Airbnb Oklahoma City, Oklahoma: Market Data, Laws & Investor Guide

Oklahoma City, Oklahoma is emerging as an attractive destination for Airbnb hosts looking to start a profitable short term rental business in 2024. With its rich cultural heritage, thriving music scene, and year-round events, Oklahoma City draws a steady stream of tourists seeking unique accommodations.

The city's low cost of living and affordable real estate market make it an ideal location for beginner Airbnb investors. The median home price in Oklahoma City is just $180,000, significantly lower than the national median of $428,700. This allows hosts to acquire properties at a lower upfront cost and enjoy higher rental yields.

Oklahoma City's short term rental market has shown impressive growth in recent years. Airbnb host revenue in the city increased by 40% from 2019 to 2022, indicating strong demand for vacation rentals. With the right property and pricing strategy, hosts can capitalize on this growing market and generate substantial passive income.

Another factor making Oklahoma City attractive for Airbnb is its supportive regulatory environment. While the city does require hosts to obtain a $24 annual license for each rental unit, the process is straightforward compared to the strict regulations found in many other major cities. This allows hosts to start and scale their short term rental business with fewer legal hurdles.

Oklahoma City Short-Term Rental Market Analysis

Oklahoma City's short-term rental market has shown impressive growth and resilience in recent years. Here are some key metrics and trends:

Occupancy Rate, Nightly Rate, and Seasonality:

• The average occupancy rate for short-term rentals in Oklahoma City is 53%
• The average daily rate is $143.60
• Oklahoma City experiences moderate seasonality, with peak demand during summer months and major events

Market Growth and Comparison:

1. Airbnb host revenue in Oklahoma City increased by 40% from 2019 to 2022
2. Total available listings grew by 3% in the past year, reaching 2,917 in 2023
3. Average monthly revenue per listing increased by 5% in the past year
4. Oklahoma City's short-term rental market outperformed the national average in revenue growth and occupancy

Tourism Industry Growth:

1. Oklahoma City welcomed 23.2 million visitors in 2022, a 9% increase from 2021
2. Visitor spending reached $2.6 billion in 2022, a 14% increase from the previous year
3. The total economic impact of tourism in Oklahoma City surpassed $4.3 billion in 2022

Key Events and Festivals:

1. Oklahoma City Memorial Marathon (April)
2. Paseo Arts Festival (May)
3. deadCenter Film Festival (June)
4. Red Earth Festival (June)
5. Oklahoma State Fair (September)

Mid-Term Rental Market:

1. The demand for mid-term rentals (30+ days) has grown significantly, with a 29% increase in 30-day stays in 2022 and a 94% increase in nights sold for 30+ day bookings in 2023
2. Oklahoma City has a wide selection of furnished monthly rentals on booking platforms like Airbnb, catering to digital nomads, traveling professionals, and those seeking flexible housing options
3. The strong mid-term rental market presents an opportunity for hosts to secure longer bookings and more stable income

Oklahoma City's thriving tourism industry, affordable housing market, and business-friendly environment make it an attractive destination for short-term rental investors. With the right property and pricing strategy, hosts can capitalize on the growing demand for both short-term and mid-term rentals in this dynamic market.

Best Neighborhoods in Oklahoma City for an Airbnb Business

When starting an Airbnb business in Oklahoma City, selecting the right neighborhood is crucial for success. Hosts should consider factors such as proximity to attractions, tourist hotspots, and up-and-coming areas. By analyzing data from reputable sources like AirDNA and Mashvisor, along with local knowledge, we've identified the top 5 neighborhoods in Oklahoma City for Airbnb investment.

1. Downtown Oklahoma City

Downtown Oklahoma City is a prime location for Airbnb hosts, offering easy access to popular attractions like the Bricktown Entertainment District and the Oklahoma City Museum of Art. This vibrant neighborhood attracts both leisure and business travelers.

