Tulsa was recently ranked as one of the top 10 markets to buy a home by Money Crashers, based on key metrics such as appreciation, days on market, and asking price. Over the past year, home values in Tulsa are up 17% and rents for 3-bedroom houses growing by 20% year over year.
Even with double-digit growth, home prices in Tulsa are still relatively affordable. The median sale price of a home in Tulsa was $190,000 in January 2022. While some homes still get multiple offers, Redfin notes that buyers are going under contract close to the list price instead of getting caught up in bidding wars.
If you’ve been thinking about investing in rental property in the Midwest, consider giving Tulsa a closer look. In this article, we’ll look at 15 areas in and around Tulsa in which to buy investment property.
Key takeaways
- Tulsa is home to over 413,000 residents in the city and over 1 million in the metropolitan area.
- The largest cities and suburbs in the Tulsa metropolitan area include Broken Arrow, Owasso, and Bartlesville.
- Home values in Tulsa increased by 17.0% last year, while rents for 3-bedroom homes grew by 20%.
- Renters occupy 44% of the housing units in Tulsa and the surrounding suburbs.
- The suburban communities of Tulsa with large percentages of renter-occupied households include Claremore, Owasso, and Catoosa.
>>Explore Roofstock's Tulsa investment properties.
Why invest in Tulsa, Oklahoma?
Population growth and a robust job market are 2 key criteria that real estate investors look for, and Tulsa delivers on both counts.
The population of metropolitan Tulsa surpassed the 1 million mark for the first time ever, while the population of the city grew by 5.4% over the past decade. High-tech employment in Tulsa also keeps growing. According to the commercial real estate firm CBRE, Tulsa is one of the top cities for tech talent growth, with total tech employment in Tulsa growing by 19% since 2015.
Job and population growth also help to create strong demand for rental property in Tulsa. Zumper reports that median rents for 3-bedroom rentals in the Tulsa metro area grew by almost 20% year-over-year, while home values rose by 17% over the past year, according to Zillow (through Jan. 31, 2022).
15 great areas in Tulsa for investment properties
The Tulsa metropolitan area consists of 120 unique neighborhoods in 7 counties and nearly 3 dozen cities in which to consider buying investment property.
Tulsa is currently a seller’s market, according to Realtor.com (January 2022), which means that there are more people looking for homes than there are homes available. Although some homes still receive multiple offers, the sale-to-list price ratio in Tulsa is 100%, with homes selling for approximately the asking price on average.
The good news for real estate investors is that home prices are still relatively affordable and the metro area is home to a large percentage of renter-occupied households. The median listing price of a home in Tulsa is $209,900, and 44% of the residents in the metropolitan area rent their homes.
Here are 15 cities and towns around Tulsa in which to consider buying rental property, beginning with Tulsa itself. Neighborhood-level data comes from Realtor.com, Redfin, and Niche.com.
Tulsa
Tulsa has a dense suburban feel and is home to a wide variety of housing options, with home prices ranging from $6,000 to $5,500,000. Renters occupy 49% of the total housing units in the city, and some of the best neighborhoods in or around Tulsa include South Peoria, Brookside, and Hoover, according to Realtor.com:
- Population: 413,066
- Median sale price: $190,000
- Change in sales price (year over year): 0.0%
- Days on market: 17
- Median rent: $829
- Renter-occupied households: 49%
- Median household income: $47,650
- ZIP codes: 74008, 74015, 74055, 74107
Bixby
The suburb of Bixby is 30 minutes south of Tulsa, between Sapulpa and Coweta. Bixby has a sparse suburban feel and is ranked by Niche.com as one of 2 best places to live in the Tulsa area:
- Population: 26,541
- Median sale price: $332,898
- Change in sales price (year over year): 7.2%
- Days on market: 21
- Median rent: $1,012
- Renter-occupied households: 23%
- Median household income: $83,119
- ZIP codes: 74008, 74133
Jenks
Jenks is situated along the Arkansas River about 20 minutes south of Tulsa and is ranked as the best suburb to buy a house in Oklahoma by Niche.com. Jenks has a rural feel, with a good amount of parks, restaurants, and coffee shops:
- Population: 22,488
- Median sale price: $315,000
- Change in sales price (year over year): 31.3%
- Days on market: 8
- Median rent: $1,203
- Renter-occupied households: 22%
- Median household income: $94,132
- ZIP codes: 74008, 74037, 74132
Broken Arrow
The city of Broken Arrow is 25 minutes southeast of Tulsa via Highway 64 and Route 51, between the suburbs of Catoosa and Coweta. Broken Arrow has a sparse suburban feel and is the largest suburb of Tulsa:
- Population: 108,496
- Median sale price: $244,700
- Change in sales price (year over year): 11.2%
- Days on market: 7
- Median rent: $1,037
