34 Cheap Apartments for rent in Norman, OK
September 2019 Norman Rent Report
Welcome to the September 2019 Norman Rent Report. Norman rents declined over the past month. In this report, we'll evaluate trends in the Norman rental market, including comparisons to similar cities nationwide.
September 2019 Norman Rent Report
Welcome to the September 2019 Norman Rent Report. Norman rents declined over the past month. In this report, we'll evaluate trends in the Norman rental market, including comparisons to similar cities nationwide.
Norman rents declined slightly over the past month
Norman rents have declined 0.2% over the past month, but have increased slightly by 1.0% in comparison to the same time last year. Currently, median rents in Norman stand at $635 for a one-bedroom apartment and $812 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in June. Norman's year-over-year rent growth leads the state average of 0.9%, but trails the national average of 1.5%.
Norman rents more affordable than many large cities nationwide
As rents have increased marginally in Norman, a few large cities nationwide have also seen rents grow modestly. Norman is still more affordable than most large cities across the country.
- Norman's median two-bedroom rent of $812 is below the national average of $1,191. Nationwide, rents have grown by 1.5% over the past year compared to the 1.0% increase in Norman.
- While Norman's rents rose marginally over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Dallas (+2.0%), and New York (+1.7%).
- Renters will find more reasonable prices in Norman than most large cities. For example, San Francisco has a median 2BR rent of $3,133, which is more than three-and-a-half times the price in Norman.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.