Tulsa Rent Rises: Average Cost Still Below National Average

Tulsa Rent Rises: Average Cost Still Below National Average

New data shows the average cost to rent in Tulsa is up compared to previous years. However, the Tulsa Apartment Association said even though prices are slightly up, the cost to rent in Tulsa is still well below the national average.

The average rent in Tulsa is around $1,000 for a rental unit just under 850 square feet. That cost is up about five percent from this time last year, according to ALN Apartment Data and the Tulsa Apartment Association.

The national average is anywhere from $1,500 to $1,700 depending on the size of the rental home.

Experts have said property taxes going up, employee labor costs, and higher utilities are contributing to the increase in rent.

Keri Cooper, Executive Director of the Tulsa Apartment Association believes more rental housing can help bring prices down in the future.

"Part of what is playing into the rent price is also supply versus demand, and so we have a lot more people seeking to rent than we have the supply available," Cooper said.

Cooper said even though rent has gone up over the last few years, there might be some relief in the form of more available rental units available soon.

"I do say that in the latest data that came out that we see a light this year, especially by the end of the year. We’re looking at maybe 1,000 to 1,500 more units coming available. That’s rental homes available to people so that should help with that," Cooper said.