luxury apartments in Norman, OK

[Jason Malabute]

Anybody here investing in multifamily properties (2-4 units) in Norman, OK? What has been your experience?

Also, I heard that since Norman is a college town there are a lot of luxury apartments there. How does affect your rental business? Is it harder to get renters to rent out a douplex-fourplex because of this?

[Michael Clayborne]

Hey @Jason Malabute,

I am a local investor in Norman. It is true the new student housing and luxury apartments have made investing a little more difficult in the area, but I wouldn't say its hard or impossible. It has mostly affected investors who's target demographic was the student population. Myself and another local investor currently rent our SFRs and have not had much of an issue.

Norman is a higher priced market that most of the metro, and it does not help that multifamily is overpriced in the OKC metro market as a whole. Other areas of the OKC metro market have a lot less barrier to entry for the same returns. 

Like @Rhett Tullis said, it all comes down to getting in a the right price so that you are not priced out of the rental market.

Anyways, just thought I would add my two cents as a Norman investor.