Introduction
Tulsa, Oklahoma, is known for its rich history, vibrant culture, and welcoming community. With its growing popularity as a travel destination, the short-term rental market in Tulsa has been on the rise. Whether you’re a homeowner looking to capitalize on this trend or a traveler seeking the perfect vacation rental, this comprehensive guide will provide you with all the information you need. In this blog post, we’ll delve into the key statistics and insights into the Airbnb and short-term rental market in Tulsa, while also addressing important questions about the city itself.
The Tulsa Housing Market
Before we dive into the specifics of the short-term rental market in Tulsa, let’s take a look at some essential data points concerning the city’s housing market:
1. Home Appreciation and Value
According to Zillow, homes in Tulsa have experienced a modest depreciation of 5.10%. The median home value in the city stands at $194,784, offering potential property investors a reasonable entry point into the market.
The Short-Term Rental Market in Tulsa
Now, let’s shift our focus to the exciting world of short-term rentals in Tulsa.
1. Number of Active Short-Term Rentals
As of the latest data from Chalet, Tulsa boasts a thriving short-term rental market with a total of 1,076 active properties available for rent. This diverse range of options ensures that visitors to Tulsa can find accommodations to suit their preferences.
2. Average Daily Rate and Occupancy
The average daily rate for short-term rentals in Tulsa stands at a competitive $175.50, making it an attractive choice for budget-conscious travelers. Additionally, the occupancy rate hovers around 53%, indicating a healthy demand for short-term rentals in the city.
3. Annual Revenue and Yield
For those considering short-term rentals as an investment opportunity, the potential for income is promising. Chalet reports that the average annual revenue for short-term rentals in Tulsa is approximately $28,000, translating to an impressive average gross yield of 14.37%.
4. Property Tax
When managing short-term rentals, it’s crucial to factor in property taxes. In Tulsa, the average property tax rate is 0.59%, making it relatively manageable for property owners.
