Southwest Oklahoma’s current availability of affordable homes for rent and purchase is stressed. The housing shortfall is based on what’s available for rent and sale as compared to the area's overall housing demand.
As with most communities, residential development is cyclical, including new rental properties, apartment complexes, duplexes, or quadplexes, and residential homes for purchase. The cost of building materials has slowed the building and development of new residential units, which has impacted area resident's ability to find affordable, quality homes.
The range of homes for rent and sale within these communities varies greatly, with quality, age, location, and price variations. Although the quality of housing doesn't simply depend on the age of the residential unit, newer homes face less deferred maintenance and are generally more attractive and desirable. Southwest Oklahoma is fortunate to have investors who have purchased several homes and renovated them to bring them up to code and make them more appealing for potential buyers or renters. However, that does not negate the fact the market is stressed. The number of three and four bedroom homes for rent is very limited, and the ability to find homes for purchase under $250K is also limited. Often, when an offer is made on a home for purchase the offer is competing with multiple additional offers. Within the rental market, a waiting list is maintained. The largest demand for rentals is for three bedroom, two bathroom homes, with a garage. When a three bedroom home comes available for rent, there are often multiple applications.
Some suggest the demand growth results from the lower interest rate for those desiring to purchase; others indicate that COVID-19 impacted the market. Additionally, while more individuals and employers opted for virtual work, many found the need for more space and a desire to rent or purchase a larger home. Regardless, the challenge realized in the market for both buying and renting is very tight.
Community leaders and those working to provide quality housing, both for rent or purchase, need to continue to watch the trends in the supply and demand of housing and work with developers and investors to relieve the stress on the market to bring the balance necessary. This includes working to renovate homes and bring them up to a quality standard, so they are attractive for both the rental and sales market.