Oklahoma City Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Oklahoma City, OK. Currently, the overall median rent in the city stands at $1,057, after falling 0.6% last month. Prices are now down 1.3% year-over-year. Read on to learn more about what’s been happening in the Oklahoma City rental market and how it compares to trends throughout the nation as a whole.

Oklahoma City rents are down 0.6% month-over-month and down 1.3% year-over-year

The median rent in Oklahoma City fell by 0.6% over the course of April, and has now decreased by a total of 1.3% over the past 12 months. Oklahoma City’s rent growth over the past year has has fallen behind the state average (1.0%) and is similar to the national average (-0.8%).

Oklahoma City rent growth in 2024 pacing below last year

Four months into the year, rents in Oklahoma City have fallen 2.0%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 0.0%.

April rent growth in Oklahoma City ranked #98 among large U.S. cities

Oklahoma City rents went down 0.6% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #98. Similar monthly rent growth took place in Irvine, CA (-0.5%) and Scottsdale, AZ (-0.6%).

Oklahoma City is the #93 most expensive large city in the U.S., with a median rent of $1,057

Citywide, the median rent currently stands at $872 for a 1-bedroom apartment and $1,081 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,057. That ranks #93 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Oklahoma City is 24.3% lower than the national, and is similar to the prices you would find in Baton Rouge, LA ($1,057) and Huntsville, AL ($1,044).