This data comes from Zillow, which describe it as follows:
"Zillow Observed Rent Index (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."
To obtain the annual median rental price, TIA's researchers added all median rental prices for twelve months and divided the value by 12.
Zillow's full methodology of its rent index can be found at: https://www.zillow.com/research/data/#rental-data.