November 2023 - OKC vs Mustang

Rental Market Summary & Key Takeaways

Oklahoma City Key Takeaways

Landlords

Stability in Rental Pricing: The lack of change in median rent both M-t-M and Y-o-Y suggests a stable rental market in OKC.

Abundant Rental Inventory: With 564 available rentals, there is significant competition among rental properties. Landlords may need to ensure their properties stand out in terms of features or competitive pricing to attract tenants.

Balanced Market Conditions: A warm market temperature indicates a healthy balance between supply and demand. Landlords can expect a steady flow of prospective tenants but should also be mindful of the competitive nature of the market.

Tenants

Stable Rent Prices: With no change in the median rent month-over-month and year-over-year, tenants can expect stable rental prices in Oklahoma City.

Sufficient Rental Options: The availability of 564 rentals suggests a healthy number of options, giving tenants a good selection to choose from.

Balanced Market Dynamics: The warm market temperature indicates a balanced market, which could mean reasonable rental rates and less pressure to make quick decisions.

Mustang Key Takeaways

Landlords

Gradual Rent Increases: The slight year-over-year increase in rent suggests a growing market. Landlords might have the opportunity to incrementally increase rental rates, particularly if their properties offer amenities or features that are in high demand.

Limited Rental Supply: With only 25 available rentals, the Mustang market presents an opportunity for landlords. This can be advantageous for maintaining higher rental prices or reducing vacancy periods.

Longer Market Exposure: Properties staying on the market for an average of 51 days indicate a slightly slower turnover. Landlords should be prepared for potentially longer vacancy periods and might consider property enhancements to attract tenants more quickly.

Tenants

Slight Increase in Rent: The gradual increase in median rent over the past year suggests a slowly rising rental market in Mustang.

Competitive Rental Market: With only 25 available rentals, the market is more competitive, potentially leading to faster decision-making and limited negotiating power for tenants.

Longer Search Time: Properties are staying on the market slightly longer on average, indicating that tenants might have more time to explore their options, but should still be prepared for a competitive market due to limited availability.

Sources & Additional Information:

• Market temperature is based on changes in renter demand compared to the national average.
• For example, a hot market has increasing demand.
• Temperature is based on all bedrooms and all property types.
• Median rent - 3-bedroom houses: (1) OKC - $1,495; (2) Mustang- $1,613; (3) National average - $1,850.
• Bordo, Jonas. “The Complete 2023 Guide to Rent Prices in the US.” Accessed 20 Nov. 2023.
• Source: zillow.com 2023, rental-manager/market-trends/okc-ok, Accessed 22 Nov. 2023.
• Source: zillow.com 2023, rental-manager/market-trends/mustang-ok, Accessed 22 Nov. 2023.