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Oklahoma City vs Norman for Rental Property Investing

Side-by-side comparison of Oklahoma City, OK and Norman, OK — cap rates, rent, prices, and investment metrics.

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Dead heat across key metrics
Oklahoma City leads on cash flow (4.46% vs 4.39% cap rate)
Metric
Oklahoma City, OK
Norman, OK
Est. Cap Rate
4.46%
4.39%
Median Home Price
$210,000
$225,000
Median Monthly Rent
$1,150
$1,200
1% Rule
0.55%
0.53%
GRM
15.2x
15.6x
Price / Income
3.8x
4.3x
Property Tax Rate
0.88%
0.86%
Vacancy Rate
6.5%
5.5%
Population Growth
1% / yr
1% / yr
Annual Appreciation
2.4%
2.5%
Population
687,725
130,000
Median Income
$54,600
$52,400

Oklahoma City vs Norman: Which Is Better for Investors?

Cash flow: Oklahoma City has the edge with an estimated cap rate of 4.46% compared to Norman's 4.39%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $210,000 in Oklahoma City vs $225,000 in Norman, while rents come in at $1,150/mo and $1,200/mo respectively.

Growth & appreciation: Oklahoma City is growing faster at 1% annually vs Norman's 1%. Norman leads on home value appreciation at 2.5% per year.

Costs & risk: Property taxes are 0.88% in Oklahoma City vs 0.86% in Norman. Vacancy rates of 6.5% and 5.5% are mixed — Norman has the tighter rental market.

Bottom line: These two markets are remarkably similar — the best choice depends on your strategy. Oklahoma City is better for cash flow, Oklahoma City for growth. Use our free calculators to model specific deals in Oklahoma City or Norman.

Oklahoma City, OK
4.46% cap rate · $210,000 median · $1,150/mo
Full analysis →
Norman, OK
4.39% cap rate · $225,000 median · $1,200/mo
Full analysis →
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