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ApartmentRatings.com ranks OKC market 16th in nation

Journal Record, The (Oklahoma City), Sep 27, 2005 by Brandice J. O'Brien

Oklahoma City is a great place to rent.

At least that's the conclusion drawn by ApartmentRatings.com, which released its first Top Cities for Renters List, ranking Oklahoma City 16th of the 95 cities listed. Chicago ranked 25th, Boston 82nd and Los Angeles 95th.

Raleigh, N.C., was ranked at the top of the list.

The site has more than 280,000 reviews on about 500,000 properties nationwide. The company considered those apartment reviews, customer satisfaction levels and each city's affordability and vacancy rates.

Oklahoma City has 107 properties listed and 800 reviews, said Jeremy Bencken, founder and president of ApartmentRatings.com.

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Not surprisingly, some larger cities such as New York, San Francisco and Boston are often plagued by high rents and high occupancy and are ranked near the bottom of the list, Bencken said. In midsized cities, where the supply of housing has grown faster than the population, landlords have to work overtime to attract and retain the best renters.

Oklahoma City, the only Oklahoma city listed, fared best in the affordability and vacancy categories.

After studying the average income according to the census bureau and the cost of a two-bedroom apartment, Oklahoma City ranked No. 10 in affordability, Bencken said.

Oklahoma City's vacancy rate hovers at 16 percent, according to U.S. Census Bureau records.

Because of relatively high vacancy rates in Oklahoma City, renters can take their time and look at a variety of places before signing a lease. They can compare options and decide which features are most favorable to their lifestyle, Bencken said.

The Bureau of Economic Analysis shows the average income for Oklahoma City holding steady at nearly $29,000 per capita. Raleigh comes in at about $33,600 per capita with a vacancy rate of 19 percent and Los Angeles is slightly less at $33,300 per capita, with a vacancy rate of 4 percent.

In (Los Angeles) the average apartment is quite a bit more than in Raleigh or Oklahoma City, Bencken said.

A two-bedroom, two-bathroom apartment at Barrington Plaza in Los Angeles starts at $2,200 per month, whereas in Raleigh, a two- bedroom, two-bathroom apartment at Mariners Crossing is $825 per month.

Oklahoma City apartments that received top ratings included Warwick West Apartments at 3120 Northwest Expressway, which starts at $619 for a two-bedroom, two-bathroom apartment and The Warrington at 12700 N. MacArthur Blvd. A two-bedroom, two-bathroom apartment there starts at $600 a month.

The Augusta Apartments, at 4001 NW 122nd St., had a 68 percent recommendation rating from 50 reviews, and Heritage Park Apartments at 1920 Heritage Park Dr., with a 47 percent recommendation rate from 45 reviews, were the highest-ranking properties in the city.

I think the apartment market in Oklahoma City, in general, is a reflection of the overall state, which is considered to be a very friendly environment, said Mike Buhl, president of Commercial Realty Resources Co. I think that our industry does an excellent job of hiring friendly and experienced personnel.

Vintage Lake Apartments, at 10301 N. Pennsylvania Ave., was reviewed by just 19 people and earned a 21 percent recommendation rating. Deep Deuce at Bricktown scored a 25 percent recommendation rating, though it had been reviewed by just 16 people.

With the value of apartments increasing, owners and managers will be forced to create value through the operations of the property, Buhl said. This will come in the form of improving property conditions and tenant relations.

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ApartmentRatings.com ranks OKC market 16th in nation

Journal Record, The (Oklahoma City), Sep 27, 2005 by Brandice J. O'Brien

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