FIXED IT. HAD TO WAIT A FEW MINUTES AFTER UPDATES TO MY APPLE ID. 😎
At least for myself. OK- I was having the same problem. Tried to rent a movie, got the "invalid address thing." 😕
After reading another discussion ( https://discussions.apple.com/thread/3054098 ) post by yaledoc72, I did the following:
I found out my plus 4 zip code, and logged in to manage my Apple ID. There I deleted an old invalid shipping address and then updated my Billing address to spell out "Street," check all spelling, check all numbers and add the plus 4 zip.
I also made sure my primary shipping address was filled in exactly the same as the billing address. I left a couple of alternate shipping addresses in place.
When I went back to iTunes and tried again, it still told me I needed a valid address and to go to billing info -- which I did, and updated -- again.😠
Not sure about what happened next because I was drafting a (somewhat testy) email to Apple Support but then I noticed the iTunes Store window had updated and my movie was downloading. Still is.
Looks like you just have to make sure your addresses are good and update to the plus 4 zip, and then give it a while to update.🙂