Despite a troubled national economy, housing and rent prices in Norman remain stable and competitive, and should remain so for the 2009-2010 academic year.

Norman realtor Nancy McCall, a lifelong Norman resident, has been a realtor in the Norman market for 32 years.

“Prices are up just a teeny percent in the last year,” she said. “This is really a good time to buy [a home] in Norman.”

McCall said she credits Norman’s housing stability to the city’s rank as the sixth best small city in the nation by Forbes Magazine, the fact that many parents buy homes each year for their children while at school at OU and the fact that there have been no major layoffs in the area.

She said, for example, the average time it takes to sell a house in Norman rose from 87 to 88 days in 2008, a small change in comparison to real estate problems faced in other parts of the United States.

She said even during tough economic times the Norman economy has proven resilient.

“When many of the banks closed in 1984 [due to a recession], the real estate market slowed a bit, but we picked right back up,” she said.

McCall has also owned rental properties since 1964, many of which she usually rents to OU students because of the houses’ proximity to campus.

When Oklahoma was in economic crisis during the mid-1980s, McCall said she did not see a major change in the number of renters willing to pay her rent. She said during that time she had about a 10% vacancy rate, which is not considered high by industry standards.

She does not intend to increase rent prices soon.

The last time McCall changed prices for her rental properties was about a year ago to compensate for increased taxes, she said.

Rent prices for many of the popular apartment complexes near campus are projected to remain fairly stable as well.

There are no changes planned for rent prices at OU Traditions Square, said Dave Annis, director of Housing and Food Services. He said any change would have to be approved by the OU Board of Regents.

Virginia Lamb, leasing manager of University Greens Apartments, 2900 Oak Tree Ave, said University Greens plans a small increase in rent prices starting March 1.

For example, she said, rent for the complex’s most popular model, the 3 bedroom 3 bathroom, will go up $10 a month.

Lamb said the rent increase is to raise money for a planned remodeling.ome forward, but it was handled pretty well,” Melanie Russell said.