The rent is on the rise across the country and it's going up fast. In Oklahoma City, there were some of the highest price increases. Rent across the nation, is up almost 9% compared to last year, with a median monthly national rent of more than $2,000. But in Oklahoma City, we saw a much steeper increase.
OKC had the largest year-over-year increase in the country, with a 24.1% increase in rent compared to last year. OKC is one of only two metros, including Pittsburgh, to see increases greater or equal to 20%. And this jump is hitting Oklahomans hard.
Nearly 90% of markets are up year-over-year. From Florida to New Jersey, Delaware to New Mexico, and Washington to Rhode Island, rents are up by more than 15%. In total, 22 states saw year-over-year increases above the national median. Among those, 17 states saw a rent increase of more than 10%, and four states registered rent growth greater than 20%. Rent across the state of Oklahoma rose 20.8% compared to last year. We talked to the experts in the housing and rental market here in OKC about why this is happening and they say there are multiple reasons.
