The Oklahoma City (OKC) rental market is quietly emerging as a powerhouse of opportunity for landlords, blending Southern affordability with the economic vigor of a rapidly growing metro. OKC Home Realty Services have presented the current state of the OKC rental market in this blog. With a population surge of 12,000 residents in 2022 alone and a cost of living 14% below the national average, OKC is attracting families, remote workers, and young professionals priced out of pricier coastal cities (U.S. Census Bureau, MERIC). For landlords, this translates to steady demand—evidenced by a healthy 6.8% vacancy rate and year-over-year rent growth of 3.2% (CBRE, Zumper).
But success in this market isn’t guaranteed. Shifting demographics, new construction, and the rise of emerging neighborhoods like Capitol Hill and Wheeler District are reshaping where and how investors should allocate capital. Are luxury downtown units still a safe bet? Which suburbs offer the best balance of cash flow and appreciation? And how can landlords navigate risks like oversupply or economic headwinds?
This data-driven guide unpacks the forces defining OKC’s rental market in 2025. From granular rent trends and ROI calculations to hidden-gem neighborhoods and policy shifts, we arm landlords with the insights needed to thrive. Whether you’re optimizing a portfolio or entering the market for the first time, understanding OKC’s unique mix of affordability, growth, and risk is the key to unlocking long-term returns. Let’s dive in.
Average Rent in Oklahoma City
As of December 2024, the average rent in Oklahoma City (OKC) stands at $1,150 per month, reflecting a 3.2% year-over-year increase
Breakdown by Bedrooms:
- 1-bedroom: $950/month (+2.5% YoY)
- 2-bedroom: $1,200/month (+3.8% YoY)
- 3-bedroom: $1,450/month (+4.5% YoY)
OKC remains one of the most affordable major U.S. metros, with rents 15% below the national average (1,348).However,luxuryapartmentsinhigh−demandareaslikeDowntownOKCcommandpremiumsof1,348).However,luxuryapartmentsinhigh−demandareaslikeDowntownOKCcommandpremiumsof1,500–$2,200/month.
Rental Property Vacancy Rate in OKC
The vacancy rate in OKC is 5.1% as of Q3 2024, performing better than 6.8% in 2024 but still within the 5–7% range considered healthy for balanced markets.
Key Drivers of Vacancy:
- New Construction: Over 4,000 units delivered in 2023, easing supply constraints.
- Economic Resilience: Steady population growth offsets oversupply risks.
Factors Influencing the Rental Market
Economic Growth:
- OKC’s GDP grew 3.1% in 2022, outpacing the national average (2.1%).
- Major industries include energy, aerospace, and healthcare, with employers like Tinker Air Force Base and OU Health driving demand.
Population Growth:
OKC is one of the top 19 fastest growing city in the US by population. The OKC has 709,330 population and is increasing by 0.99% annually and is increased by 3.84% since the last census which was held on 2020, then population of OKC was 683,078.
Job Market:
- Unemployment rate: 3.5% (as of 2024), below the national 3.9%.
- Median household income: $61,036, up 4% since 2020.
Development Projects:
- MAPS 4 Initiative: A $978 million public works program funding parks, transit, and affordable housing, boosting neighborhood appeal.
Cost of Living Vs. Income in OKC
- Cost of Living Index: 85.7 (U.S. average = 100), making OKC 14% more affordable.
- Rent-to-Income Ratio:
- Median rent (1,150)consumes∗∗22.61,150)consumes∗∗22.65,083/month), below the 30% HUD affordability threshold.
- Affordability Appeal: OKC attracts remote workers and families priced out of markets like Dallas or Denver.
High-Demand Rental Areas in OKC
- Downtown/Midtown: Proximity to jobs and entertainment. Avg. rent: $1,500/month.
- Northwest OKC (Quail Springs): Family-friendly suburbs. Avg. rent: $1,300/month.
- Edmond: Top-rated schools. Avg. rent: $1,400/month.
- Moore: Affordable single-family homes. Avg. rent: $1,200/month.
Emerging Neighborhoods to Watch in Oklahoma City
- Capitol Hill: Historic district revitalization. Rents up 20% YoY.
- Stockyards City: Mixed-use developments. Avg. rent: $1,100/month.
- Wheeler District: Waterfront amenities. Projected 8% rent growth in 2024.
Rental Yields & ROI in OKC
- Median Home Price: $220,000.
- Gross Rental Yield: 6.3% (1,150rent×12÷1,150rent×12÷220,000).
- Appreciation: 5% annual home price growth (2020–2024).
- Total ROI: 11.3% (6.3% yield + 5% appreciation).
- Taxes: Effective property tax rate of 0.87%, below the U.S. average (1.1%).
Expected Rental Price Trends
- 2024 Projection: 4–6% rent growth.
- Drivers:
- Job growth in energy and healthcare.
- Inflationary pressure (3.7% CPI as of Sept 2024).
- Risks: Oversupply in luxury units and potential economic slowdowns
How OKC Home Realty Services Could Help Landlords
OKC Home Realty Services is a local property management company in Oklahoma City helping rental property owners and investors grow their investment and return significantly. What OKC Home Realty Services offer to the Landlords are:
- Market Analysis: Identify high-yield neighborhoods.
- Tenant Screening: Leverage AI tools to minimize vacancies.
- Maintenance Coordination: Partner with vetted contractors.
- Legal Compliance: Stay updated on OKC landlord-tenant laws.