Landlords love rental properties in south side of Oklahoma City. In this blog post, I reveal the rental pricing average for the South Oklahoma City. The data used in this analysis was presented in Volume 1, No. 1 of The Nachatilo Report. The Nachatilo Report was created because there is no compilation of rental rates for the Oklahoma City metro area by a property management south okc company.
The data was collected June 2013, and is a snapshot of the 2nd quarter. As you’ll see, the neighborhood with the highest cash flow potential in the Oklahoma City metro area is the Inner Northeast OKC area.
You can view the location of the Inner South Oklahoma City area on a google map by clicking this link.
Here are the results of the economic data analysis from the Inner South OKC area.
- Levels of education in the Inner South area (high school education or higher at 57%) are the lowest in the OKC metro area area (82.7% overall).
- The percentage of residents below the poverty line (29%) in the IS area is greater than the OKC metro area overall (16.5%).
- The percentage of unemployed residents in the IS area (5.5%) is slightly higher than the OKC metro area (3.6% mean).
- Median incomes from the IS area ($22,750) is lower than the overall OKC metro area ($36,474 mean).
- The INW are has an estimated population (30,310) that is larger than all three other individual areas combined.
Property Construction, Inner South Area (property management south okc)
Houses in the IS were built between the 1920s and 1960s (1948 average), compared to the overall average of 1968 for the OKC metro area overall. They are small, averaging 1,141 square feet, having 2 to 3 bedrooms and mostly 1 bathroom.
Market Rental Data, Inner South Oklahoma City (property management south okc)
Mean Security Deposit
Mean Rent / 1,000 sq feet
Mean Rental Income Ratio
Here are the rental price averages for the Inner South Area ((property management south okc):
- Rental prices from the IS area average $685 per month, the lowest in the OKC metro area overall ($1,153 on average).
- The rent per 1,000 square feet is $619 per month, which is less than the average rent per 1,000 square of the OKC metro overall ($777 per month).
- The Rental Income Ratio (RIR), an indication of the cash flow potential of a property, is the amount of monthly rent divided by the value of the property. The property value used in the analysis was obtained from the Oklahoma County Treasurer, obtained from their county website. The RIR for the IS area was 1.8%, the second highest in the OKC Metro area.
IS Neighborhoods of Interest
Speculators have been buying properties nearer the Oklahoma River because that area is currently being developed. Development in other areas around Capital Hill and along Shields Boulevard are proceeding at a slow pace at this time.
To find out more, contact OKC Home Realty Services, LLC.