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Rental Market Summary & Key Takeaways
Tulsa Key Takeaways
Landlords
Moderate Rent Increase: A slight Year-over-year increase suggests growing demand.
Stable Yearly Rent: Minimal change year-over-year indicates stable long-term investment.
Warm Market Temperature: Balanced market with reasonable competition among rentals.
Tenants
Slight Increase in Costs: Be prepared for modest rent increases.
Ample Choices: A good number of available rentals provide options.
Warm Market: Competitive but manageable environment for finding rentals.
Broken Arrow Key Takeaways
Landlords
Moderate Rent Increase: Year-over-year increase suggests growing demand.
Quicker Turnover: Fewer average days on the market suggest higher demand.
More Competitive Market: Fewer rentals available indicate a tighter market.
Tenants
Rising Monthly Costs: Be aware of potential increases in rent.
High Demand: Faster turnover means acting quickly is essential.
Warm Market: Competitive environment with fewer available rentals.
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 - $1,715; (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 May. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/Broken-Arrow-ok, Accessed 26 May. 2024.