Key Takeaways:
- In Oklahoma, 34.3% of all residents are renters, meaning owners are the majority in this state.
- Oklahoma City and Tulsa are in line with the state trend, both cities having fewer renters than owners: Only 43% of all OKC residents and 49% of the people living in Tulsa are renters.
- Going all the way back to 2014, Oklahoma City’s renter rate has never exceeded 43%.
- Tulsa, however, has always been toeing the line, with historically almost equal shares of renters and owners.
Both Oklahoma City and Tulsa have a higher renter-to-owner ratio than the national average, driven by a mix of factors, like rapid population growth, relative affordability, and strong local economies that continue to attract new residents. Initiatives aimed at drawing in remote workers have further fueled demand for rental housing, adding to the upward pressure on the renter population. At the same time, a shortage of affordable homes and persistently high mortgage rates are discouraging potential buyers, prompting many residents to remain renters longer than they might otherwise choose.
Adding to the appeal, both cities also benefit from a lower cost of living compared to many major U.S. metropolitan areas, making them attractive destinations for newcomers. However, this affordability advantage comes with its own challenges. The steady influx of new residents is placing strain on the rental market, especially as the supply of affordable housing has not kept pace with rising demand.
The result is a rental landscape where demand continues to outstrip supply, particularly in desirable neighborhoods. As more people relocate in search of economic opportunity and lower living costs, both Oklahoma City and Tulsa face mounting pressure to expand and diversify their housing stock to accommodate a growing and increasingly varied renter base.
The Decade in Renting in Oklahoma City
Over the past decade, Oklahoma City‘s rentership rate has remained relatively steady, fluctuating within a narrow range from a low of 40.3% in 2021 to a high of 43% in 2014, 2023, and 2024.
While the conversation around housing has often centered on sharp increases or decreases in rentership due to economic shifts, Oklahoma City’s data tells a story of consistency. This could mean that the local housing market has neither priced out would-be homeowners nor seen an overwhelming surge in multifamily development that would artificially inflate rental numbers.
However, the rate plateauing around 43% in recent years could also signal a lack of movement in housing accessibility: Renters are remaining renters, not by choice, but by necessity.
Complicating the picture is the low number of new single-family rental homes added in the metro area: Just 487 units over the past five years. Single-family homes for rent often serve as a crucial middle ground between traditional apartment living and homeownership, particularly for families or individuals seeking more space without the financial commitment of buying.
Oklahoma City has experienced significant population increases since the late 1990s. That’s why the city and the entire metro area could benefit from urban planners and developers focusing their attention on adding both rental units and for-sale homes, expanding renters’ options and making sure that both renters and would-be buyers can access the type of housing best suited for them.
The Decade in Renting in Tulsa
Over the past decade, Tulsa has consistently maintained a relatively high rentership rate, reflecting both local housing trends and broader economic shifts. In 2024, the city’s rentership rate stands at 49%, marking a slight decline from 50% in 2023, but still significantly above the state average of 34.3%.
Since 2014, when the rate was 48%, Tulsa’s rental market has shown relative stability, fluctuating within a narrow band just below or above the 50% mark. This consistency highlights a sustained demand for rental housing in the city, possibly driven by population growth, housing affordability challenges, and changing lifestyle preferences.
Comparatively, Tulsa’s rentership rate has been persistently higher than Oklahoma’s overall average, which underscores the city’s unique urban dynamic. While the state’s more rural areas may lean toward homeownership, Tulsa — being a major urban center — has attracted a diverse population of renters, including young professionals, students, and transient workers.
The peak in rentership came in 2016 at 50.7%, followed by a gradual moderation in subsequent years. The 2020 spike to 50.1% may reflect the economic uncertainty during the early pandemic period, when many residents opted for renting over buying amid financial instability.
A notable development in the last five years has been the addition of 561 single-family rentals in the Tulsa metro area. As more families and individuals seek the space and amenities of detached homes without the commitment of ownership, this increase in single-family rentals could help toward balancing the rental supply and meeting the evolving preferences of tenants.
For renters in both Oklahoma City and Tulsa, the implications are starting to get clear: As the cities plans for future growth, addressing the consistent rental demand, especially in single-family formats, will be key to ensuring that Oklahoma’s major urban hubs remain livable and accessible for a wide range of residents.
Methodology
Point2Homes.com is a real estate listing portal for rental homes across the United States. Part of Yardi Systems, Point2Homes covers housing trends and news through comprehensive studies that draw from internal data, public records, governmental sources, and online research.
- For this study, we looked at rentership rates in Oklahoma City and Tulsa and also the state of Oklahoma.
- The report uses data on rentership evolution between 2014 and 2024, as per the U.S. Census Bureau, ACS 1-year estimates. Since ACS 1-year estimates were not published for 2020, data from the Decennial Census was used instead.
- Image: Kit Leong / Shutterstock.com
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