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Rental Market Summary & Key Takeaways
Oklahoma City Key Takeaways
Landlords
Market Stability: No change in median month-over-month rent indicates a stable market environment.
Slight Yearly Decrease: A small decrease in year-over-year rent suggests the need for competitive pricing.
Large Inventory: A significant number of available rentals points to a competitive market for landlords.
Tenants
Stable Rent: No month-over-month change provides predictability for budgeting.
Ample Choices: The large number of rentals offers many options.
Warm Market: The market temperature indicates moderate competition.
Mustang Key Takeaways
Landlords
Increasing Rent: A modest month-over-month rent increase reflects growing demand.
Minor Yearly Decrease: Suggests market adjustments despite short-term increases.
Quick Turnover: Shorter average days on market indicate faster leasing.
Tenants
Rising Costs: Be aware of gradual rent increases.
Faster Decisions Needed: Shorter time on market means less time to deliberate.
Competitive Market: Warm market temperature suggests a balanced but competitive environment.
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 Mar. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/norman-ok, Accessed 25 Mar. 2024.