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Rents in Midwest City: the inside scoop from a rental property management midwestcity ok company

Apr 06, 2017| 0 Comment

Midwest City has tremendous value for real estate investors.  A rental property management midwest city ok company loves the market because the rents are so strong.  This article review the rents.

The information was compiled as part of the Nachatilo Report in 2014.

 

Midwest City Area (rental property management midwest city ok)

Here are some facts about demographics and economics in Midwest City:

  • Midwest City is bounded by NE 63rd Street on the north, Post Road on the east, SW 89th Street on the south, and Bryant and Sooner Road on the west.
  • In Midwest City, the African Americans (18.8%), whites (68.5%), native Americans (3%) are all very close to the overall averages for the OKC Metro area.  The Latino population (4.1%) is about half the overall average of the OKC metro area.
  • The percentage of residents below poverty line in Midwest City (13.7%) was lower than the overall average for the OKC metro area (17.9%) .
  • The percentage of unemployment in Midwest City (3.2%) was below the overall average for the OKC metro area.
  • The median income for the Midwest City area ($35,351) was greater than the overall average of the OKC metro area ($33,624).

Here are the results of the economic data analysis from the Inner northwest OKC area.  

  • Levels of education are slightly lower in the Inner Northwest OKC areas than in the OKC metro area overall.
  • The percentage of residents below the poverty line (23.1%) in the Inner Northeast area is greater than the OKC metro area overall (16.5%).
  • The percentage of unemployed residents in the Inner Northeast area (3.9%) is slightly higher than the OKC metro area (3.6% mean).
  • Median incomes from the Inner Northeast area ($27,278) 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.

Construction Data, Inner Northwest Area (property management nw okc)

Area

sq feet

Yr Blt

Beds

Baths

INE

1171

1945

2.6

1.1

INW

1066

1944

2.4

1.0

IS

1141

1948

2.9

1.3

BNE

1345

1976

3.5

1.8

OKC Metro

1476

1968

3.0

1.7

Houses in the INW were built between the 1920s and 1960s (1944 average), compared to the overall average of 1968 for the OKC metro area overall.  They are small, averaging 1,066 square feet, having 2 to 3 bedrooms and mostly 1 bathroom.

Market Rental Data, Inner Northeast Oklahoma City Area (property management nw okc)

Area

Mean Rent

Mean Security Deposit

Mean Rent / 1,000 sq feet

Mean Rental Income Ratio

Estimated Population

INE

698

520

601

2.4%

9,852

INW

739

725

 710

1.2%

30,310

IS

685

574

 619

1.8%

8,757

BNE

918

778

693

1.5%

9,852

OKC Metro

1,153

1,059

777

1.2%

Here are the rental price averages for the Inner Northwest Area:

  • Rental prices from the INW area average $739 per month,  less than the overall average of $1,153 per month for the OKC metro area overall.
  • Also, the rent per 1,000 square feet is $710 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.  I obtained the property value from the Oklahoma County Treasurer, obtained from their county website.  The RIR for the INW area was 1.2%, equal to an overall RIR of 1.2% for the Oklahoma City metro area overall.  It is the lowest RIR of all four areas discussed herein because property values are the highest.

Inner Northwest Neighborhoods of Interest

Classen Ten Penn is bounded by Classen Blvd on the east, NW 23rd Street on the north, NW 10th Street on the south, and Pennsylvania on the west.  It is an area of older homes.  The Plaza District, an area of retail shops and art galleries, is along NW 16th Street.  It’s an area that is undergoing a transformation as younger people move into the neighborhood.  There is currently a wave of new construction on lots where older homes had been torn down.

Neighborhoods west of Pennsylvania Avenue are in good, steady demand.

To find out more, contact OKC Home Realty Services, LLC.

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