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Rental Market Summary & Key Takeaways
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Tulsa Key Takeaways
Landlords
Slight Rent Increase: With a month-over-month increase, the market is showing signs of warming up.
Stable Year-Over-Year Growth: Modest year-over-year rent growth suggests a steadily appreciating market.
Moderate Market Activity: Average days on market and available rentals indicate a balanced supply and demand.
Tenants
Gradual Price Adjustments: The slight rent increase requires tenants to stay informed about market trends.
Ample Options: A significant number of available rentals offer diverse choices.
Warm Market: The market's temperature suggests a competitive environment but with options available.
Broken Arrow Key Takeaways
Landlords
Significant Rent Increase: Both month-over-month and year-over-year increases highlight a strong demand.
Quick Market Turnover: Shorter average days on market indicate a high tenant demand.
Limited Supply: Fewer available rentals suggest a tight market, potentially allowing for higher rents
Tenants
Rising Costs: Rapidly increasing rent prices highlight a competitive market.
Act Quickly: The fast-paced market requires prompt decisions.
Warm Market: A competitive but accessible market, advising tenants to be proactive in their search
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 - $1,500; (2) Broken Arrow - $1,795; (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 25 Mar. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/Broken-Arrow-ok, Accessed 25 Mar. 2024.