Owasso, Oklahoma, located in Rogers County, is part of the Tulsa metropolitan area and has experienced notable growth over the past decade. Owned primarily by families and young professionals, the city boasts a friendly community atmosphere and convenient access to urban amenities. With a current average daily rate (ADR) for short-term rentals of $153.24, Owasso is emerging as a destination for both vacationers and business travelers.

The growth of short-term rentals in Owasso can be attributed to its proximity to Tulsa, a major urban center offering extensive business opportunities, cultural experiences, and entertainment options. The area has gained popularity among travelers seeking a quieter alternative to the hustle and bustle of larger cities, while still providing easy access to urban attractions.

When evaluating the short-term rental market in Owasso, several key performance indicators (KPIs) can provide insights into operational efficiency and profitability:

• Average Daily Rate (ADR): The current ADR stands at $153.24. This reflects the amount guests can expect to pay for one night’s stay in a short-term rental.

• Occupancy Rate: Although specific occupancy rates fluctuate seasonally, recent estimates suggest Owasso's short-term rental occupancy is around 70%. The proximity to Tulsa contributes to consistent demand from both business and leisure travelers.

• Revenue Per Available Room (RevPAR): Calculated from the ADR and occupancy rate, RevPAR in Owasso is projected to be approximately $107.27. This metric aids property owners in determining the effectiveness of their pricing strategy.

• Average Length of Stay: The average length of stay is about 2.5 nights. This duration is typical in markets catering to both families and business travelers.

Focusing on these KPIs allows investors to assess the operational performance of their properties and make informed decisions regarding pricing and marketing strategies.

Owasso has seen steady population growth over the past decade, with residents attracted to the area due to affordability, excellent schools, and a family-friendly environment. Data suggests that the population increased from approximately 26,000 in 2010 to nearly 38,000 in 2020, marking a nearly 46% increase.

This population growth has had a direct impact on the demand for short-term rentals. As more families move into the area, the need for temporary housing during relocations, vacations, and business-related travel has surged. Additionally, the ongoing development of infrastructure and housing in Owasso is likely to support further increases in rental demand.

A historical view of occupancy rates and ADR growth in the region showcases a positive upward trend, indicating an increasingly favorable market for short-term rental investments. Investors can anticipate potential appreciation in property values as the local economy strengthens and tourism increases.

Investing in short-term rentals in Owasso presents a potentially lucrative opportunity for both seasoned investors and those new to the market. With the current ADR hovering around $153.24 and a solid occupancy rate, property owners can achieve a strong return on investment (ROI) based on calculated cash flow and property management costs.

Understanding seasonal patterns is essential for optimizing pricing and maximizing occupancy. In Owasso, the demand for short-term rentals typically peaks during summer months (June to August) when families are most likely to travel. The area attracts visitors due to seasonal events, outdoor activities, and the proximity to Tulsa’s cultural and entertainment offerings.

Conversely, the winter months (December to February) may see a slight dip in occupancy as the weather becomes colder and travel decreases. However, the holiday season in December often counters this trend, providing business opportunities if properties are marketed for family gatherings and holiday festivities.

Investors should consider adjusting pricing strategies to reflect seasonal demand adequately, offering discounts during slow months to encourage bookings and promote longer stays during busier times.

The performance of short-term rentals in Owasso can vary by property type. Common types include single-family homes, townhouses, and condos. Here's a summary of typical performance for each:

• Single-Family Homes: These properties generally garner higher ADRs (around $160-$180) and longer stays (average 3 nights). Families often prefer these accommodations for their spaciousness and amenities.

• Townhouses: Primarily popular among smaller groups or couples, townhouses tend to have a competitive ADR (around $140-$160) but often experience shorter stays, typically averaging 2 nights.

• Condos: Targeting both vacationers and business travelers, condos tend to command prices similar to townhouses but may struggle with longer stay durations depending on location and amenities offered.

Considering the local demographics and guest preferences, single-family homes may yield higher profitability, especially if equipped with family-friendly amenities (like full kitchens, multiple bedrooms, and outdoor spaces).

In line with current hospitality trends, guests booking short-term rentals in Owasso value certain amenities and features. Key preferences noted include:

• Full Kitchen Facilities: Many travelers, particularly families and those on business trips, prefer to cook their meals rather than eating out.

• Wi-Fi Connectivity: Free and fast internet access is a non-negotiable requirement for modern travelers.

• Parking Availability: Convenient parking options are important, especially for guests traveling in larger groups or families.

• Pet-Friendly Options: As pet ownership continues to rise, properties that accommodate pets tend to attract a wider audience.

• Outdoor Space: With access to parks and recreational outings, properties that offer outdoor features such as decks, gardens, or pools can draw higher interest.

Understanding what attracts guests and which amenities they prioritize can help investors tailor offers and develop a competitive edge to maintain high occupancy rates.

As of October 2023, Owasso's short-term rental regulations are relatively lenient compared to those in large metropolitan areas. However, it’s important for investors to stay informed of potential regulatory changes and local ordinances.

Currently, short-term rental operators are required to register with the city and pay a nominal fee. Local laws also stipulate that properties must comply with safety regulations, including adequate smoke detectors and safety protocols for guests. Other regulations may cover areas such as noise curfews and occupancy limits, so property owners should familiarize themselves with city zoning laws and guidelines to avoid penalties.

Regulatory changes can significantly impact the market, so ongoing monitoring is vital for short-term rental investors to make timely adjustments.

Owasso's neighborhoods each contribute to the market's charm, attracting various types of short-term rental guests:

• Downtown Owasso: This area features entertainment options, shops, and restaurants, making it attractive for visitors looking for a vibrant atmosphere and proximity to amenities. Properties here often report higher occupancy rates.

• Woodland Hills: Known for its family-friendly environment and proximity to parks, this neighborhood appeals to families seeking comfortable accommodations for vacations or relocations.

• Neighborhoods Near Major Highways: Properties near major roadways enjoy greater accessibility and are favored by business travelers. Short-term rentals in these regions maintain steady occupancy rates throughout the year.

Analyzing the unique dynamics of each neighborhood can help investors strategically position their properties and decide on effective marketing strategies.

As of late 2023, the market outlook for short-term rentals in Owasso appears positive. The growth of the local population, coupled with increasing awareness and interest in alternative accommodations, suggests potential for continued demand.

Additionally, advancements in technology—such as smart home devices and contactless check-in procedures—have become preferences for guests. Properties integrating these technologies can enhance guest experiences and reduce operational inefficiencies.

Lastly, trends indicating an increase in remote work may signal higher demand during weekdays, as a new class of travelers seeks comfortable accommodations. Owasso can position itself to capture a share of the growing remote work population by offering properties catering to long-term stays.