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Rental Market Stays Strong in Jenks, Oklahoma

By
Real Estate Agent with Coldwell Banker Select

I just got off the phone with our property manager, Vicki Berg, she manages about two hundred properties in Jenks and Tulsa.  www.VickiBerg.com

It seems reasonable to assume that a lot of renters that can buy a home these days would do so between the first time homebuyer tax credit and the record low interest rates.  So I called Vicki to get a first hand look at the rental market.

My question was this:  Has the proliferation of first time buyers hurt the rental market? 

Her answer was that although some buyers have used the tax credits to move out of the rental market that there were two main reasons why the rental market at the moment is staying strong.  1) The economic uncertainty and uncertain job outlook was causing a lot of potential homebuyers to stay put and renew leases.  2) The bank standards for mortgages has gone up so that many just don't have clean enough credit and cash flow to qualify for a home.

Jenks has always been a strong rental market due to the desirable school district and general growth of the suburbs in Tulsa.  Jenks has stayed very stable during the economic malaise, the price per square foot of sold homes in the neighborhood I live in, Churchill Park has stayed steady at $91 a square foot for the last three years. (MLS data).  Of course one of the reasons why it hasn't gone down is that it didn't participate in the appreciation in the way, CA, NV, AZ & FL and a few others did.  However, there are many things going on in Jenks and the surrounding area that leave it poised for outstanding potential appreciation.

It's a great time to invest in Jenks, OK.  For more information, call us or look for future blogs!

 

 

 

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