Gross Rent Multiplier by City
The typical US single-family home sells for 13.5 times its annual rent as of July 2026. Among the 200 largest metro areas, the gross rent multiplier runs from 9.0 in McAllen, TX to 29.3 in San Jose, CA. Search 400 metros below, each named for its main city.
Look up your city's GRM
| Metro area | GRM | Typical home value | Typical rent | 1-year change |
|---|
GRM in the 10 largest metro areas
Each page has the multiplier's trend since 2015, typical price and rent, and what the number means for a rental.
How the US gross rent multiplier has changed since 2015
Since January 2015, the typical single-family home value in the US rose 97% and typical rent rose 82%. Prices grew faster than rents, so the gross rent multiplier went from 12.5 to 13.5.
The multiplier peaked at 14.8 in June 2022 and was lowest at 12.4 in June 2015.
The biggest one-year rise came in the year to July 2021, up 0.9 as home values rose 18% and rents rose 11%. The biggest one-year drop came in the year to July 2023, down 0.6 as home values rose 0.1% and rents rose 4.6%.
Over the last twelve months, home values rose 1.1% and rents rose 3.0%, so the multiplier fell 0.3 to 13.5.
Home values go back further than rents. Since July 2000, the typical single-family home value in the US rose 191%, including a 22% decline between 2007 and 2012.
| Month | Home value | Value change | Rent | Rent change | GRM | GRM change |
|---|---|---|---|---|---|---|
| Jul 2026 | $374,045 | +1.1% | $2,314 | +3.0% | 13.5 | -0.3 |
| Jul 2025 | $369,943 | +0.5% | $2,247 | +3.0% | 13.7 | -0.3 |
| Jul 2024 | $368,195 | +3.4% | $2,181 | +4.1% | 14.1 | -0.1 |
| Jul 2023 | $355,927 | +0.1% | $2,096 | +4.6% | 14.2 | -0.6 |
| Jul 2022 | $355,586 | +16.0% | $2,003 | +11.2% | 14.8 | +0.6 |
| Jul 2021 | $306,586 | +18.3% | $1,801 | +11.0% | 14.2 | +0.9 |
| Jul 2020 | $259,210 | +5.3% | $1,622 | +4.2% | 13.3 | +0.2 |
| Jul 2019 | $246,072 | +4.9% | $1,557 | +4.4% | 13.2 | +0.1 |
| Jul 2018 | $234,562 | +6.4% | $1,491 | +4.2% | 13.1 | +0.3 |
| Jul 2017 | $220,430 | +6.1% | $1,431 | +4.5% | 12.8 | +0.2 |
| Jul 2016 | $207,827 | +6.2% | $1,369 | +4.0% | 12.7 | +0.3 |
| Jul 2015 | $195,747 | +5.0% | $1,316 | n/a | 12.4 | n/a |
| Jul 2014 | $186,505 | +6.5% | n/a | n/a | n/a | n/a |
| Jul 2013 | $175,057 | +6.6% | n/a | n/a | n/a | n/a |
| Jul 2012 | $164,278 | -0.3% | n/a | n/a | n/a | n/a |
| Jul 2011 | $164,739 | -6.0% | n/a | n/a | n/a | n/a |
| Jul 2010 | $175,282 | -2.1% | n/a | n/a | n/a | n/a |
| Jul 2009 | $179,113 | -9.3% | n/a | n/a | n/a | n/a |
| Jul 2008 | $197,521 | -6.2% | n/a | n/a | n/a | n/a |
| Jul 2007 | $210,595 | +0.7% | n/a | n/a | n/a | n/a |
| Jul 2006 | $209,119 | +8.9% | n/a | n/a | n/a | n/a |
| Jul 2005 | $192,105 | +11.5% | n/a | n/a | n/a | n/a |
| Jul 2004 | $172,309 | +9.3% | n/a | n/a | n/a | n/a |
| Jul 2003 | $157,648 | +7.4% | n/a | n/a | n/a | n/a |
| Jul 2002 | $146,778 | +6.6% | n/a | n/a | n/a | n/a |
| Jul 2001 | $137,683 | +7.2% | n/a | n/a | n/a | n/a |
| Jul 2000 | $128,396 | n/a | n/a | n/a | n/a | n/a |
Gross rent multiplier in the 100 largest US metros
Ranked by population. The 1-year change compares the multiplier with the same month last year.