1. Average Occupancy Rate: 61%
2. Average Daily Rate: $150
3. Airbnb Seasonality: High demand during summer and major events
4. Estimated Annual Revenue: $33,400

Housing Prices:

1. Median Property Price (3 Bedrooms): $270,000
2. Best Performing Bedroom Count: 3 Bedrooms

2. Midtown

Midtown is an up-and-coming neighborhood known for its trendy restaurants, bars, and boutiques. Its central location and proximity to downtown make it an attractive option for Airbnb guests.

1. Average Occupancy Rate: 58%
2. Average Daily Rate: $120
3. Airbnb Seasonality: Consistent demand throughout the year
4. Estimated Annual Revenue: $25,404

Housing Prices:

1. Median Property Price (2 Bedrooms): $220,000
2. Best Performing Bedroom Count: 2 Bedrooms

3. Bricktown

Bricktown is Oklahoma City's entertainment hub, featuring a variety of restaurants, bars, and attractions like the Chickasaw Bricktown Ballpark and the Bricktown Canal. This lively neighborhood is popular among tourists and offers excellent potential for Airbnb hosts.

• Average Occupancy Rate: 65%
• Average Daily Rate: $140
• Airbnb Seasonality: High demand during summer and weekends
• Estimated Annual Revenue: $33,215

Housing Prices:

• Median Property Price (2 Bedrooms): $250,000
• Best Performing Bedroom Count: 2 Bedrooms

4. Paseo Arts District

The Paseo Arts District is a historic neighborhood known for its vibrant art scene, galleries, and unique shops. Its bohemian charm and monthly First Friday Gallery Walk attract art enthusiasts and tourists alike.

• Average Occupancy Rate: 55%
• Average Daily Rate: $100
• Airbnb Seasonality: High demand during art events and festivals
• Estimated Annual Revenue: $20,075

Housing Prices:

• Median Property Price (1 Bedroom): $180,000
• Best Performing Bedroom Count: 1 Bedroom

5. Uptown 23rd

Uptown 23rd is a trendy neighborhood with a growing number of restaurants, bars, and shops. Its proximity to the Oklahoma State Capitol and the Oklahoma City University makes it an attractive location for both tourists and business travelers.

• Average Occupancy Rate: 60%
• Average Daily Rate: $110
• Airbnb Seasonality: Consistent demand throughout the year
• Estimated Annual Revenue: $24,090

Housing Prices:

• Median Property Price (3 Bedrooms): $219,000
• Best Performing Bedroom Count: 3 Bedrooms

By focusing on these top neighborhoods and considering factors like Airbnb performance metrics and housing prices, hosts can maximize their chances of success when starting an Airbnb business in Oklahoma City.

Maximizing Your Revenue Through In-Demand Amenities and Properties in Oklahoma City

To maximize your revenue as an Airbnb host in Oklahoma City, it's essential to set competitive prices and offer in-demand amenities that attract guests. By analyzing the best-performing listings in the city, you can identify key features and property types that contribute to their success.

Setting Competitive Prices:

When setting your nightly rate, consider factors such as your property's location, size, amenities, and the seasonality of demand. Compare your Airbnb listing to similar properties in the area or tools like BNBCalc to ensure your prices are competitive. Regularly adjust your pricing based on market trends, special events, and occupancy rates to optimize your revenue.

In-Demand Amenities:

Based on an analysis of top-performing Airbnb listings in Oklahoma City, the following amenities are highly sought-after by guests:

• Self check-in (lockbox, keypad, or smart lock)
• Fully-equipped kitchen with modern appliances
• High-speed Wi-Fi
• Dedicated workspace or home office setup
• Outdoor space (balcony, patio, or backyard)
• Pet-friendly accommodations
• Smart home features (smart thermostat, voice-controlled devices)
• Unique decor or themed rooms
• Complimentary breakfast or snacks

By incorporating these amenities into your listing, you can attract more guests and justify higher nightly rates, ultimately increasing your revenue.

