Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
U.S. Census Bureau data (2024)
The ZIP code 74103 is situated in a densely populated urban area with a total population of 2,450. This neighborhood is overwhelmingly dominated by renters, with a staggering 99.2% of residents choosing to lease their homes rather than own them. The median household income in this area is $76,836, indicating a middle-class community that is financially stable but not affluent. Notably, there is no median home value available, which further emphasizes the rental nature of the area.
From an investment perspective, the Federal Market Rent (FMR) for ZIP 74103 in fiscal year 2024 is set at $1,690, while the market rent, as measured by ZORI, stands at $1,319. This discrepancy between the FMR and the actual market rent suggests a favorable environment for landlords who can leverage the higher FMR rates through Section 8 vouchers. It also implies that the government's estimate of fair market rent is higher than what the local market demands, potentially offering a cushion for those managing properties under the Section 8 program.
Given these economic conditions, ZIP 74103 is well-suited for hands-off voucher operators. The high percentage of renters and the gap between FMR and market rent make it an attractive location for those looking to manage a portfolio with minimal tenant turnover and consistent income streams. For value-add buyers, however, the opportunity may be less clear-cut due to the limited upside in rent increases, given the already low market rent relative to the FMR. Nonetheless, a hands-on approach could still yield returns if focused on improving property management efficiency or reducing operational costs.
Data Sources: FMR data from HUD (2027). 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.