{
  "_meta": {
    "as_of": "2024-Q4",
    "notes": "City-level rental market summaries. median_rent_2br is the raw HUD FY2026 2BR FMR (public, revised county file retrieved 2026-08-27). YoY growth, vacancy, and cap rate fields remain estimated blends of public sources (ApartmentList, Census ACS, NCREIF metro tiers) as of 2024-Q4 and are labeled as such across the site.",
    "data_label": "Public + estimated",
    "hud_vintage": "FY2026",
    "hud_as_of": "2025-10-01"
  },
  "cities": [
    {
      "slug": "austin-tx",
      "city": "Austin",
      "state": "TX",
      "zip": "78704",
      "metro_tier": "Tier 1",
      "median_rent_2br": 1852,
      "yoy_growth_pct": -3.4,
      "vacancy_pct": 8.1,
      "avg_cap_rate_pct": 5.2,
      "blurb": "Austin's rent correction continues as 2022-2023 supply additions absorb demand. Tech employment still anchors long-run thesis."
    },
    {
      "slug": "phoenix-az",
      "city": "Phoenix",
      "state": "AZ",
      "zip": "85016",
      "metro_tier": "Tier 1",
      "median_rent_2br": 1839,
      "yoy_growth_pct": -2.1,
      "vacancy_pct": 9.3,
      "avg_cap_rate_pct": 5.6,
      "blurb": "Phoenix vacancy spike from 2023 deliveries is normalizing. Inbound migration remains positive vs. 2019 baseline."
    },
    {
      "slug": "tampa-fl",
      "city": "Tampa",
      "state": "FL",
      "zip": "33606",
      "metro_tier": "Tier 1",
      "median_rent_2br": 1977,
      "yoy_growth_pct": 1.1,
      "vacancy_pct": 7.8,
      "avg_cap_rate_pct": 5.7,
      "blurb": "Tampa rent growth has flattened after a 30%+ post-pandemic run. Insurance costs are the key underwriting variable."
    },
    {
      "slug": "charlotte-nc",
      "city": "Charlotte",
      "state": "NC",
      "zip": "28209",
      "metro_tier": "Tier 1",
      "median_rent_2br": 1686,
      "yoy_growth_pct": 0.4,
      "vacancy_pct": 8.4,
      "avg_cap_rate_pct": 5.8,
      "blurb": "Charlotte sits in a long-run growth corridor with rent levels well below coastal peers. Vacancy elevated from 2023 deliveries."
    },
    {
      "slug": "nashville-tn",
      "city": "Nashville",
      "state": "TN",
      "zip": "37206",
      "metro_tier": "Tier 1",
      "median_rent_2br": 1730,
      "yoy_growth_pct": -1.2,
      "vacancy_pct": 8.7,
      "avg_cap_rate_pct": 5.6,
      "blurb": "Music City supply pipeline is the largest per-capita in the U.S. Rent stabilizing in 2024 with absorption strong."
    },
    {
      "slug": "dallas-tx",
      "city": "Dallas",
      "state": "TX",
      "zip": "75204",
      "metro_tier": "Tier 1",
      "median_rent_2br": 1931,
      "yoy_growth_pct": -0.7,
      "vacancy_pct": 8.9,
      "avg_cap_rate_pct": 5.5,
      "blurb": "Dallas remains the largest market by net absorption. Cap rates compressed but cash flow attainable at sub-$300k entry points."
    },
    {
      "slug": "atlanta-ga",
      "city": "Atlanta",
      "state": "GA",
      "zip": "30309",
      "metro_tier": "Tier 1",
      "median_rent_2br": 1820,
      "yoy_growth_pct": -1.4,
      "vacancy_pct": 8.6,
      "avg_cap_rate_pct": 5.7,
      "blurb": "Atlanta institutional buyer share above national average. SFR yields still attractive vs. multifamily."
    },
    {
      "slug": "denver-co",
      "city": "Denver",
      "state": "CO",
      "zip": "80206",
      "metro_tier": "Tier 1",
      "median_rent_2br": 2089,
      "yoy_growth_pct": -0.5,
      "vacancy_pct": 7.6,
      "avg_cap_rate_pct": 5.3,
      "blurb": "Denver fundamentals stable with employment growth offsetting supply. Cap rates among lowest in Mountain West."
    },
    {
      "slug": "indianapolis-in",
      "city": "Indianapolis",
      "state": "IN",
      "zip": "46220",
      "metro_tier": "Tier 2",
      "median_rent_2br": 1473,
      "yoy_growth_pct": 2.6,
      "vacancy_pct": 6.8,
      "avg_cap_rate_pct": 7.1,
      "blurb": "Indianapolis remains a top cash-flow market with mid-7% cap rates and lower property tax burden than peers."
    },
    {
      "slug": "columbus-oh",
      "city": "Columbus",
      "state": "OH",
      "zip": "43201",
      "metro_tier": "Tier 2",
      "median_rent_2br": 1430,
      "yoy_growth_pct": 3.1,
      "vacancy_pct": 6.4,
      "avg_cap_rate_pct": 6.9,
      "blurb": "Columbus is one of the Midwest's strongest rent-growth markets, anchored by Intel's semiconductor investment."
    },
    {
      "slug": "jacksonville-fl",
      "city": "Jacksonville",
      "state": "FL",
      "zip": "32207",
      "metro_tier": "Tier 2",
      "median_rent_2br": 1658,
      "yoy_growth_pct": 0.9,
      "vacancy_pct": 7.9,
      "avg_cap_rate_pct": 6.4,
      "blurb": "Jacksonville offers higher cap rates than Tampa/Orlando with similar Florida tailwinds. Insurance is the watch item."
    },
    {
      "slug": "raleigh-nc",
      "city": "Raleigh",
      "state": "NC",
      "zip": "27607",
      "metro_tier": "Tier 1",
      "median_rent_2br": 1750,
      "yoy_growth_pct": 1.2,
      "vacancy_pct": 8.2,
      "avg_cap_rate_pct": 5.9,
      "blurb": "Research Triangle wage growth supports rent durability. Single-family rental yields outperform multifamily."
    },
    {
      "slug": "las-vegas-nv",
      "city": "Las Vegas",
      "state": "NV",
      "zip": "89109",
      "metro_tier": "Tier 1",
      "median_rent_2br": 1735,
      "yoy_growth_pct": -0.8,
      "vacancy_pct": 8.3,
      "avg_cap_rate_pct": 6.0,
      "blurb": "Las Vegas demand sensitive to tourism employment. Cap rate spread vs. coast remains attractive for cash-flow investors."
    },
    {
      "slug": "memphis-tn",
      "city": "Memphis",
      "state": "TN",
      "zip": "38104",
      "metro_tier": "Tier 3",
      "median_rent_2br": 1274,
      "yoy_growth_pct": 1.5,
      "vacancy_pct": 7.2,
      "avg_cap_rate_pct": 7.8,
      "blurb": "Memphis is a classic cash-flow market with cap rates above 7.5%. Logistics employment anchors the long thesis."
    },
    {
      "slug": "kansas-city-mo",
      "city": "Kansas City",
      "state": "MO",
      "zip": "64111",
      "metro_tier": "Tier 2",
      "median_rent_2br": 1358,
      "yoy_growth_pct": 2.2,
      "vacancy_pct": 6.9,
      "avg_cap_rate_pct": 7.0,
      "blurb": "Kansas City balances rent growth and cash flow. Median home prices remain accessible for first-time investors."
    }
  ]
}