View Full Version : OKC AirBnb market



soonermike81
07-07-2022, 06:43 AM
Do any of y’all have insight on OKC’s Airbnb market? My wife’s uncle recently told us about how much money some people are making Airbnb’ing their home or second/rental home. Honestly was kind of shocked to hear it could do so well in OKC. My family might have an opportunity to temporarily relocate in the next year or two. Since it is temporary, trying to brainstorm what we would do with our current house. Don’t want to sell it because we love our home and would like to move back into it if/when we come back.

Has anyone does this personally? If so, I would like to pick your brain. Also, we got on Airbnb and saw that there’s not any management companies in OKC. How do people manage their properties if they’re not in town. Thanks in advance for any insight!

Wild
07-07-2022, 10:23 AM
Do any of yÂ’all have insight on OKCÂ’s Airbnb market? My wifeÂ’s uncle recently told us about how much money some people are making AirbnbÂ’ing their home or second/rental home. Honestly was kind of shocked to hear it could do so well in OKC. My family might have an opportunity to temporarily relocate in the next year or two. Since it is temporary, trying to brainstorm what we would do with our current house. DonÂ’t want to sell it because we love our home and would like to move back into it if/when we come back.

Has anyone does this personally? If so, I would like to pick your brain. Also, we got on Airbnb and saw that thereÂ’s not any management companies in OKC. How do people manage their properties if theyÂ’re not in town. Thanks in advance for any insight!

Check out Wheelhouse and AirDNA. There are multiple AirBNB management companies in OKC.

Jeepnokc
07-07-2022, 08:08 PM
There are some rules in OKC as far as licensing. I went in front of the adjustment board today. I got my exception on both properties but was close. I think they are operating close to the line. Feel free to PM with a phone number and will explain the licensing procedures we have gone through

gjl
07-07-2022, 11:21 PM
The house across the street from me was purchased, completely remodeled and turned into an AirB&B. The new owner spent a year remodeling it before he started renting it out. it is 3400 sq ft, sold for $260K and has 4 bedrooms, 10 beds, 3 baths. Pics of the inside, this place is nice. It rents for $200/night and is rented out almost every night.

https://www.airbnb.com/s/Oklahoma-City--OK/homes?adults=2&place_id=ChIJgdL4flSKrYcRnTpP0XQSojM&tab_id=home_tab&refinement_paths%5B%5D=%2Fhomes&query=Oklahoma%20City%2C%20OK&flexible_trip_lengths%5B%5D=one_week&ne_lat=35.516863061075576&ne_lng=-97.59423292098518&sw_lat=35.50809497370267&sw_lng=-97.60819113669868&zoom=16&search_by_map=true&search_type=user_map_move

soonermike81
07-08-2022, 06:47 AM
Check out Wheelhouse and AirDNA. There are multiple AirBNB management companies in OKC.

Awesome, appreciate it!

soonermike81
07-08-2022, 06:55 AM
There are some rules in OKC as far as licensing. I went in front of the adjustment board today. I got my exception on both properties but was close. I think they are operating close to the line. Feel free to PM with a phone number and will explain the licensing procedures we have gone through

Not sure why, but having a hard time messaging you from my phone this morning. Will try again later. TIA!

soonermike81
07-08-2022, 06:57 AM
The house across the street from me was purchased, completely remodeled and turned into an AirB&B. The new owner spent a year remodeling it before he started renting it out. it is 3400 sq ft, sold for $260K and has 4 bedrooms, 10 beds, 3 baths. Pics of the inside, this place is nice. It rents for $200/night and is rented out almost every night.

https://www.airbnb.com/s/Oklahoma-City--OK/homes?adults=2&place_id=ChIJgdL4flSKrYcRnTpP0XQSojM&tab_id=home_tab&refinement_paths%5B%5D=%2Fhomes&query=Oklahoma%20City%2C%20OK&flexible_trip_lengths%5B%5D=one_week&ne_lat=35.516863061075576&ne_lng=-97.59423292098518&sw_lat=35.50809497370267&sw_lng=-97.60819113669868&zoom=16&search_by_map=true&search_type=user_map_move


Is that an anomaly for okc? To stay rented out everynight, that is? Trying to determine what the market is like for OKC. What part of town do you live in, if you don’t mind me asking?

Urbanized
07-08-2022, 08:02 AM
Most folks in OKC are blissfully unaware of the substantial (and burgeoning) leisure tourism market here. I’ve had a front-row seat to its growth for 20+ years and it’s a HOT market. With a built-in geographical advantage were already a major stop for Route 66 travelers from all over the U.S. and even a large contingent of international travelers.

