November 2023 - Tulsa vs Owasso

Rental Market Summary & Key Takeaways

Tulsa Key Takeaways

Landlords

Stable Growth Potential: The year-over-year increase of $80 suggests a steady growth in rental value, indicating a healthy market for long-term investments.

Balanced Market Dynamics: A 'warm' market temperature implies a balanced demand and supply, providing a stable environment for consistent rental income.

Moderate Market Liquidity: With an average of 42 days on the market, landlords can expect a reasonable turnover rate, allowing for reliable occupancy and income streams. 

Tenants

Moderate Rent Adjustments: The month-over-month decrease in rent suggests some flexibility in the market. This could provide tenants with a chance to find slightly more affordable options or negotiate rent.

Stable Market Conditions: The 'warm' market temperature indicates a relatively balanced market, suggesting that while tenants might not see aggressive rent hikes, they should also not expect significant rent drops.

Reasonable Choice Availability: With 296 available rentals and an average market time of 42 days, tenants have a fair number of options and a decent amount of time to make informed decisions without rushing.

Owasso Key Takeaways

Landlords

Significant Rent Growth: The substantial year-over-year rent increase points to a robust growth potential for investment properties.

Rapid Market Movement: A much shorter average time on the market (21 days) indicates a higher turnover rate, beneficial for reducing vacancy periods.

Limited Inventory, High Demand: The limited number of available rentals, combined with a cool market temperature, suggests a high demand for quality rental properties, allowing landlords to potentially command premium rents.

Tenants

Higher Rental Costs: The significant year-over-year increase in rent indicates a trend toward higher rental costs in Owasso. Tenants should budget accordingly and may need to consider more expensive options than previously expected.

Quick Market Movement: With properties spending an average of only 21 days on the market, tenants need to act fast when they find suitable properties, as desirable rentals are likely to be snapped up quickly.

Limited Availability: With only 27 available rentals, the choice is limited, and the market is competitive. This means tenants should be well-prepared with their rental applications and documentation to improve their chances of securing a rental.

Sources & Additional Information:

• Market temperature is based on changes in renter demand compared to the national average.
• For example, a hot market has increasing demand.
• Temperature is based on all bedrooms and all property types.
• Median rent - 3-bedroom houses: (1) Tulsa - $1,475; (2) Owasso - $1,783; (3) National average - $1,850.
• Bordo, Jonas. “The Complete 2023 Guide to Rent Prices in the US.” Accessed 20 Nov. 2023.
• Source: zillow.com 2023, rental-manager/market-trends/tulsa-ok, Accessed 22 Nov. 2023.
• Source: zillow.com 2023, rental-manager/market-trends/Owasso-ok, Accessed 22 Nov. 2023.