Oklahoma Rent Report – May 2019

• The national average rent reached $1,442 in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($5) month over month, according to Yardi Matrix data.
• Owasso, OK renters saw the highest annual rent increase in May, reaching $814 per month. 
• Edmond apartments are the most expensive among the state’s largest cities, while apartments in Lawton have the cheapest rents. 

The national average rent in May went up by 2.5% year-over-year 

Average rent prices went up by 2.5% year-over-year in May and reached a $1,442 monthly average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we’ve seen in 18 months. Residential rents are rising steadily across cities, with the third month in a row sprouting a 0.3% month-over-month jump. Compared to last May, renters pay $35 more on average, according to the latest Yardi Matrix data on apartment market trends

Renting in Oklahoma’s cities in May 2019

The average rent in Oklahoma’s largest cities is generally lower than the national average rent. The fastest growing rents in May were in Owasso, where rental apartment prices increased by 4.1% over the year, $32 more per month. Moore apartments saw the second highest annual increase, jumping by 2.6%, $21 more expensive than the same month last year. The slowest rising rents were in Stillwater, where prices rose by 1% y-o-y.

Of the cities analyzed, Edmond apartments are the state’s most expensive for renters, with an average rent of $892, followed by apartments in Norman, where the average monthly rent is $888. On the other hand, the cheapest city to rent an apartment is Lawton, with an average rent of $644.

Methodology