Popular Property Types and Revenue Potential:

In Oklahoma City, the most popular property types on Airbnb and other short-term rental platforms are:

Single-Family Homes:

• 2 Bedrooms: Average Property Price: $220,000 | Potential Annual Revenue: $40,000
• 3 Bedrooms: Average Property Price: $280,000 | Potential Annual Revenue: $55,000
• 4+ Bedrooms: Average Property Price: $350,000 | Potential Annual Revenue: $70,000

Apartments and Condos:

• Studio: Average Property Price: $120,000 | Potential Annual Revenue: $25,000
• 1 Bedroom: Average Property Price: $160,000 | Potential Annual Revenue: $35,000
• 2 Bedrooms: Average Property Price: $200,000 | Potential Annual Revenue: $45,000

Townhouses:

• 2 Bedrooms: Average Property Price: $180,000 | Potential Annual Revenue: $38,000
• 3 Bedrooms: Average Property Price: $240,000 | Potential Annual Revenue: $50,000

These figures are based on recent trends and data from 2022-2023. Keep in mind that actual property prices and revenue potential may vary depending on the specific location, condition, and amenities of your listing.

By focusing on in-demand amenities, setting competitive prices, and investing in popular property types, you can maximize your revenue as an Airbnb host in Oklahoma City. Continuously monitor market trends and guest preferences to adapt your strategy and ensure the long-term success of your short-term rental business.

Understanding Oklahoma City Short-Term Rental Regulations

Oklahoma City has implemented regulations for short-term rentals, such as Airbnb and VRBO, to ensure responsible property management and maintain the safety and integrity of residential neighborhoods. Hosts must obtain a home sharing license from the city for an annual fee of $24. Properties in historic preservation districts or owned by hosts with multiple rental units may require a special exception from the Board of Adjustment, accompanied by a $300 fee.

The application process involves submitting proof of property ownership, floor plans, safety certifications, and parking availability. All short-term rentals must meet safety requirements, including smoke detectors, carbon monoxide detectors, fire extinguishers, and providing safety information to guests. Larger rentals with more than four bedrooms may undergo a compliance review to ensure adherence to the International Building Code.

Airbnb collects and remits a 5.5% hotel tax for stays under 29 nights, while hosts are responsible for managing taxes for listings on other platforms or stays exceeding 29 nights. Zoning regulations permit short-term rentals in residential areas, with additional considerations for Citywide Residential Districts and Historic Preservation Districts.

Enforcement of these regulations appears to be moderate, with hosts generally finding the process manageable. The city aims to strike a balance between supporting the short-term rental industry and ensuring compliance with safety standards and zoning requirements.

Read our full STR regulations guide for more detailed information on Oklahoma short-term rental regulations, including insights from local hosts and a closer look at other policies.

Keys to Success as an Oklahoma City Airbnb Host

To thrive as an Airbnb host in Oklahoma City, it's essential to understand the local market, cater to guest preferences, and navigate potential challenges. By incorporating popular amenities, appealing design themes, and effective marketing strategies, hosts can attract guests and ensure a successful short-term rental business.

Popular Amenities and Design Themes in Oklahoma City:

1. Fully-equipped kitchen with modern appliances
2. High-speed Wi-Fi and smart TVs with streaming services
3. Comfortable outdoor spaces, such as patios or balconies
4. Rustic or modern farmhouse decor that reflects the city's charm
5. Locally-inspired artwork and furnishings

Attracting Oklahoma City Customers:

1. Highlight the property's proximity to popular attractions, such as the Bricktown Entertainment District or the Oklahoma City Zoo
2. Offer local recommendations for restaurants, bars, and activities in your listing description and guest guidebook
3. Provide thoughtful amenities, such as complimentary local snacks or a welcome basket with essentials
4. Maintain a high response rate and promptly address guest inquiries and concerns
5. Encourage guests to leave reviews by providing exceptional service and following up after their stay

Potential Challenges and Guidelines for Success:

1. Seasonality: Oklahoma City experiences fluctuations in demand, with peak seasons during summer and major events. Hosts should adjust pricing and marketing strategies accordingly.
2. Regulations: Ensure compliance with Oklahoma City's short-term rental regulations, including obtaining necessary permits and collecting applicable taxes.
3. Maintenance: With frequent guest turnover, properties may experience more wear and tear. Hosts should budget for regular cleaning, repairs, and updates to maintain a high-quality listing.
4. Competition: As the market grows, hosts must differentiate their listings through unique amenities, competitive pricing, and exceptional guest service.
5. Neighbor Relations: Some neighbors may be apprehensive about short-term rentals. Hosts should maintain open communication, set clear house rules, and address any concerns promptly to maintain positive relationships.