| Metro area | GRM | Typical home value | Typical rent | 1-year change |
|---|---|---|---|---|
| New York, NY | 17.7 | $762,197 | $3,580 | 0.0 |
| Los Angeles, CA | 19.1 | $1,026,764 | $4,483 | -0.2 |
| Chicago, IL | 12.3 | $380,123 | $2,576 | 0.0 |
| Dallas, TX | 12.8 | $367,541 | $2,385 | -0.6 |
| Houston, TX | 11.5 | $311,367 | $2,251 | -0.4 |
| Washington, DC | 15.5 | $625,503 | $3,358 | -0.4 |
| Philadelphia, PA | 14.2 | $402,162 | $2,361 | -0.1 |
| Miami, FL | 13.8 | $570,162 | $3,441 | -0.4 |
| Atlanta, GA | 14.0 | $388,811 | $2,311 | -0.6 |
| Boston, MA | 17.1 | $783,484 | $3,828 | -0.3 |
| Phoenix, AZ | 16.5 | $456,272 | $2,311 | -0.4 |
| San Francisco, CA | 24.2 | $1,228,529 | $4,235 | -1.1 |
| Riverside, CA | 15.5 | $597,615 | $3,211 | -0.4 |
| Detroit, MI | 13.2 | $269,893 | $1,699 | -0.2 |
| Seattle, WA | 18.2 | $774,216 | $3,541 | -0.9 |
| Minneapolis, MN | 13.8 | $407,066 | $2,464 | -0.2 |
| San Diego, CA | 19.8 | $999,129 | $4,204 | -0.6 |
| Tampa, FL | 13.0 | $377,724 | $2,430 | -0.4 |
| Denver, CO | 16.5 | $592,483 | $2,993 | -0.6 |
| Baltimore, MD | 13.9 | $417,455 | $2,508 | -0.2 |
| St. Louis, MO | 13.9 | $283,576 | $1,706 | -0.2 |
| Orlando, FL | 13.6 | $403,475 | $2,467 | -0.6 |
| Charlotte, NC | 14.8 | $392,934 | $2,213 | -0.4 |
| San Antonio, TX | 12.6 | $280,886 | $1,855 | -0.4 |
| Portland, OR | 17.3 | $562,547 | $2,712 | -0.4 |
| Sacramento, CA | 17.4 | $591,014 | $2,836 | -0.6 |
| Pittsburgh, PA | 11.2 | $230,203 | $1,707 | -0.4 |
| Cincinnati, OH | 13.1 | $322,150 | $2,055 | -0.2 |
| Austin, TX | 15.5 | $431,166 | $2,321 | -1.0 |
| Las Vegas, NV | 16.4 | $449,684 | $2,281 | -0.9 |
| Kansas City, MO | 15.1 | $333,181 | $1,839 | -0.1 |
| Columbus, OH | 14.2 | $357,307 | $2,095 | -0.4 |
| Indianapolis, IN | 12.9 | $301,080 | $1,946 | -0.3 |
| Cleveland, OH | 12.4 | $262,294 | $1,763 | -0.2 |
| San Jose, CA | 29.3 | $1,709,383 | $4,863 | -1.7 |
| Nashville, TN | 16.0 | $463,131 | $2,420 | -0.4 |
| Virginia Beach, VA | 13.7 | $381,441 | $2,314 | -0.2 |
| Providence, RI | 15.1 | $543,596 | $2,998 | +0.1 |
| Jacksonville, FL | 14.4 | $362,558 | $2,104 | -0.5 |
| Milwaukee, WI | 17.9 | $409,019 | $1,905 | +0.2 |
| Oklahoma City, OK | 13.1 | $248,136 | $1,579 | -0.2 |
| Raleigh, NC | 17.1 | $442,152 | $2,152 | -0.6 |
| Memphis, TN | 12.5 | $245,606 | $1,642 | -0.3 |
| Richmond, VA | 14.3 | $401,101 | $2,344 | -0.2 |
| Louisville, KY | 13.7 | $287,090 | $1,743 | -0.2 |
| New Orleans, LA | 11.5 | $266,295 | $1,925 | +0.1 |
| Salt Lake City, UT | 19.2 | $585,663 | $2,542 | -0.2 |
| Hartford, CT | 13.4 | $428,740 | $2,658 | 0.0 |
| Buffalo, NY | 12.6 | $293,608 | $1,940 | +0.2 |
| Birmingham, AL | 13.6 | $265,163 | $1,623 | 0.0 |
