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.
