What's The Average Rent In Oklahoma City, OK

Discussing the average rent in Oklahoma City, OK, interests many. The median rent is $1,074. It went up by 1.2% last month. Yet, the yearly look shows a 1.2% drop¹.

Oklahoma City is great for renters, as living costs are low. It’s 16% cheaper than other places in the U.S. Specifically, housing is 31% less costly. This combination makes the city appealing for economical living¹.

Key Takeaways

• The median rent in Oklahoma City is $1,074¹.
• There has been a 1.2% increase in rent prices in the last month¹.
• Rent prices decreased by 1.2% year-over-year¹.
• Overall cost of living in Oklahoma City is 16% lower than the national average¹.
• Housing costs are 31% lower than the U.S. average¹.

Overview of the Oklahoma City Rental Market

The Oklahoma City rental market is changing. Right now, the median rent is $1,074. This is a small monthly increase of 1.2%, but it's down from last year by 1.2%¹. Compared to the national average rent of $1,411, living in Oklahoma City is about 23.9% cheaper¹.

Current Trends

The rental scene in Oklahoma City is on the move. For example, in June 2024, the city was the 14th fastest-growing among large U.S. cities in terms of rent¹. New buildings in downtown have added over 3,400 apartment units. Out of these, three big projects make up 25%². With more new apartments available, the demand for one-bedroom places has dropped. This drop has caused rents to go down for these apartments, now ranging from $900 to $2,000².

Historical Rent Data

Looking back, Oklahoma City's housing market has been quite changeable. From 2000 to 2014, the city grew each year by 1.6%, affecting the rental market². Since that time, rent growth has been a bit slower than the state's 0.2% average but is close to the national drop of 0.7%¹. In 2024, rent has slightly decreased by 0.4% from the previous year¹.

Median Rent Prices by Apartment Type in Oklahoma City

Looking into median rent prices for different apartments in Oklahoma City helps those looking for affordable places. We will look at prices for studios, one-bedroom, and two-bedroom apartments in the city.

Studio Apartments

Studio apartments in Oklahoma City provide a mix of affordability and the ease of living for individuals. The average rent by apartment type in OKC for a studio is about $760. This price makes studios a smart choice for anyone wanting both affordability and the convenience of living in the city.

1-Bedroom Apartments

The price for one-bedroom apartments in Oklahoma City has slightly gone up. Now, the median rent for one is $867. This is a 0.58% rise from last month³. One-bedroom units offer more space and are still affordable, especially when compared to other places across the country.

2-Bedroom Apartments

Two-bedroom apartments provide enough room for families or friends sharing a place in Oklahoma City. The median rent for these is $1,004, marking a 1.83% rise from last month³. This increase shows more people want bigger places to live. For detailed stats on rent, check out Apartment List's rent report⁴. It lists Oklahoma City as an affordable large city in the U.S.

Comparison of Oklahoma City Rent to National Averages

Looking at the rent in Oklahoma City compared to the whole country shows a big plus for Oklahoma City. For example, a one-bedroom place in Oklahoma City is $908 a month. But the national average is much higher, at $1,987⁵⁶. This big gap shows how Oklahoma City is cheaper when it comes to living there.

National vs. Local Rent Trends

Rent in Oklahoma City went up by 7.4% last year, with a small increase of 0.5% just last month⁵. On the other hand, the whole country saw a smaller yearly rise of 0.77% and a monthly bump of 0.30% as of March 2024⁶. This means Oklahoma City's rents are climbing faster yearly but are still way cheaper than the national rates.

Affordability Analysis

Comparing Oklahoma City to national rent points out how much more affordable Oklahoma City is. An average place costs $839 a month here, 46% less than the national rate⁷. Plus, you only need about $36,320 a year to live comfortably in Oklahoma City. That's much lower than many other places in the country⁵.

Oklahoma City folks have lots of rental options to check out. Some places even offer rent deals and tours to help you choose. For more details on apartments you can rent, click here⁵.

Factors Influencing Rent Prices in Oklahoma City

Rent prices in Oklahoma City are affected by many economic and demographic factors. These elements are crucial for understanding how the rental market works in Oklahoma.

