Data Point: 2024-03-24, Revisting The ZORI

The ZORI is the Zillow Observed Rent Index from, you guessed it, Zillow, Zillow provides a variety of data at their Data page. We periodically check in on the ZORI to see what it says about rents in Grand Rapids.

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."

And, the graph:

The bold yellow line in the trend line, and the red line the reported values. Remarkably consistent.

December to December rent increases:

2015-12-31 2016-12-31 2017-12-31 2018-12-31 2019-12-31 2020-12-31 2021-12-31 2022-12-31 2023-12-31
$907 $989 $1,038 $1,115 $1,169 $1,243 $1,374 $1,502 $1,602
- +9% +5% +7% +5% +6% +11% +9% +7%
- - - - +37%

At least the increases have tapered off from the +11% of 2021. Still, a +37% increase over the last file years is: yikes! 🥺