2026 E-Insights Report

Zillow Observed Rent Index (2015–2025)

  • Rents increased across all 20 benchmark MSAs between 2015 and 2025, with the steepest gains occurring from 2020 to 2023 during the post-pandemic surge in housing demand.
  • Florida MSAs — especially Miami, Tampa, Orlando, and Jacksonville — experienced some of the fastest rent appreciation in the country, driven by population inflows and heightened migration from higher-cost metros.
  • Tampa Bay saw strong rent growth from 2020 to 2023 but growth moderated by 2025 as the region’s rental market began normalizing after the pandemic-related spike.
  • In competitive ranking, Tampa Bay improved steadily through 2020 but lost rank position after, as Sun Belt peers like Miami, Austin, Phoenix, and Orlando saw even stronger rent escalation.
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Competitive Position Trend

Competitive Position Trend Line Graph

About: This indicator measures median asking rents using the Zillow Observed Rent Index (ZORI), which reflects the typical market rate for new rental listings across U.S. metropolitan areas. Values represent the rental price for the average housing unit and are updated monthly. ZORI captures market dynamics more responsively than contract rent measures, making it useful for tracking shifts in affordability and competitive position across regions. Sources: Zillow Economic Data – Zillow Observed Rent Index (ZORI), 2015–2025. Data for the Metropolitan Statistical Area (MSA) level for the 20 benchmark regions in the State of the Region project.