Introduction
Oklahoma City, with its vibrant culture, growing economy, and numerous attractions, has become an appealing destination for both tourists and investors. As the short-term rental market continues to gain momentum, it’s crucial to understand the dynamics of this booming industry in the heart of Oklahoma. In this blog post, we’ll delve into the Airbnb and short-term rental market in Oklahoma City, covering key statistics and answering important questions to help you navigate this market effectively.
Market Overview
Before diving into the specifics, let’s take a look at some essential data points that provide insights into the short-term rental landscape in Oklahoma City:
- Housing Market Trends: According to Zillow, homes in Oklahoma City have experienced a 3.90% depreciation. The median home value currently stands at $198,826, which makes it an attractive location for property investment.
- Rental Market Size: There are approximately 1,600 active short-term rentals in Oklahoma City, as reported by Chalet. This substantial number highlights the growing popularity of this market.
- Pricing and Occupancy: Chalet data reveals that the average daily rate for short-term rentals in Oklahoma City is $143.60, with an occupancy rate of 53%. These figures suggest a healthy demand for short-term rentals.
- Revenue Potential: Annually, short-term rentals generate an average revenue of $22,200 in Oklahoma City. The impressive gross yield stands at 11.17%, making it a potentially lucrative venture for property owners.
- Property Tax: Property owners should also consider property taxes, which are relatively low at 0.59% in Oklahoma City, according to SmartAsset.
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Understanding the Local Context
To gain a deeper understanding of the short-term rental market in Oklahoma City, it’s important to consider various factors beyond just the numbers. Let’s address some essential questions about the city:
Median Household Income
The median household income in Oklahoma City is an important indicator of the potential customer base for short-term rentals. As of my knowledge cutoff in 2022, the median household income in Oklahoma City was around $52,000.
Climate
Oklahoma City experiences a humid subtropical climate with hot summers and mild winters. This climate can significantly impact the peak season for short-term rentals.
Population Size
As of my last update in 2022, the population of Oklahoma City was approximately 655,000. It’s worth checking for the most recent data to get an accurate picture.
Sports Teams
Oklahoma City is home to several sports teams, including the NBA’s Oklahoma City Thunder and minor league baseball’s Oklahoma City Dodgers. Events and games can drive demand for short-term rentals.
Colleges
Oklahoma City boasts several colleges and universities, including the University of Oklahoma Health Sciences Center and Oklahoma City University. These institutions can bring in visiting students, professors, and families, increasing the demand for short-term rentals.
Crime Rate
Understanding the safety of a city is crucial for both hosts and guests. As of my last update in 2022, Oklahoma City had a crime rate higher than the national average, particularly in property crime and violent crime. Checking for current statistics is advisable.
Visitor Demographics
It’s essential to know where visitors are coming from and the total number of visitors to assess your potential market. Oklahoma City attracts tourists from neighboring states and beyond.
Tourist Attractions
Oklahoma City offers a range of attractions, including the Oklahoma City National Memorial, the Oklahoma City Zoo, and the Bricktown Entertainment District. Understanding these attractions can help hosts tailor their listings and marketing strategies.
Peak Season
The peak season in Oklahoma City typically coincides with pleasant weather, making spring and early summer prime times for tourists. Events, festivals, and holidays can also impact demand for short-term rentals.
Conclusion
The short-term rental market in Oklahoma City presents promising opportunities for property owners and investors. With favorable housing market trends, competitive pricing, and a steady stream of visitors, Oklahoma City is a city worth considering for those looking to enter the Airbnb and short-term rental market. However, it’s crucial to stay updated on the latest statistics, market trends, and local developments to make informed decisions and maximize your success in this dynamic industry.
