Norman, Oklahoma Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Norman, Oklahoma rental market.
Highlights
An apartment for rent in Norman, Oklahoma typically goes for $1,231 per month, while a single-family home for rent in Norman, Oklahoma has a monthly cost of around $1,748. Renter-occupied units make up 48% of the local housing market, while the rental vacancy rate in Norman, Oklahoma is at 6.2.
Norman, Oklahoma
Average Apartment Rent
$1,231
Y-o-Y Change in Average
Apartment Rent
6.1%
Average Single-Family Rent
$1,748
As of July 2024
Compared to a year ago, Norman, Oklahoma apartments have recorded a 6.1% rent increase.
Norman, Oklahoma Average apartment rent trend
Norman, Oklahoma Average Apartment Rent
Norman, Oklahoma Apartment rent ranges
At 49.35%, apartments priced $700 - $1000 represent the bulk of Norman, Oklahoma rentals, while condos priced Under $500 hold the lowest share of the market – 0.2%.
Norman, Oklahoma Housing tenure**
Renters take up 48% of Norman, Oklahoma real estate, occupying a total of 24,448 units, while homeowners live in 26,888 properties.
Median number of rooms of renter-occupied housing units**
4.2
Renter median household income**
$38,849
Average household size of renter-occupied housing units**
2.15
Rental vacancy rate**
6.2%
Norman, Oklahoma Renter-occupied housing units by no. of bedrooms**
There are 8,767 rentals in Norman, Oklahoma with 2 beds making up the highest share of the market, at 36%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 183 units. Overall, the median number of rooms in Norman, Oklahoma homes for rent is 4.2.
Norman, Oklahoma Renter-occupied units by age of householder**
Most condos for rent in Norman, Oklahoma are occupied by residents in the 15 - 24 years age group (31%), followed by those in the 25 - 34 years age group (26%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Norman, Oklahoma Renter-occupied housing units by family type**
Norman, Oklahoma Renter-occupied housing units by the presence of own children**
A total of 9,489 apartments for rent in Norman, Oklahoma, or 39% of all rentals are family households. Additionally, 22% of rental homes include children under the age of 18 – that’s 5,478 units. All in all, the median size of a renter-occupied household in Norman, Oklahoma is 2.15.
Norman, Oklahoma Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 34% of the rental market. In contrast, residents with less than a high school degree reside in 5% of the homes for rent in Norman, Oklahoma.
Norman, Oklahoma Renter-occupied units by year structure built**
The highest share of Norman, Oklahoma apartment rentals, namely 19% or 4,709 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (17%, 4,227 units), and the ones Built 2000 - 2009 (15%, 3,565 units).
Norman, Oklahoma Renter-occupied units by year householder moved in**
Median year renter moved into unit 2019
Most Norman, Oklahoma renters (47%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Norman, Oklahoma condos for rent is 2019.
Norman, Oklahoma Renter-occupied housing units by vehicles available**
When it comes to transportation options, 48% of Norman, Oklahoma renters have 1 vehicle available per household, 30% of them have 2 vehicles available, and 10% have No vehicle available.
Norman, Oklahoma Means of transportation to work of householders living in renter-occupied housing units**
Norman, Oklahoma Geographical mobility in the past year for householders living in renter-occupied housing units**
Norman, Oklahoma Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Norman, Oklahoma apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
