Discussion of Rental Market in Tulsa, Oklahoma 2019

[Deren Huang]

Merry Christmas to all!

I was able to snag these pictures of the Zillow market overview before they discontinued the services. I actually had the previous market update so we can compare side to side. 

As you can see from Aug 2017  to July 2019 there have been quite some changes to the rental data! 

I am shocked to see that the median rent (according to the Zillow Rent Index) has dropped very significantly. Have you experienced your rental amount dropping these past years? Do you think the median rent has dropped in Tulsa? Why?

On the 2nd page, you can see that the median list price has gone up for some key suburbs of Tulsa, which conflicts heavily with the "ZRI" in some cases. Thoughts?

Any regrets or shocks from this data? Love to discuss with all!

[Todd Willhoite]

Thank you for the data Deren.  I think some of the markets, like Oologah, have so few rentals that the data is skewed by what is available when they sample.  The data says rents are lower in Owasso than Claremore.  A comparable house in Owasso rents for more than a comparable house in Claremore.  My guess is that with new apartments in Owasso there will be more rental units offered for lease and that may effect the data. I have seen small increases in rents in Claremore over past 2 years, but nothing dramatic, more like the $25 - $50 a month you mentioned.  I have noticed longer vacancy periods between tenants, but not more than a month or two.