Economic Conditions

Economic factors play a huge role in shaping rent prices in Oklahoma City. The city's cost of living is quite lower than the national average, by about 12.8%. Items and services cost less by roughly 10.1% compared to the rest of the U.S⁸. Property taxes here are about 1.5% of a property's value and tend to go up every year. This affects the cost of housing⁹. Also, property insurance costs have doubled in the last five years to $1,535 a year, adding to the economic pressure on renting⁹. Rent prices can vary. High-demand homes, like two- and three-bedroom ones, are doing well. But luxury homes over $1,000 a month are not as sought after, even though they keep their value⁹.

Population Growth

Oklahoma City's growing population affects housing needs, increasing demand for rentals. About 60% of the city's residents own their homes. But as more people move in, the need for affordable housing goes up⁸. Rental prices differ across neighborhoods. For example, living in Deep Deuce and Downtown might cost you around $1,706. Meanwhile, Wilshire Ridge and Oakcliff are more affordable, with rent at about $775 and $563⁸. As of May 2024, the median rent in Oklahoma City is $1,300. This shows a slight drop from last year, highlighting how population changes affect rent prices¹⁰.

Together, these economic and demographic factors play a big part in the Oklahoma rental market. They help create a rental environment that suits different budgets while dealing with a growing population.

Best Neighborhoods for Renting in Oklahoma City

Oklahoma City offers different neighborhoods that appeal to everyone. Whether you prefer vibrant city life, historic charm, or quiet suburbs, you'll find it here. Top rental neighborhoods OKC include Downtown for urban living, Heritage Hills for its historic charm, and Southern Hills for a peaceful suburb.

Downtown

Downtown Oklahoma City is perfect for those who love culture, dining, and fun. Here, a studio's median rent is about $1,560. It’s pricier but perfect for young professionals or anyone who loves a busy city life.

Heritage Hills

Heritage Hills is known for beautiful homes and tree-lined streets. It's more affordable than Downtown, attracting families and people who love quiet, yet character-rich areas. With its historic beauty and community feel, it’s a great pick for renters.

Southern Hills

Southern Hills is great for those on a budget, with one-bedroom apartments averaging $680. It's favored by young families and students for its affordable living and easy access to amenities. Its mix of low rent and suburban atmosphere makes it popular.

Before deciding, consider maintenance, demand, and property features. Doing your research will help you enjoy renting in Oklahoma City more. Check out this detailed guide¹ for tips on choosing the best renting neighborhoods.

Forecast for Future Rent Prices in Oklahoma City

Rent prices in Oklahoma City have a unique story for next year. Nationwide, rent has jumped almost 30% since the COVID-19 pandemic started¹¹. The Oklahoma City rent forecast shows a slower growth. Rent for multifamily homes went up 2.7% from January 2023 to 2024. Single-family homes saw a bigger jump of 4.7% in the same period¹¹.

Predicted Trends

The rental market prognosis for Oklahoma City shows a median asking rent of $1,006. This is only a 0.5% increase from the previous year¹². This rate is still $17 less than the highest rent seen since March 2019¹². This hints at a possible stabilization of local rent prices. It matches the cooling rent trends seen nationally since last spring¹¹.

Building permits have decreased from their peak in December 2021 to pre-pandemic levels by January 2024. This suggests slower growth in rental supply, which may affect future rent estimates¹¹. While the future is uncertain, these points hint at possible stable or slightly increased rent prices in Oklahoma City soon. Both renters and investors must keep up with these changes to make informed decisions.

How Does Oklahoma City Compare to Other Cities?

Looking at Oklahoma City's housing, it stands out among cities of similar size. The city places ninth for its median rent of $1,300, compared to other big U.S. cities¹³. This shows Oklahoma City is an affordable choice for many renters.

Similar Cities

Rent in cities like Detroit, MI, and Des Moines, IA, shows Oklahoma City's competitive edge. Detroit's rent is close to Oklahoma's, showing it's also affordable¹³. Des Moines' rent matches Oklahoma City's, providing a fair option for renters focused on costs.