| Rochester, NY | 10.9 | $289,513 | $2,203 | 0.0 |
| Grand Rapids, MI | 13.8 | $363,296 | $2,192 | 0.0 |
| Tucson, AZ | 15.3 | $351,248 | $1,910 | -0.6 |
| Urban Honolulu, HI | 24.7 | $1,062,399 | $3,586 | -0.7 |
| Tulsa, OK | 13.2 | $257,002 | $1,626 | 0.0 |
| Fresno, CA | 14.4 | $417,448 | $2,408 | -0.4 |
| Worcester, MA | 14.6 | $499,333 | $2,854 | -0.3 |
| Omaha, NE | 12.8 | $312,126 | $2,033 | -0.1 |
| Bridgeport, CT | 13.4 | $796,449 | $4,969 | +0.3 |
| Greenville, SC | 13.9 | $315,207 | $1,896 | -0.3 |
| Albuquerque, NM | 13.5 | $355,263 | $2,189 | -0.2 |
| Bakersfield, CA | 13.5 | $367,588 | $2,272 | -0.4 |
| Albany, NY | 13.8 | $378,592 | $2,285 | +0.2 |
| Knoxville, TN | 14.2 | $369,860 | $2,167 | -0.1 |
| Baton Rouge, LA | 11.4 | $254,409 | $1,867 | 0.0 |
| McAllen, TX | 9.0 | $192,581 | $1,792 | 0.0 |
| New Haven, CT | 12.5 | $439,156 | $2,937 | +0.2 |
| El Paso, TX | 10.9 | $234,080 | $1,792 | -0.1 |
| Allentown, PA | 13.3 | $370,464 | $2,320 | 0.0 |
| Oxnard, CA | 18.6 | $920,409 | $4,126 | -0.5 |
| Columbia, SC | 11.6 | $258,190 | $1,862 | -0.1 |
| North Port, FL | 13.7 | $423,777 | $2,587 | -0.7 |
| Charleston, SC | 13.9 | $437,270 | $2,626 | -0.7 |
| Greensboro, NC | 12.2 | $270,819 | $1,847 | -0.3 |
| Stockton, CA | 15.3 | $533,649 | $2,899 | -0.8 |
| Cape Coral, FL | 13.6 | $352,643 | $2,154 | -0.7 |
| Boise City, ID | 17.8 | $499,022 | $2,333 | -0.7 |
| Colorado Springs, CO | 16.2 | $462,195 | $2,383 | -0.5 |
| Little Rock, AR | 13.1 | $231,474 | $1,470 | +0.1 |
| Lakeland, FL | 11.9 | $301,402 | $2,104 | -0.7 |
| Akron, OH | 13.7 | $245,363 | $1,490 | -0.1 |
| Des Moines, IA | 14.2 | $304,545 | $1,791 | -0.1 |
| Springfield, MA | 12.4 | $386,886 | $2,597 | -0.2 |
| Ogden, UT | 19.0 | $525,289 | $2,300 | -0.2 |
| Madison, WI | 15.1 | $473,034 | $2,606 | -0.4 |
| Winston, NC | 12.7 | $285,544 | $1,877 | -0.1 |
| Deltona, FL | 13.0 | $336,248 | $2,162 | -0.5 |
| Syracuse, NY | 10.5 | $272,587 | $2,171 | +0.2 |
| Provo, UT | 20.3 | $562,286 | $2,307 | -0.1 |
| Toledo, OH | 12.4 | $204,780 | $1,379 | -0.2 |
| Wichita, KS | 13.6 | $227,005 | $1,393 | -0.1 |
| Durham, NC | 16.0 | $416,196 | $2,162 | -0.8 |
| Augusta, GA | 12.5 | $254,062 | $1,700 | +0.2 |
| Palm Bay, FL | 13.0 | $355,136 | $2,278 | -0.4 |
| Jackson, MS | 10.6 | $213,802 | $1,685 | -0.1 |
| Harrisburg, PA | 13.5 | $314,841 | $1,941 | 0.0 |
| Spokane, WA | 16.2 | $428,628 | $2,208 | -0.4 |
| Scranton, PA | 12.6 | $230,570 | $1,528 | -0.3 |
| Chattanooga, TN | 13.8 | $325,838 | $1,962 | -0.2 |
| Modesto, CA | 16.2 | $470,810 | $2,427 | 0.0 |
Cities with the lowest gross rent multiplier
The lowest multipliers among the 200 largest metros. Rent is high relative to price, which is where cash flow is easiest to find.
