,371.01 | $1,503.42 |
| Change (YoY) | - | +$76.43 | +$71.92 | +$50.41 | +$50.18 | +$48.11 | +$159.97 | +$132.42 |
An increase of 64.5% since 2015!
Related
- The MLive article "Grand Rapids wants 8,888 new housing units by 2025. How close are we?" (2022-07-25) reports how the City Commission is failing to meet their stated housing goals.
- Housing Affordability Tables