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Rental market in Oklahoma City
July 30th, 2007 6:30 PM
As expected, our activity level is up due to school starting in two to three weeks depending on the system. At present, we have rented almost everything. Edmond and Deer Creek is completely booked with no current availability. I do have three homes we are about to pre-lease that the builders are already letting the renters move in and holding the rents in escrow for the new investor until they close. I just showed two prospective renters that will confirm tomorrow and I have investors who already want the homes especially if they are leased already. I do want to comment on the quality of our renters. I am in another ICG market, and I am having to take renters with 530 credit scores in order to get someone in. In Oklahoma City, we don't have to take under 640 here, and many are in the 700's. Both the people I am working with could easily buy a home. They are both moving from Louisiana to work for oil companies. They plan to study the market up to two years before buying, but they would be A paper mortgager. I am so proud of what our team has accomplished in the last three years. For those of you who were pioneers in 2005 I say thank you. You came while we were still scrambling to make all the parts fit together and that is a daunting task. In 2007, the deals are better, the renting is faster, and the market is growing. FYI, I do have a town home at The Commons at Quail Creek rented for $1175, that you can buy at $139,900 with a years lease. I also have another home that is being rented for $1600 with a price to be determined tomorrow. It is in the Yukon school district.    

Posted by Joe Pryor on July 30th, 2007 6:30 PMPost a Comment (0)

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