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.
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Exploring Tulsa, OK
Now that we’ve covered the key aspects of the short-term rental market in Tulsa, let’s delve into some important details about the city itself.
1. Median Household Income
As of the latest available data, the median household income in Tulsa, OK, is approximately $47,000. This information is essential for both potential investors and travelers looking to budget for their stay.
2. Climate in Tulsa, OK
Tulsa experiences a diverse climate with four distinct seasons. Summers are hot and humid, while winters are typically mild with occasional snowfall. Spring and fall offer pleasant temperatures, making them ideal times to visit.
3. Population Size
Tulsa, the second-largest city in Oklahoma, boasts a population of around 400,000 residents. This dynamic urban center is home to a wide range of attractions and activities.
4. Sports Teams
Sports enthusiasts can cheer for the Tulsa Drillers, a Double-A baseball team, and the Tulsa Oilers, a professional ice hockey team. These teams provide entertainment options for locals and visitors alike.
5. Colleges in Tulsa
Tulsa is home to several notable colleges and universities, including the University of Tulsa, Oral Roberts University, and Tulsa Community College.
6. Crime Rate
While Tulsa offers a vibrant and welcoming community, it’s essential to stay informed about the local crime rate. The city has experienced fluctuations in crime over the years, so travelers and property investors should research current statistics for a complete picture.
Tulsa’s Tourism Scene
1. Visitor Demographics
Tulsa attracts visitors from various parts of the United States and beyond. Understanding where these visitors come from can help property owners target their marketing efforts effectively.
2. Total Number of Visitors
Tulsa’s appeal as a travel destination has been steadily increasing, with millions of visitors arriving each year. Ensuring that your short-term rental property caters to this growing demand can be a lucrative business opportunity.
3. Popular Tourist Attractions
Tulsa boasts numerous tourist attractions, including the Philbrook Museum of Art, Gilcrease Museum, and the Tulsa Zoo. Additionally, the city’s vibrant music scene, historical sites, and cultural festivals provide year-round entertainment options for tourists.
4. Peak Season
Understanding the peak season in Tulsa is crucial for property owners looking to maximize their rental income. Generally, the city experiences increased tourist activity during the spring and fall months when the weather is most pleasant.
Conclusion
As Tulsa, Oklahoma, continues to grow as a travel destination, the Airbnb and short-term rental market presents promising opportunities for property owners and travelers alike. With a variety of accommodations available, competitive pricing, and a strong demand from visitors, Tulsa’s short-term rental market is one to watch. Whether you’re considering an investment property or planning your next getaway, Tulsa has much to offer in terms of culture, entertainment, and economic potential.
