December 2023 - Tulsa vs Owasso

Rental Market Summary & Key Takeaways

Tulsa Key Takeaways

Landlords

Rising Median Rent: An increase from $1,475 to $1,495 indicates a growing market, good for long-term investment.

Increasing Market Temperature: Remaining warm throughout both months, indicating stable demand.

Consistent Demand: The slight decrease in available rentals from 296 to 288 suggests a stable market with consistent tenant interest.

Tenants

Gradual Rent Increase: Prepare for slight rent increases, indicating a trend that could continue.

Stable Market: A warm market suggests balanced conditions; however, tenants should act with moderate promptness.

Slightly Decreasing Options: With available rentals decreasing, options are becoming slightly more limited.

Owasso Key Takeaways

Landlords

Significant Rent Growth: An increase from $1,783 to $1,800 and a year-over-year increase of $175 suggests a strong market for landlords.

Cooling Market: Even with rent increases, the market is cooling, which could indicate a need for competitive strategies in the future.

Decreased Average Market Time: With days on the market dropping from 21 to 31, properties are renting out faster, benefiting landlords.

Tenants

Rising Costs: With continuous rent increases, tenants should budget for higher rental rates.

Quick Decision Making: A decrease in average days on the market from 21 to 31 days means desirable properties might be rented out more 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 - $1,495; (2) Owasso - $1,800; (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 26 Dec. 2023.
• Source: zillow.com 2023, rental-manager/market-trends/Owasso-ok, Accessed 26 Dec. 2023.