Property Management Blog

Investor Market Update: July 2024

As we review the rental statistics for the first half of 2024, it's evident that the Tulsa Metro area has experienced significant shifts in various key metrics that matter most to investors and property owners. Here's a snapshot of the trends observed in the first and second quarters of the year, along with the quarterly year-over-year changes. The overall market saw a decline in the number of homes leased and increased days on market. Despite this, the average price per square foot rose, indicating a demand for higher rental prices.

Abbreviations: 

Homes Leased = Total Number of Single Family Homes Leased 

Average PPSF = Average Price Per Square Foot ($/month) 

Average DOM = Average Days on Market 

Average RR = Average Rent Rate ($/month) 

*** % = Quarterly Year-over-Year Change

Tulsa Metro Overview:

• Homes Leased:

  • Q1: 292 (-7.6% YoY)
  • Q2: 310 (-11.9% YoY)

• Average PPSF:

  • Q1: $1.08 (+2.9% YoY)
  • Q2: $1.10 (+4.8% YoY)

• Average DOM:

  • Q1: 42 (+10.5% YoY)
  • Q2: 30 (+20.0% YoY)

• Average Rent Rate:

  • Q1: $1,719 (+1.8% YoY)
  • Q2: $1,731 (-2.0% YoY)

Within the Tulsa Metro:

Tulsa:

• Homes Leased:

  • Q1: 101 (-15.8% YoY)
  • Q2: 136 (+25.9% YoY)

• Average PPSF:

  • Q1: $1.08 (+3.85% YoY)
  • Q2: $1.11 (+1.22% YoY)

• Average DOM:

  • Q1: 47 (+12.9% YoY)
  • Q2: 34 (+36% YoY)

• Average Rent Rate:

  • Q1: $1,445 (-0.3% YoY)
  • Q2: $1,490 (+1.75% YoY)

Broken Arrow:

• Homes Leased:

  • Q1: 73 (-19.8% YoY)
  • Q2: 58 (-31.8% YoY)

• Average PPSF:

  • Q1: $1.07 (+3.2% YoY)
  • Q2: $1.11 (+5.0% YoY)

• Average DOM:

  • Q1: 44 (+16.7% YoY)
  • Q2: 24 (-18.0% YoY)

• Average Rent Rate:

  • Q1: $1,735 (-3.2% YoY)
  • Q2: $1,979 (+6.7% YoY)

Owasso:

• Homes Leased:

  • Q1: 18 (-21.7% YoY)
  • Q2: 24 (-42.9% YoY)

• Average PPSF:

  • Q1: $1.14 (+9.9% YoY)
  • Q2: $1.11 (+5.4% YoY)

• Average DOM:

  • Q1: 34 (-23.7% YoY)
  • Q2: 36 (+84.5% YoY)

• Average Rent Rate:

  • Q1: $2,222 (+25.0% YoY)
  • Q2: $1,740 (-1.8% YoY)

Jenks:

• Homes Leased:

  • Q1: 36 (+50.0% YoY)
  • Q2: 37 (-17.8% YoY)

• Average PPSF:

  • Q1: $1.07 (+15.9% YoY)
  • Q2: $1.06 (+1.0% YoY)

• Average DOM:

  • Q1: 38 (+11.9% YoY)
  • Q2: 32 (+9.2% YoY)

• Average Rent Rate:

  • Q1: $1,947 (+3.5% YoY)
  • Q2: $1,841 (-7.7% YoY)

Bixby:

• Homes Leased:

  • Q1: 33 (+26.9% YoY)
  • Q2: 30 (-31.8% YoY)

• Average PPSF:

  • Q1: $1.14 (+3.65% YoY)
  • Q2: $1.06 (-0.3% YoY)

• Average DOM:

  • Q1: 33 (+10.0% YoY)
  • Q2: 21 (-24.4% YoY)

• Average Rent Rate:

  • Q1: $2,025 (+5.38% YoY)
  • Q2: $2,117 (-3.47% YoY)