Market Insights

August 1, 2024

What's The Average Rent In Tulsa, OK

Zoe Harper

Marketing

If you're thinking of moving to Tulsa, OK, figuring out the average rent is crucial. The city is known for its cost-effective living options. You can find different rentals to match your budget. Currently, the average rent in Tulsa stands at $846 a month¹.

The rental scene in Tulsa changes often, depending on what kind of place you're looking for. A studio apartment usually costs about $707 a month¹. If you want a one-bedroom apartment, it's roughly $847 a month¹. For more space, a two-bedroom goes for $1,073 a month¹. And a big three-bedroom unit is about $1,392 each month¹.

No matter what you're searching for, understanding Tulsa's rental market is smart. It helps you pick the right place to live, whether you want something affordable or a bit more luxurious.

Key Takeaways

The average rent in Tulsa, OK is $846 per month¹.
Studio apartments in Tulsa average $707 per month¹.
A one-bedroom apartment in Tulsa costs around $847 per month¹.
The average rent for a two-bedroom apartment in Tulsa is $1,073 per month¹.
Three-bedroom apartments have an average rent of $1,392 per month¹.
Tulsa's rental market offers a range of affordable and premium options.

Overview of Tulsa, OK Rental Market

The rental market in Tulsa, OK, is both steady and changing. It's affected by the economy and how many people need homes. The city’s rental prices are fair and are growing slowly. Tulsa’s median rent is $1,034. This is a good deal compared to other cities in the U.S., showing a slight increase recently². Tulsa ranks 98th among the priciest big cities in America, similar to Cleveland, OH, and Wichita, KS².

Basic Insights

Tulsa's rental market is growing a bit every year. Rents went up by 1.8% last year and 0.4% in June, more than in other places². The city saw a 3.3% growth in the last six months, the same as before¹. This growth means the housing market in Tulsa, OK, is stable and balanced.

Price Trends Over the Years

Rental prices in Tulsa have been rising steadily. A recent report places Tulsa at #55 among large U.S. cities for rent growth². Tulsa’s rent is 26.7% cheaper than the U.S. median, attracting many renters². For more details, the rental price trends Tulsa report provides a closer look at these numbers².

Current Median Rent Prices in Tulsa

The Tulsa rental market offers a wide range of choices for everyone. The median rent in Tulsa is now $1,034. This shows a slight growth of 1.8% from last year². Prices are steady for different apartment sizes, which is good news for those moving in.

Studio Apartments

Studio apartments in Tulsa are a great deal. They are priced at just $675, which is easy on the wallet². This makes them perfect for single people or young professionals looking for an affordable place.

One-Bedroom Apartments

The average rent for a one-bedroom in Tulsa is $863². This is less than the national average of $1,239 for the same size². In places like Riverview Park, you can even find places for as low as $709. This is great for those trying to save money.

Two-Bedroom Apartments

Looking for a two-bedroom apartment in Tulsa? The average rent is about $1,075². But if you want something fancier, places like the Riverview have them for more than $1,879. These are for people who want luxury living.

Three-Bedroom Apartments

Three-bedroom apartments in Tulsa are set at a median rent of $1,500². This is great compared to the national median of $1,396 for similar places².

The Tulsa rental scene is competitive and diverse, offering a lot of options. Whether you need a studio or a three-bedroom, you'll find what you're looking for. There's something for every budget and lifestyle.

How Tulsa Rents Compare to the National Average

Tulsa offers cheaper rent than many other cities. For instance, two-bedroom apartments in Tulsa go for $1,075. This is much less than the nationwide median of $1,396. It shows Tulsa is more affordable². Tulsa's median rent is 26.7% less than the country’s average. This ranks it as the 98th most costly among America's largest 100 cities². Cities like Cleveland, OH, and Wichita, KS, have similar rent prices, showing Tulsa's low cost of living².

Tulsa welcomes renters with its low living costs, especially with rents rising by 1.8% over the past year². From January to June 2024, rents in Tulsa rose by 3.3%. But it's still a budget-friendly city compared to the rest of the country². Take a one-bedroom apartment in Tulsa; it's $863. The national average is $1,239². This shows how much you save living in Tulsa.

