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Rental Market Summary & Key Takeaways
Oklahoma City Key Takeaways
Landlords
Stable Rent: No significant month-over-month or year-over-year changes suggest a steady market.
High Availability: Many rentals are available, indicating a competitive market.
Cool Market Temperature: Indicates a tenant-friendly environment, requiring attractive property features to stay competitive.
Tenants
Stable Prices: Minimal changes in rent provide predictability.
Plentiful Options: High availability means more choices for tenants.
Tenant-Friendly Market: Cooler market temperature favors renters with more negotiating power.
Mustang Key Takeaways
Landlords
Slight Decrease in Rent: Minor month-over-month and year-over-year decreases suggest careful pricing strategies.
Moderate Market Activity: Properties are rented at a moderate pace, requiring efficient marketing.
Quick Turnover: Lower days on the market imply high demand and quick leasing.
Tenants
Slight Decrease in Costs: Small reductions in rent offer slight relief.
Quick Turnover: Rentals are occupied relatively quickly, necessitating prompt decisions.
Competitive Market: Warm market temperature indicates a competitive environment for tenants.
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 27 June. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/mustang-ok, Accessed 27 June. 2024.