2025 E-Insights Report

Zillow Observed Renter Demand Index

• San Diego and St. Louis consistently recorded the highest rental demand, reflecting strong market dynamics, while Houston and Miami demonstrated steady growth, highlighting their sustained appeal in the rental market.
• Tampa Bay rental demand surged, peaking in 2021 due to strong pandemic driven migration, with its rank reaching 4th that year before dropping to 10th in 2022 and settling at 11th in 2023.
• Despite the decline, Tampa Bay maintained a competitive ranking compared to cities like Miami and Austin, particularly in Single-Family and Multi-Family rental categories. Notably, all MSAs experienced a decline in rental demand after 2022.

Trend Over Time

Competitive Position Trend

_{The Zillow Observed Renter Demand Index tracks rental market engagement across regions using interactions with Zillow listings to measure changes in demand. It covers All Homes, Single-Family Residences, Condos and Multi-Family Residences at national and MSA levels.
Source: Zillow Economic Research, Zillow Observed Renter Demand Index. (Data downloaded from Zillow Research Data.).}