Tulsa’s Rent Growth Compared to Other Large Cities

Tulsa's rent has grown faster than many big cities in the US. It's gone up by 1.8% over the last year. This is more than the national decrease of 0.7% and Oklahoma's increase of 0.2%³.

Ranking Among Major U.S. Cities

Tulsa is now ranked #55 among the largest US cities for rent growth. This shows Tulsa's rental market is doing well. It's beating cities like Charlotte, NC, and Norfolk, VA in rent growth³.

Comparison to Nearby Metropolitan Areas

Compared to cities nearby, Tulsa's rent growth stands out even more. Houston, Texas, has an average rent of $1,368. This is 11.6% less than the national average⁴.

Meanwhile, Pittsburgh, Pennsylvania, has an average rent of $1,426. This makes it less appealing than Tulsa⁴.

Tulsa shines when compared to both nearby and distant cities. Its combination of good rent prices and market strength attracts many. Tulsa remains a top choice for renters looking for value and strong market performance.

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Factors Affecting Rent Prices in Tulsa

Rent prices in Tulsa change due to various reasons. Economic conditions, population growth, and how many houses are available play big roles. These factors together decide how rent prices go up or down in the area.

Economic Factors

In Tulsa, the economy largely shapes rent prices. For instance, in the early part of 2024, the average rent hit $980. This was a 4.2% jump, outpacing the national growth rate of 0.8%⁵. Income from property operations went up by 7.2% in February 2024, showing a strong economy⁵. Also, the area saw a 36.2% increase in sales of apartment buildings, with sales reaching $16.6 million⁵.

Population Growth

Population changes also affect Tulsa's rental prices. In early 2024, around 100 more units were in use than before⁵. Also, there was a consistent demand for 96 rental units, meaning people continuously looked for places to live⁵. As more people move to Tulsa, the competition for rental homes heats up. This makes rent prices rise ⁶.

Availability of Housing Units

How many houses are up for rent in Tulsa also matters a lot. By early 2024, about 780 rentals found tenants, while 1,200 new ones were built⁵. The cost of running these properties changed too, affecting the whole market⁵. People think about things like if a neighborhood is safe, easy to get around, and if there are fun places nearby. These concerns influence both where they choose to live and how much rent is. For details on renting in Tulsa, check out this complete guide to house renting ⁵.

A Closer Look at Different Areas in Tulsa

Tulsa has unique neighborhoods, each with its own vibe. Exploring these areas helps renters find the right home. They can choose between city life or quieter spots.

Downtown Tulsa

Downtown Tulsa is lively and offers easy access to lots of amenities. Rent for a one-bedroom apartment is affordable compared to big cities².It's cheaper here than in places like New York City and San Francisco. Tulsa offers great living at a lower cost⁷.

Midtown Tulsa

Midtown Tulsa enchants with its historical charm and community spirit. The streets are beautiful, with big trees and old homes. It has parks, galleries, and shops nearby⁸.Rents in Midtown are similar to the rest of Tulsa, balancing cost and lifestyle⁸.

South Tulsa

South Tulsa offers spacious and modern living. It's great for families and professionals wanting new places with lots of features. Rents here are a good deal⁸.A two-bedroom place costs about $1,106, which is affordable compared to the national average².

Other Notable Neighborhoods

Brookside and Cherry Street buzz with cool cafes and fun nightlife. Broken Arrow and Owasso are ideal for families. While rents in places like Bixby have gone up, Sapulpa remains affordable⁷.You can find a one-bedroom apartment for around $680⁷. These areas appeal to various renters thanks to their affordability and lifestyle².

In short, Tulsa's neighborhoods offer something for everyone's taste and budget. Whether it's Downtown energy or Midtown's charm, there's a place for you. Checking out Apartments.com can give you a closer look at what's available⁷.

Cost of Living in Tulsa Compared to National Average

Choosing to live in Tulsa means you could spend less compared to other parts of the U.S. There are many things to think about when looking at the cost of living.

Goods & Services

Prices for things you buy daily in Tulsa are 4% cheaper than the U.S. average⁹. This makes it easier to save money on what you need every day.

Groceries

Food costs in Tulsa are also lower, 5% less than what most Americans pay¹⁰. This helps families save money and eat well without spending a lot.

