Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
The analysis of the Section 8 cap-rate scenario for ZIP code 74043 reveals some critical insights for landlords and small-portfolio investors. The annualized Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 74043 for fiscal year 2024 is set at $1140. However, the median home value and market rent figures are currently unavailable, making it challenging to derive a precise gross yield.
In the context of Section 8, the gross yield can be calculated using the FMR. Assuming a median home value for rental properties and considering the FMR, the implied gross yield would be derived from the annual rent income divided by the property value. For instance, if the median home value were hypothetically $150,000, the gross yield would be approximately 9.6%, calculated as ($1140 * 12) / $150,000. This hypothetical example illustrates how the gross yield can be estimated when only partial data is available.
Given the lack of specific market rent data, the FMR-based calculation serves as a baseline for potential rental income under Section 8. However, without the median home value and market rent, it's difficult to provide a direct comparison between the two yields. The current data suggests that the FMR provides a stable, government-backed rental rate, which is beneficial for long-term financial planning.
The renter density and Days on Market (DOM) figures are also not available, complicating the assessment of the likelihood of finding tenants quickly and maintaining occupancy rates. However, the stability provided by Section 8 contracts often compensates for these uncertainties, ensuring a steady stream of income for the duration of the contract.
While the exact gross yield cannot be definitively stated due to missing data, the FMR offers a reliable estimate for potential income. Landlords and investors should consider the FMR as a conservative but safe estimate for rental income in ZIP 74043, especially when dealing with Section 8 contracts.
Data Sources: FMR data from HUD (2027).
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.