In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Oklahoma. Three towns made our list: Oklahoma City, Lawton, and Norman. We curated data from studies on the best places to buy an investment property, median sale prices, and proprietary TurboTenant data. The TurboTenant Data includes stats on the average number of leads a rental property received, as well as the average number of days on the market. These two points will help an investor determine the strength of the rental market, as well as estimating potential vacancy rates.
“Oklahoma, where the wind comes sweepin’ down the plain, and the wavin’ wheat can sure smell sweet.” Oklahoma is located in the South Central region of the United States bordered by Texas, Kansas, Missouri, and Arkansas. The Sooner State gets its name from the settlers who staked claims on land before Oklahoma Territory was officially opened up. Oklahoma is known as a major producer of natural gas, oil, and agriculture as well as telecommunications and biotechnology. This state has hundreds of lakes, diverse cultures, and a vibrant art and music community – just ask famous natives Garth Brooks, Carrie Underwood, and Reba McEntire. It is also home to several universities, delicious BBQ, and an abundance of pecans.
The sooner you get to property investing in The Sooner State the better. Let’s find out the top places to buy a rental in Oklahoma.
Most famously known as the home of the University of Oklahoma, Norman is a progressive city that has been recognized for its public schools and important history. The town was actually built around the Santa Fe Railroad and the Santa Fe Depot is preserved today with daily Amtrak services. Sooner football games, casinos, the historic downtown, and affordable living are just a few things that make Norman a great place to both live and invest. With a steady population and employment growth, Norman’s median sale price is just around $200k. Landlords can expect many student renters looking for housing as the university supplies over 30,000 students! While it might take around a month on the rental market, investors will receive a solid 13 leads per property.
- Population growth: 1.6%
- Employment growth: 0.5%
- Increase in home values: 6.3%
Median Sale Price: $200k
Average Rent: $736
Average Number of Leads per Property: 13
Number of days on the rental market: 39
Lawton is located southwest of Oklahoma City and is the fifth largest city in Oklahoma. It’s close to the Fort Sill Military Reservation, and Cameron University – both large parts of its economy. You can explore the Museum of the Great Plains, 80 different parks and recreation areas, and three major lakes. This community-oriented town is extremely affordable with an average rent of $636. Furthermore, median sale prices are $99k with an increase in home values of 13.4% – investors can expect a great return on their properties and will easily find reliable tenants with 33 leads per property and 22 days on the market. We highly recommend Lawton!
- Population growth: -1.3%
- Employment growth: 0%
- Increase in home values: 13.4%
Median Sale Price: $99k
Average Rent: $636
Average Number of Leads per Property: 33
Number of days on the rental market: 22
#1: Oklahoma City
Known as the “Horse Show Capital of the World,” Oklahoma City has a great culture, food, activities, family fun, and a contemporary metropolis feel. Whether you’re catching an OKC Thunder game, checking out the Paseo Arts District, or attending the National Cowboy and Western Heritage Museum, OKC is great for people of all ages. With several different diverse districts, there is a variety of affordable housing – the median sale price is only $182k with an average rent of $813 for a two-bedroom. This gives people the city-life without breaking the bank for renters. Property investors can expect around 28 leads per property and only 11 days on the market! Your properties will be filled in no time which is why OKC is our #1 town to invest in.
- Population growth: 1.4%
- Employment growth: 0.5%
- Increase in home values: 7%
Median Sale Price: $182k
Average Rent: $813
Average Number of Leads per Property: 28
Number of days on the rental market: 11
Once you’ve landed the perfect investment property in a good location, TurboTenant can help take your landlording into the digital world by streamlining the rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
About the TurboTenant Report
The TurboTenant Report analyzes data from active listings across all 50 states, as well as third party real estate, population and employment growth data. Our goal with the TurboReport is to empower seasoned and novice investors to make wise purchasing decisions when purchasing a rental investment property. For more information or custom data requests, please contact [email protected].
In order to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our main city selections were taken from a study that evaluated four main factors for each city: employment growth, population growth, increase in home values and rental yield. We combined that with TurboTenant data on the average rent price, the number of rental leads per property, as well as the average number of days the rental stays on the market.
We also included an honorable mention where applicable. They are pulled from this study on the best places to invest in every state. These were determined using Zillow’s Buyer-Seller Index and Zillow Home Value Forecast, and AreaVibes’ Livability Score. Other methods for determining honorable mentions include using TurboTenant proprietary data to determine which cities return the best rental investment R.O.I. using data points including days on market, the number of leads per property, and average rent price.
DISCLAIMER: TurboTenant, Inc does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state and federal laws and consult legal counsel should questions arise.
- TurboTenant Rental Data
- Fastest Growing States Population
- The Best and Worst Cities to Own Investment Property
- Real Estate data provided by Redfin, a national real estate brokerage.