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Rental Market Summary & Key Takeaways
Oklahoma City Key Takeaways
Landlords
Stable Rent: No month-over-month change indicates market stability.
Minimal Yearly Decrease: A slight decrease in year-over-year rent suggests careful pricing strategies.
Warm Market: Indicates a relatively balanced market with a slight lean towards landlords' advantage.
Tenants
Stable Prices: Rent stability offers predictability for budgeting.
Adequate Availability: With a decent number of available rentals, tenants have choices.
Moderate Competition: The market's warmth suggests reasonable competition for desirable properties.
Norman Key Takeaways
Landlords
Positive Rent Growth: Increases in both month-over-month and year-over-year rents indicate a growing market.
Cool Market: Suggests a tenant-friendly environment, potentially requiring more effort to attract renters.
Steady Demand: Average days on the market indicates consistent demand.
Tenants
Increasing Costs: Be prepared for rising rental prices.
More Choices: A cooler market and reasonable availability mean more options.
Less Pressure: A cooler market also means less urgency in decision-making.
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 - $1,625; (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 25 Feb. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/norman-ok, Accessed 25 Feb. 2024.