Report: Oklahoma City's rental market cools in second quarter
Asking prices for apartments of all sizes fell during the past few months in Oklahoma City. That’s according to a second quarter report from the OKC-based NAI Sullivan Group.
From the first to the second quarter of 2023, monthly rents decreased 13.3%. That follows months of “astronomical rents” for OKC apartments in quarter one.
The cooling costs of multifamily housing is not necessarily shocking, the report says.
Falling prices and increasing numbers of transactions are indications that inflation-reduction measures taken by the federal government could be working.
The average monthly asking price for a studio apartment in OKC this year is $953. One-bedroom rents averaged $932 per unit. For two-bedroom units, average monthly rent is $950 and for three or more-bedroom units, rents average $993.
The multifamily housing market is slowly stabilizing, the report says. OKC residents could see rental prices continue to level off following the past few years’ “COVID premium.”
New housing is also being built in the Oklahoma City metro. More than 3,470 units of multifamily space were under construction by the end of quarter two.
The properties with the most planned, rentable housing are 444 units at 10401 West Reno Ave., in Oklahoma City, and 339 units at 4300 Caravel Dr., in Yukon. The projects are set to be completed by October 2024 and September 2023, respectively, according to the NAI Sullivan Group report.