Rent Costs On The Rise In Tulsa

Paying rent is getting more expensive in Tulsa.

The higher prices come as the market recovers since many properties didn't raise the rent during the pandemic.

Statistics from Apartment List shows Tulsa rent prices have gone up more than eight percent in just a year, and up 1.2 percent over the past month.

"I think they're on trend with what we're seeing in our economy across the scale,” said Tulsa Apartment Association Executive Director Keri Cooper.

The Tulsa Apartment Association says it has seen a three to five percent increase with most of the members. Cooper said it all comes down to inflation and now, making up for the lost time.

"In an effort for our industry to help keep people housed and help people that were having trouble during the pandemic, I think we saw them forgo rent increases last year,” Cooper said.

Industries like lumber, property insurance, construction, and maintenance are also seeing price hikes. American Residential Group Chairman Jay Helm says that's why they had to raise rental fees for their properties in Tulsa and Bartlesville.

"Utilities have gone up, obviously our healthcare costs for our employees have gone up, just like everybody else's costs, our costs have gone up,” Helm said.

Plus, occupancy rates are at a high, with more people moving to Tulsa and people who already live there selling their homes. Also, with rental assistance available, people who live in apartments are staying put, so space is limited.

But Helm says when it comes to renting, Tulsa still ranks lower than most cities.

"Now Tulsa's still one of the most affordable markets in the United States,” Helm said.