Did you know Tulsa, Oklahoma, is ranked number 5 for the best places to purchase a home?
Tulsa is becoming more and more popular with investors. If you are considering buying an investment property or renting out your home, there are a few things you need to know.
Look into vacancy rates in Tulsa as well as the economy and management companies. We are going to go over all these factors to help you determine if purchasing a rental property is right for you.
Employment has continued to grow in Tulsa since 2018. A few major companies including Amazon opened factories and warehouse centers creating thousands of jobs.
This increased the population and the need for housing. The cost of running a business in Tulsa is under the country average making it an excellent spot for investors. Tulsa housing prices and the cost of living are also below the United States average.
The prices for homes also have a wide range making Tulsa investment properties affordable. The economy doesn't seem to be slowing down in Tulsa, making it the right place to start your real estate portfolio.
Vacancy Rates in Tulsa
Letting your rental property sit vacant can be detrimental. Every day it sits empty is more income lost. In 2019, the vacancy rates in Tulsa were 8%. This was lower than it was in 2005 and almost half the population in Tulsa rents.
If you set rent higher than the average in the area you may experience some difficulty finding a tenant. Another factor that could effects your vacancy rate is if you decide to renovate between tenants. This also applies if the property requires a lot of repairs after a renter moves out.
It might be beneficial for you to calculate how many days you need your property to be occupied to make a profit. This will allow you to plan for any renovation or budget for bills and taxes.
Speaking of taxes it is important to beware of property taxes. In Tulsa County, the tax is about 1.13% of your assessed property value.
Managing your properties can be challenging especially if you have multiple properties. Having a management company can help keep your property rented.
If you have to vet all your tenants you are losing valuable time and filling your vacant property quickly means more profit. A management company will already know about the Tulsa house prices and will advise you on the best route to take. They will also be skilled in marketing and advertising which can make all the difference in the world when trying to find a good tenant.
If you are looking to expand or if this is your first investment property Tulsa is a great place to be. The economy, job market, and vacancy rates in Tulsa do play a factor in your investment.
Keeping your property full and making money is your main priority and we want to help. Click here and we will help you with all your rental needs.