Oklahoma and national rent prices fell for the first time in six months. Oklahomans may expect more steady rent costs in the next months, according to Rent researchers, after prices peaked in August and then dropped for the first time since February.
After a significant increase in the wake of the pandemic, rent growth across the country is beginning to level off for the season. But Oklahoma is bucking the trend in this regard. (Source: Local profile)
According to the Research
According to Rent’s October, Oklahoma rent prices report, Oklahoma experienced the biggest yearly rent reduction in the south, with rents dropping more than 10% from the previous year. The median rent in the state is $960 per month, according to them. Oklahoma rents peaked in September of 2022, according to Rent Researcher Jon Leckie, and subsequently dropped, with a bit of a bottom in February. Oklahoma rent prices are dropping after rising until June of this year. According to analysts, Oklahoma rent prices will fall this winter.
Oklahoma rent prices tend to fall in the fall and winter, according to Leckie, and he believes this tendency is continuing. They got away from those seasonal trends during the pandemic, so now getting back to normal cycles of rent prices as before the pandemic. However, analysts suggest the price decline is not just due to the season. According to Leckie, there has been a significant reduction in demand, with 10-year lows in demand, along with a large amount of new inventory coming online. As a result, the market must reduce demand while increasing supply to bring some of those prices down. Rent experts advise Oklahoma residents looking to rent to wait until December or January for the greatest discounts.
READ ALSO: Get Your Security Deposits on Rent! Here’s How to Secure
