If you’re thinking of realizing your investment plans by starting an Airbnb Stillwater OK, read this first before finalizing your decision.
Real estate investing is certainly not an overnight job, nor is every housing market favorable for such business ventures.
So, before you decide to put your money into a short-term rental property, you need to consider a few things first, mainly your strategy and the potential income from your planned investment.
Exploring the US market can’t be done in one go, and so today, we’ll focus on one particular area—investing in Airbnb Stillwater OK.
Scroll down to find out whether Stillwater will bring interested investors profit or bankruptcy.
Stillwater OK Real Estate Market: Core Statistics
You should know by now that contemplating investing in Airbnb Stillwater OK generally calls for thorough research of the current real estate market conditions and the trends that might be shaping it.
For that reason alone, we’ll look at some of the crucial aspects of the Oklahoma real estate market, including population, job market, real estate properties, quality of life, and the like.
If you look at the current population in Oklahoma, you can see that this is a highly-populated area. That’s supported by the fact that OKC is one of the larger cities in the US, with 682,000 people living in the city and another 1.4 million residing in the metropolitan area.
Oklahoma didn’t experience a sudden boost in population. Instead, it developed on a yearly basis, increasing steadily at about 0.89% per year.
On a similar note, statistics regarding the average age of the population can be important to investors who want to succeed in attracting a specific age group to their investment property. The average age in Oklahoma is 35.6 years, with most of the population between 29 and 40 years old.
In business terms, Oklahoma manages to maintain a steady job market.
If you add the fact that in the last ten years, the GDP in Oklahoma has grown by a significant 25%, it can be said that this state is safe from any significant setbacks—at least in the foreseeable future.
Here’s an interesting piece of information:
Forbes has listed Oklahoma City as the 54th best place for business opportunities in the US market.
Given the information we’ve presented about Oklahoma City, you’re surely interested in knowing how far it is from Stillwater to OKC.
You don’t have to open a new tab and check the distance between these two cities. We did that for you because we know that potential investors have to consider everything—including the performance of nearby larger cities.
So, how far is Stillwater from Oklahoma City?
If you were to go down to Oklahoma City, you’d travel about 66 miles, or in a simple driver’s language—it’d be an hour-long drive.
When deciding to invest in an Airbnb property in Stillwater, Oklahoma, the local experience that your future guests will have should be important to you. The good news is that the state of Oklahoma generally has livable communities with very few crime-related dangers.
Stillwater Real Estate Market: Current Performance
Moving on, the question of how to invest in real estate also requires investors to go through the numbers and assess the current performance of the real estate market. And that’s what we’re going to do now with Stillwater.
Here’s what the real estate market in Stillwater, OK, looks like according to Mashvisor’s most recent data:
- Monthly Airbnb Rental Income: $2,399
- Airbnb Occupancy Rate: 52%
- Airbnb Daily Rate: $168
- Airbnb Cash on Cash Return: 6.22%
- Number of Listings for Sale: 26
- Median Property Price: $272,132
- Average Price per Square Foot: $157
- Days on Market: 120
- Walkscore: 86
Factors to Consider Upon Investing in Real Estate
Whether it’s Airbnb Stillwater OK or any other real estate market in the US, you will have to take into consideration more or less the same factors if you want to generate revenue.
Related: How to Evaluate an Airbnb Investment
Here are the most important ones:
Your goal, as an investor, is to attain profit and not just invest money in real estate. Cash flow is vital here because it represents the difference between the money you spend and the money you get back during the month.
The Airbnb cap rate is another crucial aspect in real estate investing, mainly because it helps investors estimate and assess the profitability of their future investment while excluding the financial part.
That’s done by using the cap rate formula.
Cash on Cash (CoC) Return
Calculating CoC allows investors to predict whether they’ll have a positive cash return on their investment or not. Relying on these parameters could make or break your investment opportunities.
By using Mashvisor’s Rental Property Calculator, you can calculate and estimate the profitability of your desired investment location. Our Airbnb Calculator provides investors with a list of features that help them double-check everything and make a smart decision.
Sign up for our free trial and see how it works.
Why Should You Invest in Oklahoma?
Investors and house-flippers interested in Airbnb Stillwater OK investments are encouraged to look at the situation from a slightly broader angle.
You want a clear picture of the advantages and disadvantages of this real estate market. So, with that in mind, let’s look at why you should consider investing.
Low Living Costs
Even though you are investing in an Airbnb property, the living costs in the area will still affect your guests during their stay. It might also affect the profitability of your investment.
For example, investing in a duplex for sale where median living costs are above average is considered a poor rental strategy, even if apartments in Stillwater OK are available at pretty low prices.
The average price for homes for sale in Oklahoma is generally low compared to most of the US, which is great news for investors. And you can always rent out your home as a source of income.
We can conclude that this state is characterized by moderate living expenses (mainly food, transportation, utilities), and thus, investing in Airbnb Stillwater OK might just be your next great move.
