Welcome to today’s Real Estate news roundup! In this edition, we cover a range of topics impacting the housing market. Oklahoma State University is facing a housing shortage ahead of the fall semester move-in, causing concerns for students and parents. The National Association of Realtors’ settlement brings changes to the OKC housing market, including potential impacts on commissions and discussions about rent caps. The Homeless Alliance emphasizes the need for affordable housing solutions in Oklahoma City, while the City of Tulsa takes steps to address the housing shortage and homelessness through the Path to Home initiative. Additionally, Realtors gathered at Northwestern Oklahoma State University-Enid for an educational event, discussing various aspects of the real estate industry. Read on to explore these stories and more!
OSU Faces Housing Shortage Ahead Of Fall Semester Move-In
As the fall semester quickly approaches, Oklahoma State University is facing a shortage of dorm rooms to house students this year. The university says it is expecting a record-breaking number of students trying to live on campus. Parents and students say the shortage is affecting housing arrangements that have been in place for months.
OSU says it has space for 5,600 students to live on campus, but it has about 5,700 applications. For many students, living on campus is a part of the college experience, but for some OSU students this year, the thought of move-in day is causing concern. Incoming Sophomore Mara Barrios expressed her anxiety, stating that she had already made arrangements for a two-bedroom dorm with a friend, but they received an email stating that someone else would be rooming with them.
OSU offered a lower rate for adding the additional roommate, but Barrios and her mother, Ashley, are concerned about three women living in a dorm designed for two. They feel that the communication from the university regarding the housing shortage was lacking. OSU has offered a $1,000 scholarship and a free meal plan to students willing to move off-campus, and they are working to lease housing off-campus for students to live.
NAR settlement! OKC housing market balance? Rent cap?
There has been a ton of interesting real estate news in the past week. The National Association of Realtors’ settlement in a lawsuit over commissions is set to go into effect on August 17th, bringing changes to the real estate market. Commissions are expected to be less than the usual 5% to 6%, which could have an impact on rising home prices. The settlement also ends the policy requiring sellers to pay buyers’ agents through an “offer of compensation” on listings.
Other news includes updates on the OKC housing market, with more homes listed for sale and a balance slowly returning. Gardner Tanenbaum has purchased Robinson Renaissance, a vintage twin office tower, with plans to convert floors three to eleven into apartments. There are also discussions about rent increases and President Joe Biden’s proposed rent cap.
Read all about these stories and more:
Homeless Alliance says OKC needs real affordable housing solution
The Homeless Alliance in Oklahoma City is facing an overcapacity issue at its day shelter. The shelter, designed to accommodate 150 people, has been operating well beyond its capacity, with around 350 people seeking shelter daily. Meghan Mueller, the CEO of the Homeless Alliance, emphasizes that more shelters aren’t the answer. The real solution lies in affordable housing options, which are currently lacking in the Oklahoma City area.
Mueller highlights the need for more permanent housing options to address the homelessness problem effectively. While temporary shelters can provide temporary relief and connect individuals with other services, the shortage of affordable housing remains a significant challenge. Despite efforts made by Oklahoma City, including funds allocated for increased permanent housing through the MAPS 4 project and the Key to Home initiative, more incentives are needed to encourage builders to create affordable housing.
The City of Tulsa takes next steps in addressing housing shortage, homelessness
The City of Tulsa is making progress in tackling the housing shortage and homelessness issue. As part of the Path to Home initiative, the city is establishing a Pre-Approved Plans Program to expedite housing development and hiring a Homeless Program Lead to enhance coordination of homelessness services. The program aims to publish permit-ready housing construction plans that conform to building codes, reducing costs and permitting times for affordable homes.
Funding for the program and the new position comes from grant revenues received through the American Rescue Plan Act (ARPA). The City of Tulsa recognizes the need for more permanent housing options and aims to incentivize housing expansion. The Path to Home initiative serves as a central source for housing, homelessness, and mental health programs within Tulsa.
To learn more about the Path to Home initiative, visit www.cityoftulsa.org/PathToHome.
Realtors attend event at Northwestern-Enid
More than 100 Realtors gathered at Northwestern Oklahoma State University-Enid for the Continuing Education Extravaganza. The event provided opportunities for networking with vendors and fellow Realtors, in addition to educational classes. Carolyn House, the executive director of Northwest Oklahoma Realtors Association, mentioned that this was their largest event to date, with a record number of vendors present.
Bryan Hutchinson, the new CEO of the Oklahoma Association of Realtors, highlighted the stability of the real estate market and emphasized the importance of affordable housing discussions within communities. Changes in real estate practices were also discussed, including the requirement for a buyer/broker agreement before showing a house to a prospect.
Realtors from various companies shared their experiences and expertise, with topics ranging from property management to cleaning and restoration services. The Oklahoma Association of Realtors, with 15,000 members, is the largest trade organization in the state.