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Rental Market Summary & Key Takeaways
Oklahoma City Key Takeaways
Landlords
Minor Rent Increase: A small month-over-month rent increase.
Stable Yearly Growth: A slight year-over-year rent increase suggests a stable growing market.
Large Inventory: A significant number of available rentals indicates a competitive environment.
Tenants
Gradual Increase in Costs: Slight increases in rent year-over-year.
Many Options Available: A large number of rentals means more choices.
Warm Market: The market's warm temperature suggests moderate competition.
Mustang Key Takeaways
Landlords
Rent Increase: Notable month-over-month and year-over-year rent increases.
Faster Market Movement: Fewer average days on market indicate a demand-driven market.
Cool Market Temperature: Despite fast turnover, the market is less competitive.
Tenants
Increasing Rent Costs: Notable increase in rental prices.
Act Quickly: Reduced days on market means faster decision-making is necessary.
Favorable Market Conditions: The cool market temperature suggests less competition and possibly better deals.
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 - $1,500; (2) Norman - $1,725; (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 21 Apr. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/norman-ok, Accessed 21 Apr. 2024.