Health

Healthcare in Tulsa costs 10% less than the U.S. average¹⁰. An eye exam costs about $114.09, and a dental visit is $104.86 on average here¹⁰. People in Oklahoma spend about $6,878 a year on health¹¹.

Transportation

Getting around in Tulsa is 13% cheaper than the national average⁹. While driving costs are normal, using public transit could save you $1,000 every year⁹.

Utilities

Living in Tulsa means you'll enjoy lower utility costs. They're 3% below the national average, with Oklahomans paying about $397 monthly for utilities¹¹. In Tulsa, electricity is quite cheap at 10.53¢ per kWh, the seventh lowest in America⁹.

Check this in-depth cost of living analysis for Tulsa for more information⁹.

Tips for Finding Affordable Rent in Tulsa

Looking for a place to live in Tulsa? Try different strategies to spot amazing deals on apartments. Use online platforms, check out new neighborhoods, and don't forget about negotiating rent prices. Apartments in Tulsa range from $200 to $6,900, with an average price of $3,029¹².

Utilizing Online Rental Platforms

Searching online is a smart move when hunting for an apartment in Tulsa. Websites show the best rent specials, making it easier to compare options. You can find affordable places on sites like Zillow and Apartments.com. They have tons of listings to help match your budget and preferences. For a steal, check out a 1-bedroom in Country Club Gardens for $523 or one in Villas at Midtown starting at $545¹².

Considering Different Neighborhoods

Dig into various neighborhoods to find affordable spots. The lowest median rents are in places like Outer Midtown and Lewis Crest, around $435¹². Looking beyond popular areas can reveal hidden, affordable homes. Also, consider the value you get, like an apartment at The Woods @ 79th starting at $1,049, which is a great deal¹².

Rent Negotiation Tactics

Negotiating rent can save you money. Start by knowing the average rents around Tulsa, which vary widely. Use this info to talk with landlords. Explain what makes you a good tenant and suggest terms like a longer lease or including utilities for a better price. Negotiating smartly could get you a better deal, making Tulsa living even more affordable¹³.

What's The Average Rent In Tulsa, OK?

The average rent in Tulsa, OK shows a market that's easy to enter and changes with the economy. The median rent in Tulsa is $1,034, making it quite affordable when compared to other large US cities. With a median rent of $863 for a one-bedroom apartment and $1,075 for a two-bedroom apartment², Tulsa’s rents are 26.7% lower than the national median of $1,411².

Rent prices in Tulsa went up by 1.8% over the last year. This growth is better than both the state and national averages². From January to June 2024, rents increased by 3.3%, similar to growth in the same timeframe in 2023². In June 2024, prices went up slightly by 0.4%, making Tulsa the #55 most expensive amongst the largest U.S. cities².

Looking at specific types of apartments, a studio in Tulsa is $707 per month. A one-bedroom costs $847 on average¹. A two-bedroom apartment is $1,073, while a three-bedroom costs about $1,392 monthly¹.

If you need a bigger place, Tulsa rental homes range from $1,095 to $3,850 monthly. These homes vary in size and may offer air conditioning, dishwashers, and pet-friendly options. You can find properties here ².

In Tulsa, OK, there are lots of rental options. From simple studios to large multi-bedroom houses, there's something for everyone. The Tulsa rental market offers good prices and high-quality living spaces.

Long-Term Rental Market Projections for Tulsa

Rental projections for Tulsa show a steady rise in prices. Currently, the median rent is $1,034, which has stayed the same from last month. This shows a year-over-year increase of 1.8%². Tulsa's rental growth is ahead of both state and national levels, indicating a strong market².

Experts think Tulsa's rental prices will keep going up slightly. In the first half of 2024, rents have climbed by 3.3%². This growth ranks Tulsa at #55 among U.S. cities, with a 0.4% increase in June alone². This shows the city's high demand for rentals and its strong market.

Home values in Tulsa increased by 5.7% this past year, reaching $203,763¹⁴. Rental properties are in high demand, making them great for investors¹⁴. The housing market is also growing, expected to rise by 0.4% by May 31, 2024¹⁴.

