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Rental Market Summary & Key Takeaways
Oklahoma City Key Takeaways
Landlords
Rent Stability: A small year-over-year decrease in rent (-$13) indicates a stable market.
Cool Market Temperature: Indicates less competition, requiring landlords to offer competitive amenities and pricing.
Cool Market Temperature: Indicates a tenant-friendly environment, requiring attractive property features to stay competitive.
Tenants
Slight Rent Increase: Higher month-over-month rent requires a potential need for planning.
Ample Options: A high number of available rentals provides a wide range of choices.
Tenant-Friendly Market: Cool market temperature indicates less competition and more negotiating power.
Mustang Key Takeaways
Landlords
Rent Decrease: A significant month-over-month decrease (-$95) suggests the need for competitive pricing.
Longer Market Time: Higher days on market indicate slower rental turnovers.
Cool Market: Suggests landlords need to enhance property appeal to attract tenants.
Tenants
Decreasing Rent Costs: Potential for cost savings with the recent drop in rent.
Moderate Availability: More available rentals provide tenants with better selection.
Negotiation Leverage: Cool market temperature offers tenants stronger negotiating power.
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 - $1,559; (2) Mustang - $1,600; (3) National average - $1,650.
- 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 July. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/mustang-ok, Accessed 27 July. 2024.