Favorable Economic Situation
Another thing that will tempt investors to look up homes for sale Stillwater OK is that this state is pretty favorable for starting a business.
The previous benefit we mentioned—low living costs—could contribute to your business. Ideally, you could end up saving a lot of money on renting properties and utilities.
And for as long as the economy in Stillwater is growing, more people would want to move there. This may lead to your investment property appreciating in value.
If you’re looking to invest in a quiet hometown, then investing in Airbnb Stillwater OK should be on your “top priority” list. This town doesn’t have much in common with the big-city hustle and bustle.
On the contrary, mid-city living characterizes most of Oklahoma, including Oklahoma City and Stillwater Airbnb. These two pass the “friendly city” test. You can find everything you need and still avoid unnecessary noise.
If you go with this location, you and future guests who choose to stay in your Airbnb won’t have to deal with traffic jams common in more extensive and hectic real estate markets, such as Miami, Florida.
Fun Things to Do in Stillwater
Investing in Airbnb Stillwater OK seems like a wise choice not only because of the low living costs that appear to be the number one attraction but because this city offers its residents and tourists fun activities, too.
Lost Creek Safari
Lost Creek Safari is Stillwater’s Certified Animal Park that offers visitors a unique opportunity to enjoy the presence of the world’s most exotic animals while relishing a relaxing day in nature.
That’s especially fun for kids and teens who will be able to say hello to Lost Creek’s many residents, including lemurs, camels, and kangaroos.
The Safari is open from March to October, and the tickets are around $8, which is more than reasonable.
The Botanic Garden
Stillwater may be a small spot on the map of Oklahoma, but its natural resources, which are also attractive tourist destinations, are not fading.
The Botanic Garden in Stillwater stretches over 100 acres of equipped trails filled with exotic plants. In addition to being wonderful to see up close, it serves as a living laboratory used by several Agricultural Departments of Oklahoma.
The Botanic Garden is open from November to February and from March to October. Virtual tours are available, as well.
It’s a great chance for nature lovers to spend a few days in Stillwater and soak up all the delights that places like this have to offer.
National Wrestling Hall of Fame
Nature and parks are obviously an important part of Stillwater, but it is not the only attraction that could pull you in the direction of investing in Airbnb Stillwater OK.
The Wrestling Hall of Fame will undoubtedly be quite interesting for the male portion of the population—and probably some ladies, too.
Opened in 1976 to preserve the history of wrestling and inspire future generations, The Wrestling Hall of Fame is the perfect place for fans of this sport to gather and recall some monumental moments.
Visitors have the opportunity to see every conquest and achievement made in wrestling from the 1930s to today.
It’s open every day, except on Sundays.
Anything to Be Aware of?
Unfortunately, there are downsides to investing in Airbnb Stillwater OK.
By far, the biggest reason for concern would be the extreme weather conditions that are not at all uncommon for the state of Oklahoma.
How exactly does this jeopardize your investment?
Well, for one, some people don’t handle high temperatures well, and here, the temperatures during summer can reach almost 100+ degrees. And the other reasons are natural disasters.
Tornadoes are the most common property destroyers, and for investors, that means losses, enormous bills, and major repairs.
The second thing is more related to target renters and visitors:
Suppose you don’t reach your “target audience.” In that case, your rental property would remain empty throughout the year, and you won’t make even a fraction of the revenue you expected.
As we said, if you’re hoping to attract people who want to see flashing lights and the hustle and bustle of major cities, Stillwater shouldn’t be your first pick.
Our advice would be to really consider all your options and financial flexibility before you get your short term rental license (which, by the way, is mandatory) and get down to business.
Finally, after negotiations that lasted for years, the new ordinances require anyone operating a short-term rental business to obtain a license for doing so, with an annual fee of $24.
Besides the license, owners must respect safety regulations and install smoke detectors and fire extinguishers.
We’ll repeat it for good measure—and you can look at it as an additional caution sign:
Renting out property in Oklahoma is not allowed unless you obtain a license for it.
We’ve successfully covered another topic of investment opportunities found across the US. And this time, our focus was on Airbnb Stillwater OK.
Let’s quickly go through the main points once again.
Even though it’s not a hotspot per se, Oklahoma seems like an enticing place to invest in short-term real estate. However, before you look up houses for sale in Stillwater OK, you should consider the overall situation of the real estate market and emerging trends.
So far, so good.
Stillwater is characterized by low living costs, quiet life, and nature reserves that are a real tourist attraction. What should serve as a reminder for future investors who want to put their money into this market are the weather conditions and the fact that they will need to obtain a license first.
Real estate investing is more than just picking out a location that seems tempting—you have to dedicate yourself to this business and examine every aspect of it.
Mashvisor is here to guide you and help you develop a strong short-term rental strategy with the help of our tools. Click here and choose the plan that fits your needs as an investor.