Location: Oklahoma City, OK | Metro: Oklahoma City, OK HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $134,077 | 0.83% | C |
| 3BR | $1,500 | $190,208 | 0.79% | D |
| 4BR | $1,690 | $237,529 | 0.71% | D |
U.S. Census Bureau data (2024)
The dynamics of the ZIP code 73122, located in Warr Acres, OK, reveal a market in motion. The Fair Market Rent (FMR) for the area stands at $1000 for the fiscal year 2024, while the actual market rent, as indicated by the Zillow Observed Rent Index (ZORI), is higher at $1,226. This suggests that the market rent exceeds the government's benchmark, indicating strong rental demand.
A 0.3% price-cut share indicates that very few landlords are lowering their rents to attract tenants, which further supports the notion of a robust rental market. The median home value of $189,706 places it within an affordable range for many potential homeowners, yet the lack of data on days on market (DOM) could imply that the housing market is stable or that there is little movement in home sales.
The 44.7% renter share in ZIP 73122 highlights a significant portion of the population choosing to rent rather than buy. This high percentage of renters suggests long-term housing pressure, as a substantial number of residents may be unable or unwilling to purchase homes. As a result, landlords and small-portfolio investors can expect a steady demand for rental properties, driven by both economic necessity and lifestyle choice.
The gap between the FMR and the actual market rent signals that supply may be slightly tighter than demand, keeping rental prices above the government's benchmark. However, the low price-cut share also points to a market where landlords have the leverage to maintain or even increase their rents without resorting to discounts.
In summary, ZIP 73122 presents a market where rental demand is strong, supported by a high renter share and a significant difference between the FMR and market rent. Landlords should anticipate a favorable environment for maintaining or slightly increasing rental rates, with a steady stream of tenants due to the long-term housing pressure.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.