Property Management Blog

Monthly Investor Market Update: January 2024

As we delve into the rental statistics for January 2024 in the Tulsa Metro area, the data reveals intriguing trends for investors and property owners alike.

Tulsa Metro Overview:

In January, the total number of single-family homes leased surged by 19.5% compared to December, marking a notable uptick in rental activity. Despite this increase, the average price per square foot remained steady at $1.06. However, there was a slight decrease in the average days on market, down by 4.3% to 44 days, indicating a quicker turnover. Moreover, the average rent rate experienced a modest rise of 2.0% to reach $1701, underscoring a promising start to the year for landlords in the Tulsa Metro area.

Key Highlights by Location:

Tulsa:

Although experiencing a decrease in the total number of leased homes by 14.7%, Tulsa saw positive shifts in other areas. The average rent rate climbed by 3% to $1480, suggesting favorable returns for property owners. Additionally, there was a decrease in the average days on market, down by 10% to 45 days, indicating improved market efficiency despite the decline in leased properties.

Broken Arrow:

Broken Arrow witnessed a significant surge in leased homes, up by 36.8% from December, highlighting growing demand in this area. However, the average rent rate saw a notable decrease of 6.5% to $1691, possibly indicating a shift in renter preferences or market dynamics. Nonetheless, the average days on market decreased by 6.7%, indicating a quicker turnaround for property owners.

Owasso:

In Owasso, there was a notable increase of 28.6% in the total number of leased homes, reflecting heightened rental activity in the region. Despite this, the average price per square foot decreased by 13.4%, potentially offering affordability benefits to tenants. However, the average days on market surged by 61.1%, signaling potential challenges in property turnover despite increased leasing activity. Notably, the average rent rate surged by 14.4% to $1884, suggesting attractive returns for property investors.

Jenks:

Jenks experienced a remarkable surge in leased homes, marking a staggering 150% increase from December, indicating a significant shift in rental dynamics. Moreover, there was an uptick in the average price per square foot by 14%, potentially reflecting increased demand for properties in this area. However, the average days on market surged by 71.4%, presenting potential challenges for property turnover despite heightened leasing activity. Notably, the average rent rate witnessed a slight decrease of 4.9% to $1979.

Bixby:

While Bixby saw a modest decrease of 10% in the total number of leased homes, other metrics demonstrated positive trends. The average price per square foot increased by 8.3%, indicating potential appreciation in property values. Additionally, there was a decrease in the average days on market by 12.2%, suggesting improved market efficiency for property turnover. However, the average rent rate experienced a slight decrease of 3.2% to $2050.

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.