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 | $1,440 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,580 |
| 4 Bedrooms | $2,890 |
| 5 Bedrooms | $3,352 |
| 6 Bedrooms | $3,754 |
| 7 Bedrooms | $4,054 |
| 8 Bedrooms | $4,257 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,900 | $249,426 | 0.76% | D |
| 3BR | $2,580 | $307,236 | 0.84% | C |
| 4BR | $2,890 | $447,514 | 0.65% | D |
| 5BR | $3,352 | $1,306,030 | 0.26% | F |
U.S. Census Bureau data (2024)
The ZIP code 73131 in Oklahoma City, OK, presents a dynamic rental market. With a Fair Market Rent (FMR) of $1260 for fiscal year 2024, it stands notably below the Zillow Observed Rental Index (ZORI) of $1,863, indicating that federally supported rental rates are significantly lower than the private market average. This suggests a scenario where the private market may be experiencing higher demand relative to supply, driving rents above the government's benchmark.
The low price-cut share of 0.2% further supports this inference. In a market where supply outpaces demand, more listings would likely need to reduce their asking price to attract tenants, resulting in a higher percentage of price cuts. The fact that such a small fraction of listings requires price adjustments points towards a tight rental market where landlords can maintain or even increase their rental rates without significant concessions.
While the days on market (DOM) data is not available, the median home value of $365,859 provides insight into the overall economic landscape. This figure suggests a stable housing market with properties valued at levels that could support both ownership and rental activities, depending on individual financial circumstances and market conditions.
A renter share of 7.7% indicates that a relatively small portion of residents in ZIP 73131 are renters. However, this metric alone does not fully capture the long-term housing pressures. It is important to consider that even in areas with a high owner-occupancy rate, there can still be substantial rental demand driven by factors such as affordability, lifestyle choices, and population mobility. The presence of a robust rental market despite a low renter share implies that rental properties in this area are highly sought after, possibly due to their strategic location or amenities.
In summary, the current snapshot of ZIP 73131 points towards a rental market where demand appears to be outpacing supply. Landlords can maintain higher rents compared to the FMR, and few listings require price reductions, suggesting a favorable environment for those seeking to invest in rental properties. The median home value and renter share metrics provide additional context, highlighting the stability and desirability of this market segment.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.