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Oklahoma City Area Real Estate Market

If you’ve seen the news, the Oklahoma City housing market is bonkers right now. And yes, that’s the technical term.

According to Realtor.com, the Oklahoma City market saw the nation’s second-largest year-over-year decline in newly listed homes for the month of March. And according to MLSOK, Inc., the trend continues. April saw a 54% year-over-year decrease in the number of homes for sale. Inventory is crazy low! Couple this with the high demand– almost 29% more homes sold in OKC last month compared to the same period last year– and it means it’s hard for investors to find good deals. As a result, the average price of a home in OKC has increased by almost 12% since last year. If you do come across a good deal, you must react not in days but hours to win the contract.

What about the Oklahoma City rental market, you ask? Well, it is experiencing some of the same trends. Inventories are down, and demand is strong. According to a Zillow search this morning, there are only 420 single-family homes listed for rent in the OKC metro area. That’s from Edmond to Norman. And Yukon to Choctaw. Add to that data from the US Census Bureau (https://www.census.gov/housing/hvs/data/rates.html) indicating the Oklahoma City vacancy rate for Q1 of this year was the lowest it’s been in 6 years! That’s even more bonkers. Again, it’s a term. Look it up!

What does it all mean? Low inventory and high demand are pushing rental rates up, which is what we have been seeing with the properties we manage. According to Zillow data, the average rent increased by more than 5% over the last year in the OKC area. That outpaced the national average by 2% (that’s a 76% relative increase).

While it may be a tough market for buyers and acquisition prices are up, this is being offset by low vacancies and higher rent rates. In addition, Oklahoma City is growing. It is now the nation’s 25th largest city (https://www.oklahoman.com/article/5662870/oklahoma-city-now-nations-25th-largest-city), and according to abetterlifeokc.com, the metro area has grown twice as fast as the national average. This growth coupled with other demographic factors and the rental statistics above leads us to predict the Oklahoma City metro area will remain a desirable market for rental properties for the foreseeable future. This is great news for rental property investors.

All County® Heartland Property Management specializes in residential property management and helping rental property investors maximize their returns. To find out how we can help you make the most of your rental property or navigate this challenging but exciting market give us a call at 405-444-8844.

How We Use Technology to Make Owning Rental Properties Easier

Managing properties and dealing with tenants can be very time-consuming, but at All County Heartland we leverage technology to make it easy. We then pass the savings on to our clients. Check out the recent episode of the Rental Income Podcast where we give you a little peek behind the curtain.

If you want to learn more about how All County can make owning your rental properties easy, give us a call at 405-444-8844.  We are here to help!

No Hidden Fees with All County Heartland Property Management Services of Oklahoma

Property Management Fees for Rental Properties in Oklahoma

Hiring a property management company to manage your rental property is a wise financial decision— if you understand the fees involved and hire the right firm. A property manager will ensure the day-to-day aspects of your investment run smoothly and will take the management burden off your plate. As with anything new, if you’re considering hiring a property manager, you probably want to know what to expect. Here’s a guide to the types of fees charged by property management companies. Continue reading

Selling? Renting?

To Rent or Sell: What Should I Do With My House?

Are you thinking about purchasing a new home? Whether you are expanding, downsizing, or considering a move for a myriad of other reasons, you may be wondering what you should do with your current home if you decide to purchase another one. There are many things to consider when faced with this dilemma. Additionally, as with most big life decisions, there are no easy answers. You should weigh your options carefully. Here we will outline some things you may want to consider as you attempt to examine and consider your potential choices. Continue reading