Oklahoma Residential Rent and Rental Statistics
The median monthly gross residential rent in Oklahoma was $814 in 2019 according to the Census ACS survey.1 Average gross rent was $795 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Oklahoma median and average rent data will be released in September of 2021.
Data is also available below for Oklahoma rental vacancy rates, Oklahoma rent as a percent of median income and the fraction of renters in Oklahoma.
Real Gross Rent in Oklahoma (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Oklahoma Median Gross Rent | $814 | -1.09% | +4.49% |
Oklahoma Real Gross Rent Trends
Median gross rent for Oklahoma peaked in real terms in 2018 at $823 and is now $9 (1.09%) lower. Average gross rent for Oklahoma peaked in real terms in 2018 at $798 and is now $3 (0.38%) lower.
Real Gross Rent in Oklahoma: Median, Average, US Median
Real Gross Rent History for Oklahoma
| Date | US Median | Oklahoma Median | Oklahoma Average |
|---|---|---|---|
| 2019 | $1,097 | $814 | $795 |
| 2018 | $1,077 | $823 | $798 |
| 2017 | $1,043 | $804 | $778 |
| 2016 | $1,027 | $779 | $768 |
| 2015 | $1,017 | $805 | $782 |
| 2014 | $986 | $778 | $760 |
| 2013 | $953 | $742 | $732 |
| 2012 | $940 | $730 | $724 |
| 2011 | $941 | $729 | $713 |
| 2010 | $955 | $736 | $715 |
| 2009 | $960 | $725 | $705 |
| 2007 | $927 | $691 | $666 |
| 2005 | $910 | $684 | $668 |
Oklahoma Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Oklahoma was 8.00% according to Census ACS data.
Rental Vacancy Rate in Oklahoma
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Oklahoma | 8.00% | -0.47% | -0.08% |
Trends in Oklahoma Rental Vacancy Rate
The rental vacancy rate in Oklahoma peaked in 2006 at 10.14%. Since then it has fallen by 2.14% to 8.00%. Data records for this series originated in 2005. From a 2015 post peak low of 7.76%, the rental vacancy rate has increased by 0.24%.
Rental Vacancy Rate: Oklahoma, US
Historical Rental Vacancy Rate data for Oklahoma
| Date | US | Oklahoma |
|---|---|---|
| 2019 | 5.97% | 8.00% |
| 2018 | 6.15% | 8.47% |
| 2017 | 6.18% | 8.57% |
| 2016 | 5.89% | 8.08% |
| 2015 | 5.85% | 7.76% |
| 2014 | 6.32% | 8.12% |
| 2013 | 6.49% | 8.19% |
| 2012 | 6.77% | 8.16% |
| 2011 | 7.40% | 8.52% |
| 2010 | 8.17% | 8.52% |
| 2009 | 8.43% | 8.41% |
| 2007 | 7.87% | 9.33% |
| 2005 | 7.74% | 9.97% |
Oklahoma Rent as a Fraction of Income
Using median household income data for Oklahoma, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Oklahoma, median monthly gross rent as a fraction of median household income was 17.94% in 2019 according to the ACS.
Oklahoma Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Oklahoma | 17.94% | -0.73% | -0.22% |
Trends in Oklahoma Rent as a Fraction of Income
The fraction of median Oklahoma household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 18.80%. Since then it has fallen by 0.86% to 17.94%.
Fraction of Income towards Rent: Oklahoma, US
Historical Data for Annual Rent as a Fraction of Income in Oklahoma
| Date | US | Oklahoma |
|---|---|---|
| 2019 | 20.03% | 17.94% |
| 2018 | 20.50% | 18.67% |
| 2017 | 20.13% | 18.70% |
| 2016 | 20.43% | 18.16% |
| 2015 | 20.63% | 18.75% |
| 2014 | 20.89% | 18.61% |
| 2013 | 20.78% | 18.52% |
| 2012 | 20.65% | 18.58% |
| 2011 | 20.70% | 18.74% |
| 2010 | 20.50% | 18.80% |
| 2009 | 20.12% | 18.32% |
| 2007 | 18.66% | 16.98% |
| 2005 | 18.89% | 17.71% |
Renter Fraction in Oklahoma
You can calculate the renter fraction in Oklahoma in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Oklahoma as a fraction of total Oklahoma households. In 2019 34.46% of households were renters according to Census ACS data.
Oklahoma Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Oklahoma | 34.46% | -0.10% | -0.64% |
Trends in the Oklahoma Renter Fraction
The Oklahoma household renter fraction peaked in in 2016 at 35.10% and is now 0.64% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Oklahoma, US
History of Oklahoma Renter Fraction
| Date | US | Oklahoma |
|---|---|---|
| 2019 | 35.89% | 34.46% |
| 2018 | 36.05% | 34.56% |
| 2017 | 36.13% | 34.54% |
| 2016 | 36.88% | 35.10% |
| 2015 | 36.97% | 34.66% |
| 2014 | 36.90% | 34.86% |
| 2013 | 36.50% | 34.46% |
| 2012 | 36.09% | 33.62% |
| 2011 | 35.42% | 32.97% |
| 2010 | 34.65% | 32.21% |
| 2009 | 34.13% | 32.81% |
| 2007 | 32.80% | 31.77% |
| 2005 | 33.10% | 32.13% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
