Updated 2026 · Based on median market data for Oak Harbor, WA
The median monthly rent in Oak Harbor, WA is $2,100, translating to $25,200 in annual gross rental income per unit. The rent-to-price ratio is 0.34% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Oak Harbor spend approximately 40% of the local median household income ($62,750) on rent. This exceeds the standard 30% affordability threshold, suggesting rent growth may face resistance — but it also means a large portion of the population finds buying even more out of reach, supporting rental demand.
The vacancy rate in Oak Harbor is 4.6%. This is extremely tight — expect strong tenant demand, quick lease-ups, and leverage to set favorable lease terms. In markets this tight, landlords often see multiple applications per listing. Population growth of 1.1% annually is actively adding rental demand.
Oak Harbor's GRM (price divided by annual rent) is 24.8x. A GRM above 16x means the property is expensive relative to its income. Investors here are typically betting on appreciation rather than current cash flow. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $2,100/mo, a single-family rental in Oak Harbor generates approximately $25,200 in gross annual income. After accounting for 4.6% vacancy ($1,159 lost), property taxes of $5,813, insurance (~$2,500), and maintenance (~$2,500), the estimated NOI is $13,228 per year, or $1,102/mo.
Oak Harbor vs Washington state average and national average across key investment metrics. Oak Harbor's cap rate is below both benchmarks — deal sourcing is critical here.