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Rental Market Summary & Key Takeaways
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Tulsa Key Takeaways
Landlords
Moderate Rent Increase: A $25 month-over-month increase suggests growing demand.
Stable Yearly Growth: A $50 year-over-year increase indicates a stable market.
Warm Market Temperature: Balanced supply and demand, favoring neither landlords nor tenants significantly.
Tenants
Slight Increase in Rent: Be prepared for moderate rent hikes.
Adequate Availability: A sufficient number of available rentals provides options.
Competitive Market: Warm market indicates a balanced environment, requiring timely decisions.
Broken Arrow Key Takeaways
Landlords
Stable Rent: No month-over-month change suggests stable conditions.
High Demand: Properties spend fewer days on the market, indicating strong demand.
Warm Market: Favors landlords slightly, but competition remains balanced.
Tenants
Stable Rent Costs: No increase in rent month-over-month offers budgeting stability.
High Demand: Quick turnover of properties requires prompt action.
Competitive Market: Balanced conditions mean tenants need to act efficiently when securing 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 - $1,550; (2) Broken Arrow - $1,700; (3) National average - $1,650.
- 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 July. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/Broken-Arrow-ok, Accessed 27 July. 2024.