This comparison helps people get the bigger picture of renting in Oklahoma City. Ranked as the fifth best U.S. city for renters, it's a top choice¹³. Only 18.6% of a renter's income goes to rent here, making it more affordable than many places¹³.

Tips for Finding Affordable Rentals in Oklahoma City

Finding a cheap place to live in Oklahoma City can really help with your expenses and life quality. Using rent calculators and knowing about the rental market during different seasons can make finding budget-friendly options easier.

Using Rent Calculators

Rent calculators are amazing for planning your housing budget. They look at things like how much you make, your bills, and what living costs are like in the area. This helps you work out an affordable rent budget.

Sites like Apartments.com offer these calculators for free. By using these tools, you can figure out which rentals are within your price range¹⁴.

Seasonal Market Analysis

When you start looking for a place also affects how much you'll pay. Rental prices change with the seasons. Prices usually go up in summer because more people are moving. Looking during winter could get you a cheaper deal since fewer people are moving then.

Right now, Oklahoma City has more empty homes for rent (9.09%) than the whole country does (6.18%)¹⁴. This means in less busy times, you have a better chance to talk down the price. In places like Edmond and Moore, empty places are harder to find, with vacancy rates around 5% to 7%¹⁴. Plan your hunt with this mind, and you could save a lot.

To sum it up, using rent calculators and knowing the best times to look are key to finding affordable places in Oklahoma City. These tips can help you get a good deal on your next home.

Oklahoma City: Balancing Cost and Convenience in Housing

Oklahoma City is known for its affordable housing market. The median rent here is $1,074, making it an appealing option¹. This price point shows Oklahoma City's balance of cost and convenience.

In the last year, rent trends in Oklahoma City have seen some ups and downs. Rent increased slightly by 1.2% month-over-month but dropped by 1.2% over the year¹. Still, it's the #94 most expensive large U.S. city for renting¹. The city's housing market is well-balanced, making it affordable.

The median rent for a one-bedroom apartment is $886. For two-bedroom apartments, it's $1,098¹. These prices are 23.9% lower than the national average. Rent in Oklahoma City has slightly declined by 0.4% in the first half of 2024¹.

In June 2024, rents in Oklahoma City went up by 1.2%. It ranked 14th among large U.S. cities for rent growth that month¹. This shows the city's rental market is lively and competitive, attracting both residents and investors.

Conclusion

Oklahoma City's rental market shines with great options for renters. It's known for its diverse neighborhoods and good rental prices. The city saw its rental vacancy rate drop to 7.0% from 10.4% in April 2010. This shows a strong demand for places to live¹⁵. There's also a need for 6,875 new rental units soon. Thankfully, 3,250 units are already being built to meet this need¹⁵.

Big employers like The University of Oklahoma, Tinker Air Force Base, and the state government help keep the economy stable. They provide 14% of all jobs in the area¹⁵. The city's job market is expected to grow by 1.0% each year for the next three years. This makes the rental market even more appealing¹⁵. Tinker Air Force Base alone brings in over $3 billion a year to the local economy. This adds to the city's solid economic base¹⁵.

Renters should always get their information from trusted sources and talk to experts when looking for a place to live. Knowing the market and how to manage your money is key to finding a good home. For tips on how to budget wisely in Oklahoma City, check out this helpful guide¹⁵. With its affordable living and lively community, Oklahoma City is a top choice for renters seeking quality and value.

FAQ

What's the average rent in Oklahoma City, OK?

In Oklahoma City, OK, the average rent is $1,074. This is according to the latest figures. The rent went up slightly by 1.2% last month but has gone down by 1.2% over the last year.

What are the current rental market trends in Oklahoma City?

The rental market in Oklahoma City has small changes. Rent increased by 1.2% recently but dropped 1.2% compared to last year. It stands at 94th place among large U.S. cities for median rent.

How do historical rent trends in Oklahoma City compare?

Rent trends in Oklahoma City have been up and down over time. Recently, the data shows both increases and decreases.

What is the median rent price for studio apartments in Oklahoma City?

Studio apartments in Oklahoma City cost about $760 on average. They are good for single people or those needing less space.

What is the average rent for 1-bedroom apartments in Oklahoma City?

1-bedroom apartments in Oklahoma City go for about $886 on average. This is much less than many other places.