| Metro area | GRM | Typical home value | Typical rent | 1-year change |
|---|---|---|---|---|
| McAllen, TX | 9.0 | $192,581 | $1,792 | 0.0 |
| Brownsville, TX | 9.0 | $201,812 | $1,866 | -0.4 |
| Corpus Christi, TX | 9.3 | $223,682 | $2,005 | -0.2 |
| Binghamton, NY | 9.4 | $205,721 | $1,820 | 0.0 |
| Utica, NY | 9.7 | $234,076 | $2,004 | 0.0 |
| Huntington, WV | 9.9 | $167,577 | $1,409 | -0.2 |
| Charleston, WV | 9.9 | $150,430 | $1,265 | -0.8 |
| Lafayette, LA | 10.3 | $202,753 | $1,640 | 0.0 |
| Beaumont, TX | 10.3 | $188,835 | $1,526 | +0.1 |
| Syracuse, NY | 10.5 | $272,587 | $2,171 | +0.2 |
| Jackson, MS | 10.6 | $213,802 | $1,685 | -0.1 |
| Shreveport, LA | 10.6 | $185,896 | $1,456 | -0.2 |
| Mobile, AL | 10.7 | $198,099 | $1,544 | -0.3 |
| Rochester, NY | 10.9 | $289,513 | $2,203 | 0.0 |
| El Paso, TX | 10.9 | $234,080 | $1,792 | -0.1 |
Cities with the highest gross rent multiplier
The highest multipliers among the 200 largest metros. Prices are far ahead of rent, and returns there depend mostly on appreciation.
| Metro area | GRM | Typical home value | Typical rent | 1-year change |
|---|---|---|---|---|
| San Jose, CA | 29.3 | $1,709,383 | $4,863 | -1.7 |
| Urban Honolulu, HI | 24.7 | $1,062,399 | $3,586 | -0.7 |
| San Francisco, CA | 24.2 | $1,228,529 | $4,235 | -1.1 |
| Santa Cruz, CA | 22.6 | $1,206,082 | $4,449 | -0.3 |
| San Luis Obispo, CA | 22.0 | $934,483 | $3,534 | -0.3 |
| Boulder, CO | 20.7 | $777,317 | $3,135 | -0.7 |
| Provo, UT | 20.3 | $562,286 | $2,307 | -0.1 |
| Santa Rosa, CA | 20.2 | $817,536 | $3,371 | -0.9 |
| San Diego, CA | 19.8 | $999,129 | $4,204 | -0.6 |
| Salt Lake City, UT | 19.2 | $585,663 | $2,542 | -0.2 |
| Los Angeles, CA | 19.1 | $1,026,764 | $4,483 | -0.2 |
| Ogden, UT | 19.0 | $525,289 | $2,300 | -0.2 |
| Santa Maria, CA | 18.8 | $1,073,378 | $4,770 | 0.0 |
| Fort Collins, CO | 18.8 | $574,388 | $2,542 | -0.6 |
| Oxnard, CA | 18.6 | $920,409 | $4,126 | -0.5 |
How to read a city's gross rent multiplier
A lower multiplier means each dollar of price buys more rent. Under 10 is cheap relative to rent, 10 to 15 is typical for much of the country, and above 20 is a market priced for appreciation. The guide to a good GRM covers these ranges in more detail.
A metro figure describes the typical home, not a specific listing. Use it to pick markets, then run each property through the GRM calculator and a GRM valuation with real comparable sales.
Where the data comes from
Home values are the Zillow Home Value Index for single-family homes in the middle third of the market. Rents are the Zillow Observed Rent Index for single-family homes. Both are published by metropolitan statistical area, which covers a main city and its suburbs, and that is the only level where Zillow publishes single-family rents. Metros with less than two years of rent data are left out. Data from Zillow Research, current through July 2026.
GRM by city questions
What city has the lowest gross rent multiplier?
Among the 200 largest US metro areas, McAllen, TX has the lowest single-family multiplier at 9.0 as of July 2026. A typical home there is worth $192,581 and rents for $1,792 a month.
What is the average gross rent multiplier in the US?
The typical US single-family home has a gross rent multiplier of 13.5 as of July 2026: a value of $374,045 against rent of $2,314 a month. Metro areas range from 9.0 to 29.3 among the 200 largest, so compare a property with its own market.
How is gross rent multiplier by city calculated?
Divide the typical single-family home value by twelve months of typical single-family rent. This page uses the Zillow Home Value Index and the Zillow Observed Rent Index for each metro area, both for single-family homes. Metros need at least two years of rent data to be listed.