Monthly Investor Market Update: February 2024
As we delve into the rental statistics for February 2024 in the Tulsa Metro area, the data reveals intriguing trends for investors and property owners alike.
Tulsa Metro Overview:
February saw a slight dip in rental activity in the Tulsa Metro area. The total number of single-family homes leased decreased by 8.2% to 90 properties. Despite this, the average price per square foot increased by 2.8% to $1.09. However, the average days on market rose by 9.1% to 48 days. On the upside, the average rent rate climbed by 6.4% to $1810.
Key Highlights by Location
Tulsa:
Tulsa experienced a modest increase in rental activity with 31 properties leased, up by 6.9%. The average price per square foot rose by 3.8% to $1.08. However, the average days on market increased significantly by 20% to 54 days. The average rent rate saw a decrease of 3.2% to $1433.
Broken Arrow:
Broken Arrow witnessed a notable decline in leased homes, down by 23.1% to 20 properties. The average price per square foot remained stable at $1.04. However, the average days on market increased substantially by 40.5% to 42 days. Despite fewer leased properties, the average rent rate increased by 4.0% to $1759.
Owasso:
Owasso saw a significant decrease in rental activity with only 3 properties leased, reflecting a decline of 66.7%. It's important to note that these were larger properties, skewing the data for the month. Despite this, the average price per square foot surged by 40.2% to $1.36. The average days on market decreased sharply by 55.2% to 26 days. Notably, the average rent rate spiked by 56.6% to $2950.
Jenks:
Jenks experienced a decrease in leased homes, down by 26.7% to 11 properties. The average price per square foot saw a slight decrease to $1.12. Despite this, there was a decrease in the average days on market by 6.25% to 45 days. The average rent rate remained relatively stable at $1979.
Bixby:
Bixby saw an increase in leased homes, up by 33.3% to 12 properties. The average price per square foot decreased by 5.1% to $1.11. There was a significant decrease in the average days on market by 39.5% to 26 days. However, the average rent rate decreased by 5.7% to $1933.
These insights into the rental market of the Tulsa Metro area provide valuable information for investors and property owners, enabling informed decision-making and strategic planning in the dynamic real estate landscape.
| Monthly Investor Market Update: February 2024 | |||||
| Rental Statistics by Tulsa Metro February 1st - February 29th | |||||
| TULSA METRO: | |||||
| Total Number of Single Family Homes Leased: 90 (down 8.2% from January) | |||||
| Average Price Per Square Foot: $1.09 (up 2.8% from January) | |||||
| Average Days on Market: 48 (up 9.1% from January) | |||||
| Average Rent Rate: $1810 (up 6.4% from January) | |||||
| TULSA: | |||||
| Total Number of Single Family Homes Leased: 31 (up 6.9% from January) | |||||
| Average Price Per Square Foot: $1.08 (up 3.8% from January) | |||||
| Average Days on Market: 54 (up 20% from January) | |||||
| Average Rent Rate: $1433 (down 3.2% from January) | |||||
| BROKEN ARROW: | |||||
| Total Number of Single Family Homes Leased: 20 (down 23.1% from January) | |||||
| Average Price Per Square Foot: $1.04 (down 0.1% from January) | |||||
| Average Days on Market: 42 (up 40.5% from January) | |||||
| Average Rent Rate: $1759 (up 4.0% from January) | |||||
| OWASSO: | |||||
| Total Number of Single Family Homes Leased: 3 (down 66.7% from January) | |||||
| Average Price Per Square Foot: $1.36 (up 40.2% from January) | |||||
| Average Days on Market: 26 (down 55.2% from January) | |||||
| Average Rent Rate: $2950 (up 56.6% from January) | |||||
| JENKS: | |||||
| Total Number of Single Family Homes Leased: 11 (down 26.7% from January) | |||||
| Average Price Per Square Foot: $1.12 (down 1.8% from January) | |||||
| Average Days on Market: 45 (down 6.25% from January) | |||||
| Average Rent Rate: $1979 (down 4.9% from January) | |||||
| BIXBY: | |||||
| Total Number of Single Family Homes Leased: 12 (up 33.3% from January) | |||||
| Average Price Per Square Foot: $1.11 (down 5.1% from January) | |||||
| Average Days on Market: 26 (down 39.5% from January) | |||||
| Average Rent Rate: $1933 (down 5.7% from January) | |||||
