The home sales market has been surging in a number of regions throughout the pandemic and for an area like Tulsa that means that rent prices are going up as well. In a variety of places around the U.S. the rent prices have increased over the past year dramatically and in Tulsa they are about 15% higher.
The rise in rent prices climbing around the market means that some families have to look at moving elsewhere, if they are unable to keep up with the rent increases that are coming around. Some are dealing with 10-15% increases or more.
In the Tulsa market they say that there is more people with more money looking to rent and buy and that means that landlords are going to be charging more for rent, in places all over the U.S. and not just in Oklahoma.
In Oklahoma it looks like about 30% of renters don't think they will even be able to make rent through until the rest of the year. This frustration is inevitably going to trickle over into politics and policy, as more people struggle with rent and basic living costs.
Some areas are suffering from double digit rent hikes and the home buying market in a number of areas isn't doing much better, it is a market that is frequently said to be greatly overvalued in multiple regions.