By focusing on these key aspects and adapting to the specific needs of the Oklahoma City market, Airbnb hosts can create a successful and sustainable short-term rental business. Staying informed about local trends, regulations, and best practices through forums and host communities can help navigate challenges and optimize performance.

Using BNBCalc to Find Profitable Properties in Oklahoma City, Oklahoma

BNBCalc is a powerful tool that can help aspiring short-term rental business owners find and analyze profitable properties in Oklahoma City, Oklahoma. By following these steps, investors can make informed decisions and maximize their chances of success in the short-term rental market.

1. Analyze Properties Using BNBCalc

To analyze a property using BNBCalc, simply enter the address, purchase price, number of bedrooms and bathrooms, and the maximum number of guests the property can accommodate. BNBCalc will provide an estimated annual revenue, profit (cash flow), and cap rate based on nearby comparable rentals. This information can help investors quickly determine if a property is worth pursuing.

2. Benchmark Comparable Rentals

BNBCalc allows users to see other nearby rentals within the area, including their nightly rates, occupancy rates, and revenue. By analyzing these comparable rentals, investors can gain insights into the local market and adjust their pricing strategy accordingly. This feature helps investors ensure they are fetching top dollar for their short-term rental.

3. Determine The Right Price and Property Size

BNBCalc can help investors determine the optimal number of bedrooms, bathrooms, and purchase price to maximize revenue. By adjusting these variables and comparing the results, investors can identify the sweet spot that offers the best return on investment. This information is crucial when searching for properties that align with an investor's goals and budget.

4. Make an Offer

Once an investor has found a property that meets their criteria and offers a good return, it's time to make an offer. BNBCalc has partnered with STR lenders to help investors get prequalified for financing. Our team recommends Brian Bockholdt at Alliant Credit Union for the lowest rates. With financing in place, investors can confidently make an offer based on the purchase price that BNBCalc has determined will provide the desired returns.

5. Use Our Tax Calculator

BNBCalc's tax calculator can help investors determine potential tax deductions from bonus depreciation. By inputting the purchase price, closing costs, and furnishing expenses, investors can estimate their tax savings. This information is valuable when evaluating the overall profitability of a short-term rental investment.

6. Come Up With a Buy Box

When creating a buy box for short-term rental investments in Oklahoma City, investors should consider the following qualities:

1. Location: Focus on properties in popular tourist areas, near attractions, or in up-and-coming neighborhoods.
2. Property Type: Single-family homes, condos, and townhouses with unique features or amenities tend to perform well.
3. Price Range: Look for properties that offer a good balance between purchase price and potential revenue.
4. Occupancy Rate: Aim for properties with high occupancy rates (above 50%) to ensure consistent income.
5. Cash Flow: Prioritize properties that generate positive cash flow after expenses.
6. Appreciation Potential: Consider areas with strong economic growth and rising property values.

By incorporating these qualities into their buy box, investors can focus on properties that have the highest potential for success in the Oklahoma City short-term rental market.

Using BNBCalc and following these steps, aspiring short-term rental business owners can find and analyze profitable properties in Oklahoma City, Oklahoma. With the right tools and strategies, investors can make informed decisions and build a successful short-term rental portfolio.

Ready to start your Airbnb journey in Oklahoma? Use BNBCalc to analyze potential properties and make informed investment decisions. Our powerful tool provides comprehensive data to help you maximize your profits. Check out this pre-analyzed Oklahoma Airbnb opportunity and see how BNBCalc can help you succeed in the short-term rental market. Visit BNBCalc.com today and take the first step towards building your Airbnb business.