Oklahoma offers real estate tax incentives that help Tulsa's rental market ¹⁴. Even as the 98th most expensive U.S. city, Tulsa’s rent is 26.7% below the national average². Thanks to the city's diverse economy and strong rental demand, Tulsa's rental market looks promising for the future¹⁴.

How to Calculate Your Rent Budget

When looking for a place to live in Tulsa, careful budgeting is crucial. An online rent calculator can help you figure out what you can afford. It takes into account your income and monthly costs.

Using Online Rent Calculators

Online rent calculators help you find a rent range you can afford. Landlords often want your yearly income to be at least 40 times the monthly rent. These tools are key in planning your rent budget in Tulsa¹⁵. The 30% rule is another guideline. It suggests spending 30% of your yearly income on rent¹⁵. Those in affordable housing programs may figure rent differently. It's often 30% of income, with certain deductions¹⁶.

Considering All Monthly Expenses

Using a rent calculator is a start, but don't forget all monthly costs for a full budget plan. Utilities might take up 5% of your monthly income if you earn $120,000 or less¹⁵. Food can cost about 10% of your monthly income. Transportation often costs another 5%¹⁵. If you own a car, that number goes up. Think about security deposit costs if your credit isn't great, the price of a guarantor, and renters insurance. Renters insurance can be $10 to $30 a month¹⁵.

For those in HUD Housing or similar, rent is 30% of their income after certain deductions¹⁶. Deductions might be for dependents or medical costs. This shows why it's important to plan for all monthly expenses. This ensures you can afford your rental without stress.

Conclusion

The Tulsa housing report reveals a complex but promising rental market. Rent in Tulsa went up from $966 to $1,002 in a year¹⁷. This shows a 3.7% growth, with Midtown Tulsa seeing even higher growth at 4.9%¹⁷.

Job numbers in Tulsa also went up, from 460,900 to 463,800 in one year¹⁷. Even though unemployment slightly rose from 3.0% to 3.4%¹⁷, this job growth and a balanced housing market support the positive rental trends.

For anyone thinking about renting or investing in Tulsa, the report highlights the city's stable economy and good rental prices. Since March 2012, Tulsa's housing prices jumped by more than 200%¹⁸. Tulsa has a lot to offer with its affordable prices, job opportunities, and a good amount of homes.

Want to learn more about Tulsa's economy and rental market? Check out the Comprehensive Housing Market Analysis ¹⁷.

FAQ

What's the average rent in Tulsa, OK?

In Tulsa, OK, apartment rents can range from $500 to over $1,700 monthly. Riverview Park's one-bedrooms are at $709. Two-bedroom units are priced at $1,019.

What are the current median rent prices in Tulsa?

Here are Tulsa's median rents: $675 for studios and $867 for one-bedrooms. Two-bedrooms are $1,150, and three-bedrooms are at $1,500.

How does Tulsa’s rent compare to the national average?

Tulsa's rents are 26.7% lower than the U.S. average. For example, a two-bedroom in Tulsa is $1,075. The U.S. average is $1,396.

How does Tulsa's rent growth compare to other large cities?

Tulsa is 55th in U.S. city rent growth, with a 1.8% annual increase. It's outpacing cities like Charlotte, NC, and Norfolk, VA.

What economic factors affect rent prices in Tulsa?

In Tulsa, economic growth, population rise, and housing availability impact rent prices.

Can you provide insights into different areas of Tulsa?

Downtown Tulsa suits urban lifestyles with lots of amenities. Midtown has historical charm and a close-knit feel. South Tulsa features more modern, spacious living.

Other areas offer a mix of experiences to suit different preferences.

How does the cost of living in Tulsa compare to the national average?

Living in Tulsa costs 11% less than the national average. Goods and services are 4% cheaper. Groceries cost 5% less. Health expenses are 8% lower, and getting around is 13% cheaper.

What tips can help in finding affordable rent in Tulsa?

To find affordable rent in Tulsa, use online rental sites, explore different areas, and learn how to negotiate rent.

What are the long-term rental market projections for Tulsa?

Tulsa's rental market is expected to keep growing. This growth is based on economic factors and market trends.

How can I calculate my rent budget in Tulsa?

Calculate your rent budget with online tools. Factor in your income and all monthly costs. This includes groceries, health care, transport, and utilities in Tulsa.