Downtown Oklahoma City Housing Study

It's no secret, I LOVE, LOVE, LOVE downtown Oklahoma City!  So last week when I had the opportunity to attend a presentation of the 2011 Downtown Oklahoma City Housing Study by Development Concepts, Inc., I didn't want to miss it.  For many (okay most) people, the thought of spending an evening with a power point of housing study findings may not seem very exciting.  But for me, housing in downtown OKC is very exciting and I want to learn all I can about it!  Yep, I'm a housing nerd; sat close to the front of the room and took lots of notes!  Here's a bit of what I learned last week. 

The purpose of the study was to evaluate the housing market potential in downtown Oklahoma City.  The study included a Housing Survey and evaluation of five key areas; Midtown, Automobile Alley, the Arts District/Film Exchange, Bricktown and Core to Shore/West Park.

A big part of the presentation was sharing the findings of the 2011 Housing Survey.  To no one's surprise, they found that the most likely person to move downtown was someone who already works downtown and/or regularly visits downtown.  Most likely to rent are males under 34 and the most likely to buy is someone between the ages 34-54.  Also to no ones surprise they found folks least likely to move downtown were households with kiddos and residents who do not currently work downtown.  They found that among people who would consider a move in that direction, most were looking for a historic aesthetic and wanted amenities like convenient grocery stores and covered parking.  Most polled perceived living downtown as a bit spendy.

Between the year 2000 and 2010, 1110 multi-family units were added to downtown Oklahoma City.  Currently there are seven new housing projects being considered or already under construction in the area.  You may be surprised to hear that the rental market downtown has a 95% occupancy rate and they have a 55-67% higher rental rate than the rest of the Oklahoma City metro!  Based on that, the study found that to be a strong indication of a strong demand for rentals downtown.  There is a weaker demand for owner occupant units with just about 61% occupied.

Midtown (from 4th to 13th and Classen to about Robinson) was found to have the best opportunity for housing growth.  The proximity to St. Anthony Hospital and the growth of areas like Plaza Court were sited as indicators.

The Arts District (Classen to Hudson and 4th to Couch) was found to have both potential and challenges.  The potential comes from the surrounding business district (folks can walk to work) and entertainment like the Civic Center and the Art Museum.  An obvious challenge is the location of the jail.

Bricktown (you know where that is) was found to have plenty of amenities that folks seeking an urban lifestyle have in mind like dining, sports, and night life.  However, this area has a very specific demographic of young singles and couples between the ages of 18-25.

Automobile Alley (the Broadway corridor between 4th and 13th) was found to have lots of potential as what they referred to as a mixed use neighborhood.  They predicted it could become the next major activity center because of the historic buildings, retail and dining.  It may be an area to keep an eye on.

Core to Shore/West Park (from the highway to the river between Walker and Hudson) was an area identified that could offer residential units by the park.  However, they recommended that the park and boulevard would need to be a year from completion before there would be market appeal.

It sounds to me like living downtown Oklahoma City remains an exciting alternative to traditional single family homes.  With some long term plans put in effect like adding grocery and more retail it will get even better!  I'm in!  How about you?  Want to learn more about urban living in Oklahoma City?  Give me a call at the CENTURY 21 Goodyear Green office, 405-359-7400.  Just ask for Kristyn!