Rents increased by 7.2 percent since 2007 in Tulsa while the home ownership rate fell slightly, according to a report by ApartmentList.com.
The homeownership rate in Tulsa fell from 66.6 percent to 65.7 percent from 2007 to 2016. Rents increased 7.2 percent while owner costs (mortgage interest, maintenance, etc.) fell by 5.7 percent.
Nationwide, rent growth has begun to pick back up. From June to July, rents grew by 0.3 percent, resulting in national median rent prices of $1,300 for a 2-bedroom and $1,120 for a 1-bedroom.
New York City has beat out San Francisco as the nation’s most expensive city for renters.
Median rent prices in New York City are at a whopping $5,130 for a 2-bedroom and $3,510 for a 1-bed. Rents here have increased by 1.6 percent over the past month.
Tulsa is ranked No. 88 in the list of the 100 biggest cities with an average rent for a one-bedroom apartment at $600 a month and $760 for a two-bedroom apartment. That is down slightly (less than 1 percent) from last year.
At No. 85, Oklahoma City had a medium price for a one-bedroom apartment at $650 a month with a two-bedroom apartment at $780. That’s an increase of less than 1 percent over last year.
Huntsville, Alabama, was at the bottom of the list at No. 100 with rents of $450 and $550 for one- and two-bedroom apartments.