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Rental Market Summary & Key Takeaways
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Tulsa Key Takeaways
Landlords
Stability in Rental Prices: With a moderate year-over-year increase in median rent, the market is stable, which is favorable for long-term investment.
Increased Demand: A decrease in average days on the market indicates a growing demand for rental properties, suggesting landlords may experience fewer vacancies.
Market Temperature: The market being cool suggests a balanced market, not heavily favoring landlords or tenants. Landlords should focus on maintaining their properties to attract tenants.
Tenants
Affordable Renting Options: The relatively stable rent prices indicate a market where tenants might find affordable options without rapid rent increases.
Time to Negotiate: With properties staying on the market for an average of 48 days, tenants might have more negotiating power regarding rent and lease terms.
Market Balance: The cool market temperature suggests a balanced market, giving tenants more options to choose from without the pressure of a highly competitive market.
Broken Arrow Key Takeaways
Landlords
Slightly Higher Rent: The median rent is higher compared to Tulsa, indicating a potentially more lucrative market for landlords.
Shorter Vacancy Periods: With properties staying on the market for fewer days on average, landlords can expect quicker turnovers and reduced vacancy losses.
Steady Market Growth: The year-over-year rent increase suggests a steadily growing market, beneficial for long-term investments.Decreased Average Market Time: With days on the market dropping from 21 to 31, properties are renting out faster, benefiting landlords.
Tenants
Higher Rent Levels: Tenants should be prepared for slightly higher rents in this area compared to Tulsa.
Competitive Market: The shorter average days on the market indicate a more competitive environment, requiring tenants to act quickly when finding suitable properties.
Growing Market: As the market is growing, tenants should anticipate gradual rent increases and possibly less negotiating power with landlords.
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 - $1,450; (2) Broken Arrow - $1,689; (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 27 Jan. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/Broken-Arrow-ok, Accessed 27 Jan. 2024.