Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $182,493 | 0.7% | D |
| 3BR | $1,680 | $270,392 | 0.62% | D |
| 4BR | $1,960 | $393,654 | 0.5% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 74015, located in the HUD Metro FMR Area of Tulsa, OK, does not work favorably for landlords. The Fair Market Rent (FMR) set at $1170 for the fiscal year 2024 is higher than the average market rent reported by the Census ACS, which stands at $1,053. This suggests that landlords might struggle to find tenants willing to pay the higher FMR rate.
Acquisition in ZIP 74015 is relatively affordable, with a median home value of $273,043. However, the lack of data on days on market (DOM) and the low percentage of homes needing a price cut (0.2%) indicate a stable housing market but do not provide insights into how quickly properties can be sold or if there's significant competition among buyers. This stability could be beneficial for long-term investment strategies.
Tenant demand in ZIP 74015 is present, though not overwhelming. With a total population of 8,676, and 31.9% of residents being renters, there is a steady pool of potential tenants. However, the renter share is less than one-third of the population, suggesting that while there is demand, it may not be sufficient to ensure quick property turnover or high occupancy rates.
In summary, while the acquisition cost in ZIP 74015 is reasonable and tenant demand exists, the discrepancy between the FMR and market rent poses a challenge. Landlords must either accept lower rents than the FMR suggests or risk vacancies due to pricing above what the market supports. The overall environment is suitable for cautious, long-term investments rather than short-term gains.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.