Oklahoma Mid-Year Rent Report – June 2019

• The U.S. average rent increased by 3.2% ($45) year over year reaching $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.
• Bixby, OK renters saw the highest monthly rent increase in June, reaching $914 per month. 
• Bixby apartments are the most expensive among the state’s cities, while apartments in Lawton have the cheapest rents. 

Mid-year the national average rent sees a spike as peak rental season is in full effect

In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month — the highest monthly jump since May 2018.  Compared to last June, renters pay $45 more on average according to the latest rent survey from Yardi Matrix. Since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months. Rent increases during the first half of the year are typically more accelerated, whereas during the second half of the year they’re expected to slow down, a typical pattern confirmed by rent evolution in the past years.

Renting in Oklahoma’s cities in June 2019

The average rent in Oklahoma’s largest cities is generally lower than the national average rent. The fastest growing rents in June were in Bixby, where rental apartment prices increased by 3.5% m-o-m, $31 more per month. Oklahoma City saw the second-highest monthly increase, jumping by 0.8%, $6 more expensive than in May. At the other end of the spectrum, rents in Stillwater have decreased by 1.1% ($9) compared to last month.

Of the cities analyzed, Bixby apartments are the state’s most expensive for renters, with an average rent of $914, followed by apartments in Edmond, where the average monthly rent is $911. On the other hand, among the cities analyzed, the cheapest city to rent an apartment in is Lawton, where the average apartment rent is $640.

Mid-year rent change in Oklahoma

Since the beginning of the year, there has been an increase in average rent in almost all of the cities in Oklahoma. The highest increase in rent can be seen in Bixby, where average rent went up by 6.2%, or $53 in the first half of the year. Following closely behind is Owasso with a 3.3% increase, a value amount of $27. At the other end of the spectrum, in Stillwater, a decrease of 2.9% was registered during the first months of 2019.

To compare the rental market in Oklahoma with other cities in the U.S., you can also check our national rent report.

Methodology