We have seen some recent reports of high-end luxury apartment lease prices starting to fall, so we wanted to see if there was any relief also happening in the single-family home rental market around Oklahoma City.

Not Event Close

This map shows the three big rental hubs around OKC and their appreciation over the past 24 months. Renters could expect to pay nearly 30% higher each month for the same property two years ago. This is putting an extreme amount of pressure on all sorts of people around the metro as average income isn’t anywhere close to matching the growth. 

Average Rent Prices

These were the average prices for leased single-family homes around the metro in the last 30 days. These are not the list prices of homes sitting on the market, these were all leased at this price! It goes to show that people are doing what they have to do to get a home, but it is straining monthly budgets to the max.

What it Means for You!

There are a lot of deeper issues at play here, but one the Fed seems to be missing is that the more interest rates increase, fewer people can buy a home. Fewer people buying homes leads to more demand in the rental market which launches prices to the moon. Rental prices are a major part of the inflation number the Fed is using to determine rate hikes. As inflation goes up, they keep bumping interest rates. It is a vicious cycle that will hopefully stop soon. If you have a rental property you would like managed or you would like to get into owning passive income rental property - we can help!