What is the median rent price for 2-bedroom apartments in Oklahoma City?

In Oklahoma City, a 2-bedroom apartment usually costs around $1,098. This makes it a nicely affordable choice for those who need extra room.

How do local rent trends in Oklahoma City compare to national trends?

Rent for 1-bedroom and 2-bedroom apartments in Oklahoma City is 23.9% less than the U.S. average. This means living here can save you money.

How affordable is Oklahoma City's housing compared to the national average?

Living in Oklahoma City costs a lot less than many other places. Overall expenses are about 16% lower, and housing costs 31% less.

What economic conditions influence rent prices in Oklahoma City?

In Oklahoma City, low living costs and more people moving here impact rent prices. Plus, items and services cost about 15% less than in other areas.

How does population growth affect rental prices in Oklahoma City?

As more people come to Oklahoma City, the demand for houses goes up. This can slowly raise rent prices.

Which neighborhoods are best for renting in Oklahoma City?

Top spots for rentals in Oklahoma City include Downtown, Heritage Hills, and Southern Hills. They offer different homes at various prices.

What are rental prices like in Downtown Oklahoma City?

Downtown has more expensive rental options. Here, studio apartments usually cost around $1,560.

What are rental prices like in Heritage Hills?

Heritage Hills has more affordable rents than Downtown. It's great for those who want to save money but still live in a nice area.

What are rental prices like in Southern Hills?

Southern Hills gives a mix of rental prices. A 1-bedroom apartment goes for about $680, fitting many budgets.

What are the predicted rent trends for Oklahoma City in 2024?

Rent prices in Oklahoma City might grow slower in 2024. Experts think rates might become more stable.

How does Oklahoma City's rental market compare to similar cities?

Oklahoma City's median rent matches cities like Detroit, MI, and Des Moines, IA. All these places offer similar living costs.

How can renters find affordable rentals in Oklahoma City?

Renters looking to save can use online rent calculators. Checking the market during off-peak seasons also helps in finding deals.

Source Links

1. Average Rent in Oklahoma City, OK & Rent Price Trends - https://www.apartmentlist.com/rent-report/ok/oklahoma-city
2. Oklahoma City Rental Property Bubble: Why it's happening - https://www.yourokcpropertymanager.com/new-downtown-oklahoma-city-apartment
3. Apartments for Rent in Oklahoma City, OK - https://www.rentable.co/oklahoma-city-ok?page=5
4. Downtown Oklahoma City Apartments for Rent | Oklahoma City, OK - https://www.rentable.co/oklahoma-city-ok/neighborhoods/downtown-oklahoma-city
5. Cost of Living in Oklahoma City, OK 2023 - https://www.apartmentlist.com/renter-life/cost-of-living-in-oklahoma-city
6. April 2024 Rent Report - https://www.rent.com/research/average-rent-price-report/
7. National Rankings - https://www.abetterlifeokc.com/national-rankings/national-rankings/
8. The Cost of Living in Oklahoma City - https://www.rent.com/blog/cost-of-living-in-oklahoma-city/
9. Oklahoma City Rental Property Cash Flow is Tightening - https://www.yourokcpropertymanager.com/oklahoma-city-rental-property-cash-flow
10. Complete House Renting Guide for Oklahoma City, OK - 2024 - Ark7 - https://ark7.com/blog/learn/cities/complete-house-renting-guide-for-oklahoma-city-ok/
11. Will rents drop in 2024? - https://kfor.com/news/nexstar-media-wire/will-rents-drop-in-2024/
12. April 2024 Rental Report: Median Asking Rents Continue To Drop - https://www.realtor.com/research/april-2024-rent/
13. OKC among top cities for affordable renting | The Journal Record - https://journalrecord.com/2024/06/okc-among-top-cities-for-affordable-renting/
14. How to Minimize Vacancy Rate for Rental Property In Oklahoma - https://www.yourokcpropertymanager.com/minimize-vacancy-rate-for-rental-property
15. Comprehensive Housing Market Analysis for Oklahoma City, Oklahoma - https://www.huduser.gov/portal/publications/pdf/OklahomaCity-comp-16.pdf

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