Location: Tulsa, OK | Metro: Tulsa, OK HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
The ZIP code 74117 presents several challenges for potential Section 8 landlords. Tenant turnover is a significant concern, as the market rent is currently unknown but the Fair Market Rent (FMR) for FY 2024 stands at $1140. This can lead to frequent changes in occupancy, which may impact the stability and predictability of rental income. Additionally, vacancy exposure is heightened due to the lack of data on the number of days a property remains on the market (DOM), indicating that landlords might face periods where their units are unoccupied and thus not generating revenue.
The exposure to deferred maintenance is also a notable risk. With the typical home value and median income in the area unspecified, it's difficult to gauge the financial health of the tenants and whether they can afford to maintain properties to a satisfactory standard. Poor maintenance can lead to higher repair costs and lower property values over time, affecting the overall investment performance.
However, these risks must be weighed against the high renter share of 47.8%. A large proportion of renters often translates into higher demand for housing vouchers, which can provide a steady stream of qualified tenants for Section 8 properties. This demand can mitigate some of the risks associated with tenant turnover and vacancy exposure, ensuring a consistent flow of rental income.
In conclusion, the verdict for ZIP 74117 as a first-time Section 8 landlord is moderate risk. While there are substantial challenges, particularly regarding tenant turnover and maintenance, the high renter density offers a promising opportunity for stable income if managed effectively.
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.