18 Oklahoma cities ranked by estimated cap rate. The average cap rate across Oklahoma markets is 5.7%, with median home prices averaging $187K and rents averaging $1,185/mo. Enid leads with a 7.4% cap rate at a $140K median price. Property taxes average 0.88% across Oklahoma markets.
Oklahoma offers 18 investable rental markets tracked by CapRateCity. The state average cap rate of 5.7% is above the 3.81% national average, making Oklahoma an attractive state for cash flow investors. No cities pass the 1% rule at median prices, so value-add strategies are essential.
Prices and rents: Oklahoma home prices average $187K, which is 44% below the national average of $333K. Rents average $1,185/mo. The most affordable entry point is Ponca City at $110K, while Enid offers the highest cap rate at 7.4%.
Taxes and costs: Property taxes average 0.88% across Oklahoma, below the 1.08% national average — a meaningful cash flow advantage that adds roughly $374 per year to NOI on an average-priced property. Norman has the lowest rate at 0.86%.Vacancy averages 5.8%, in line with national norms.
Growth outlook: Population growth across Oklahoma averages 0.91% per year, led by Broken Arrow at 1.2%. Home values are appreciating at 2.5% annually on average. Moderate growth provides a stable demand foundation.
Bottom line: Oklahoma is one of the stronger states for rental property investing, with above-average cap rates and low taxes. Focus on the top-performing cities for the best risk-adjusted returns.