Oklahoma City Rental Market Trends—What Landlords Should Know This Year

As we're halfway into January 2025, the Oklahoma City rental market continues to evolve, presenting both opportunities and challenges for landlords. Reflecting on data from 2024 and analyzing current trends, here's what property owners should consider for the year ahead.

1. Steady Rent Growth with Competitive Rates

In August 2024, Oklahoma City experienced a healthy rent growth of 2.2%, surpassing the national average of approximately 1.0% . By January 2025, the average rent in Oklahoma City stands at $1,500, which is about 19% lower than the national average of $1,850 . This affordability continues to attract renters, maintaining a warm market temperature.

2. Occupancy Rates Indicate Strong Demand

The city's rental market has shown resilience, with occupancy rates at 90% as of early 2025. This marks a slight increase from the previous year, indicating consistent renter demand and a balanced market.

3. Inventory Levels and Construction Activity

In August 2024, new listings for single-family homes increased by 25.6%, and townhouse-condo homes saw a 45.3% rise . Despite this uptick, the overall supply remains manageable, with 1,500 units under construction, well below the 10-year average of 2,600 units . This controlled growth helps maintain market stability.

4. Submarket Performance: Areas to Watch

Certain submarkets have demonstrated notable performance:

• Northwest Oklahoma City: Experienced the strongest absorption over the past year, with occupancy rates increasing to 93.5%.

• Canadian County: Continues to attract renters due to its affordability and proximity to major highways.

• Midwest City/Del City: These areas have seen steady demand, making them attractive for investment.

5. Predictions for the Remainder of 2025

Based on current trends, landlords can anticipate:

• Continued Rent Growth: Rent growth is projected to approach 4% by mid-2025, driven by steady demand and manageable supply.

• Stable Occupancy Rates: With consistent renter demand, occupancy rates are expected to remain around 90% or slightly higher.

• Affordability Attracting Renters: Oklahoma City's rental rates, being significantly lower than the national average, will continue to draw renters seeking cost-effective housing options.

Conclusion

The Oklahoma City rental market in 2025 presents a favorable environment for landlords. With steady rent growth, strong occupancy rates, and manageable inventory levels, property owners have ample opportunities to maximize returns. Staying informed about submarket performances and adapting to evolving trends will be key to success in the coming months.