- Renter-occupied households: 26%
- Median household income: $73,119
- ZIP codes: 74011, 74012, 74013, 74014
Owasso
Owasso is 20 minutes northeast of Tulsa and is ranked by Niche.com as one of the top 2 places to buy a house in the Tulsa area. Over the past 10 years, the population of Owasso grew by more than 30%, according to the most recent census, as more people moved to Tulsa and the surrounding suburbs:
- Population: 36,173
- Median sale price: $270,000
- Change in sales price (year over year): 30.4%
- Days on market: 11
- Median rent: $996
- Renter-occupied households: 32%
- Median household income: $72,443
- ZIP codes: 74021, 74055
Verdigris
The small suburb of Verdigris is 30 minutes northeast of Tulsa, between Cartoosa and Claremont, along both sides of the Will Rogers Turnpike. Verdigris has a rural feel and is ranked as the best place to live in Rogers County by Niche.com:
- Population: 4,460
- Median sale price: $240,000
- Change in sales price (year over year): 26.0%
- Days on market: 15
- Median rent: $1,007
- Renter-occupied households: 12%
- Median household income: $69,650
- ZIP code: 74019
Claremore
Claremore is another rapidly growing suburb of Tulsa, boasting a population growth of over 17%, according to the most recent census. Located 45 minutes northwest of the city, Claremore has a sparse suburban feel, and nearly half of residents rent their homes:
- Population: 18,753
- Median sale price: $226,250
- Change in sales price (year over year): 23.3%
- Days on market: 13
- Median rent: $855
- Renter-occupied households: 47%
- Median household income: $46,295
- ZIP codes: 74017, 74018, 74019
Sand Springs
Sand Springs is less than 15 minutes west of Tulsa near Skiatook Lake, along the shores of the Arkansas River. The suburb has a sparse suburban feel, and nearly one in 3 residents rents:
- Population: 19,794
- Median sale price: $144,000
- Change in sales price (year over year): -15.3%
- Days on market: 17
- Median rent: $868
- Renter-occupied households: 31%
- Median household income: $58,153
- ZIP codes: 74060, 74063, 74107, 74127
Glenpool
Glenpool is 30 minutes south of Tulsa, near Jenks, and is one of the fastest-growing suburbs of Tulsa, recording population growth of nearly 30% since 2010:
- Population: 13,666
- Median home value: $175,000
- Change in sales price (year over year): -12.4%
- Days on market: 4
- Median rent: $976
- Renter-occupied households: 26%
- Median household income: $67,703
- ZIP codes: 74033, 74037, 74047
Catoosa
The suburb of Catoosa is 25 minutes east of Tulsa, near the towns of Owasso and Verdigris. Catoosa has a sparse suburban feel, and more than one in 3 residents rent their homes:
- Population: 7,705
- Median sale price: $258,750
- Change in sales price (year over year): 0.5%
- Days on market: 10
- Median rent: $911
- Renter-occupied households: 39%
- Median household income: $53,359
- ZIP codes: 74015, 74108, 74116
Coweta
Home prices have been rapidly rising in the suburb of Coweta, posting sale price gains of more than 50% year over year. Coweta is 35 minutes southeast of Tulsa, near Northeastern State University Broken Arrow, and has a rural feel:
- Population: 9,739
- Median sale price: $254,700
- Change in sales price (year over year): 50.3%
- Days on market: 21
- Median rent: $858
- Renter-occupied households: 29%
- Median household income: $55,331
- ZIP codes: 74014, 74429
Sapulpa
Sapulpa is located 30 minutes southwest of Tulsa, via I-244 and I-44, just south of Sand Springs. Sapulpa has a sparse suburban feel, and more than one in 3 households are occupied by renters:
- Population: 21,041
- Median sale price: $170,000
- Change in sales price (year over year): 14.9%
- Days on market: 16
- Median rent: $885
- Renter-occupied households: 35%
- Median household income: $51,655
- ZIP codes: 74066, 74107, 74132
Skiatook
The suburban town of Skiatook is 30 minutes north of Tulsa via Highway 75, between Collinsville and Skiatook Lake. Skiatook has a sparse suburban feel, and more than one in 3 residents rent their homes:
- Population: 7,962
- Median sale price: $118,500
- Change in sales price (year over year): -30.2%
- Days on market: 20
- Median rent: $868
- Renter-occupied households: 35%
- Median household income: $47,798
- ZIP code: 74070
Collinsville
Collinsville is 30 minutes northeast of Tulsa via Highway 75, adjacent to Skiatook and Owasso. The suburb has a rural feel, with one in 3 homes occupied by renters:
- Population: 6,882
- Median sale price: $249,250
- Change in sales price (year over year): 30.2%
- Days on market: 10
- Median rent: $1,029
- Renter-occupied households: 33%
- Median household income: $65,299
- ZIP code: 74021
Kiefer
Kiefer is adjacent to the suburb of Glenpool, near the Francis Glenpool hospital. Located about 20 minutes south of Tulsa, the small town of Kiefer has a rural feel:
- Population: 2,251
- Median sale price: $185,000
- Change in sales price (year over year): 9.5%
- Days on market: 2
- Median rent: $886
- Renter-occupied households: 20%
- Median household income: $65,703
- ZIP code: 74041
>>Explore Roofstock's Tulsa investment properties.
