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Rental Market Summary & Key Takeaways
Oklahoma City Key Takeaways
Landlords
Stable Rent with Slight Increase: The rent is stable with a slight year-over-year increase, suggesting a steadily growing market.
Balanced Market Dynamics: A 'warm' market temperature implies a balanced demand and supply, providing a stable environment for consistent rental income.
Warm Market: This indicates a slightly more competitive market, favoring landlords slightly in rental negotiations.
Tenants
Stable Rent Prices: Rent prices are fairly stable, providing predictability for budgeting.
Reasonable Time to Decide: The average market time allows tenants some leeway in decision-making.
Slightly Competitive Market: Tenants should be prepared for a bit of competition but not an overly aggressive market.
Norman Key Takeaways
Landlords
Higher Rent and Increase: Higher median rent with a notable year-over-year increase, indicating a more lucrative market.
Longer Market Time: Properties stay on the market slightly longer, suggesting less competition among renters.
Cool Market: A cooler market might require more effort in property presentation and amenities to attract tenants.
Tenants
Higher Rent Levels: Be prepared for higher rents compared to Oklahoma City.
More Time to Search: The slightly longer time on the market gives tenants more time to explore options.
Less Competitive Market: A cooler market implies less pressure in decision-making and potentially more room for negotiation.
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) Norman - $1,600; (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 27 Jan. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/norman-ok, Accessed 27 Jan. 2024.