Tulsa Rental Yield Analysis by Zip Code

Tulsa consistently ranks among the best metros in the country for rental property returns. The combination of low purchase prices and stable rental demand produces cap rates that investors in coastal markets can only dream about. Here is how the numbers break down by zip code.

Metro-Wide Numbers

• Average gross cap rate: 7.2%
• Average rent-to-price ratio: 0.72%
• Average monthly rent (3BR SFH): $1,350
• Vacancy rate: 5.8%

Highest Yield Zip Codes

74106 (North Tulsa) - 9.8% gross cap rate

Median purchase: $125K / Avg rent: $1,025/mo

The highest yields in the metro come with the highest risk. North Tulsa properties are cheap to acquire but require more management, tend to have higher maintenance costs, and carry higher vacancy risk. Experienced landlords with local property management can do well here. Out-of-state investors should be cautious.

74107 (West Tulsa) - 9.1% gross cap rate

Median purchase: $148K / Avg rent: $1,125/mo

Similar dynamics to North Tulsa but with slightly higher rents and slightly higher purchase prices. The area is working-class and industrial-adjacent. Tenant demand is steady from workers at nearby manufacturing and logistics operations.

74112 (Kendall-Whittier) - 8.5% gross cap rate

Median purchase: $178K / Avg rent: $1,260/mo

Kendall-Whittier is an emerging neighborhood. The Tulsa Public Schools magnet programs nearby and proximity to the University of Tulsa create steady rental demand. This zip has gentrification potential, which means appreciation could supplement rental returns over the next 5 to 10 years.

Balanced Yield + Appreciation

74129 (Garnett) - 7.8% gross cap rate

Median purchase: $172K / Avg rent: $1,120/mo

A solid middle-ground zip for investors who want decent cash flow without the management intensity of north or west Tulsa. Proximity to Woodland Hills Mall and major employers along the BA Expressway keeps vacancy low.

74134 (East Tulsa) - 7.5% gross cap rate

Median purchase: $195K / Avg rent: $1,225/mo

East Tulsa offers reliable rental returns with lower tenant turnover than the high-yield zip codes. The housing stock is mostly 1980s to 2000s construction, which means lower maintenance costs than older inner-city properties.

Lower Yield, Higher Appreciation

Premium zip codes like 74104 (Midtown, 4.8% cap rate), 74105 (Brookside, 5.1%), and 74037 (Jenks, 5.3%) generate lower cash flow but appreciate faster. These are better suited for investors focused on long-term equity growth rather than monthly income.

Takeaway for Investors

Tulsa's 7.2% metro-wide cap rate is roughly double what you will find in Austin (3.5%), Denver (3.8%), or Nashville (4.1%). The trade-off is slower appreciation and a market that requires local knowledge to work well. Investors who pair high-yield zip codes (74106, 74107, 74112) with competent local property management can generate meaningful passive income. Those who prefer a hands-off approach should target the 74129 to 74134 range for a balance of yield and reliability.