We started to gain west Texas and Texas panhandle visitors more than a decade ago, many of whom come here for the shopping, believe it or not. But in the past few years even NORTH Texas no longer turns up its nose at central Oklahoma. I used to get ****ty remarks about Oklahoma when working travel shows in DFW, but these days north Texas is the number one market segment for visitors from outside of Oklahoma. The investments we’ve made here are absolutely bearing fruit.

When people from OKC go to their favorite bars and restaurants in places like Plaza, downtown/Midtown, Uptown, Paseo, even Chisholm Creek and other metro communities they look around and ASSUME all of the people they are looking at are locals. They’re not. ALL of those places are enjoying the dramatic influx of the visitor market.

And - by the way - it benefits ALL of us by supporting those places (and by extension our own quality of life), and also by significantly contributing to our economy AND tax base. They bring their money here…and leave it.

OKANA and other efforts are only going to put this growth on steroids.

The hotel segment is absolutely thriving in OKC, and it stands to reason that the same trend would be driving home sharing apps. I don’t have any first-hand info on that market in OKC, but it seems very unlikely that it wouldn’t closely follow the leisure travel and hotel occupancy trends.

shartel_ave
07-08-2022, 08:19 AM
The house across the street from me was purchased, completely remodeled and turned into an AirB&B. The new owner spent a year remodeling it before he started renting it out. it is 3400 sq ft, sold for $260K and has 4 bedrooms, 10 beds, 3 baths. Pics of the inside, this place is nice. It rents for $200/night and is rented out almost every night.

https://www.airbnb.com/s/Oklahoma-City--OK/homes?adults=2&place_id=ChIJgdL4flSKrYcRnTpP0XQSojM&tab_id=home_tab&refinement_paths%5B%5D=%2Fhomes&query=Oklahoma%20City%2C%20OK&flexible_trip_lengths%5B%5D=one_week&ne_lat=35.516863061075576&ne_lng=-97.59423292098518&sw_lat=35.50809497370267&sw_lng=-97.60819113669868&zoom=16&search_by_map=true&search_type=user_map_move

that's a weird not so nice area of OKC with nothing around for tourism to have a $200 a night ABB on NW39th and N Meridian

Pete
07-08-2022, 08:31 AM
that's a weird not so nice area of OKC with nothing around for tourism to have a $200 a night ABB on NW39th and N Meridian

There's absolutely nothing wrong with that area; it's a nice little neighborhood and right off Route 66.


Glad to see this sort of investment all around OKC. There is an Air BnB very near me and it stays quite busy.

I bet we'll see more in my neighborhood as OAK starts to take shape.

gjl
07-08-2022, 09:28 AM
that's a weird not so nice area of OKC with nothing around for tourism to have a $200 a night ABB on NW39th and N Meridian

Nothing wrong with this area at all.

gjl
07-08-2022, 09:36 AM
Is that an anomaly for okc? To stay rented out everynight, that is? Trying to determine what the market is like for OKC. What part of town do you live in, if you don’t mind me asking?

Right now there are 4 vehicles in the driveway. There are sometimes 6-7 vehicles. So if there are 4 people staying there sharing the expenses that is only $50 per night per person. What kind of motel room can you get for $50 per night. He also has a 4 hour rental rate for like parties. There have been some Friday or Saturday nights when there are 10+ cars parked around there then they don't spend the night. People have rang my doorbell asking if they can park in my driveway. I decline their request. So far having that AirB&B right across the street hasn't been a problem for us. Hoping it stays that way.

sooner88
07-08-2022, 09:58 AM
I know several people who have flipped their rentals to AirBnbs over the last few years as they've found that to be much more profitable, even with the management company taking 10-20%. I've used AirBnb's countless times on vacations, so I've always viewed them as a short-term rental solution (short-term as in a week or less), in the "hotter" parts of towns. It was eye opening to see where their homes were located, and how the demand was similar to the example above. However, they do 7-day minimums to avoid the party crowd like the home above. They've found there is a ton of demand for renters who need a longer-term rental, but aren't committed to OKC long enough to sign a 12-month lease or purchase a home. Demand is especially high for the medical field (travelling nurses, doctors, families with extended stays due to long-term health care, etc.), so the areas around the hospitals are a great target. In addition, there are local families who are either building new homes, just moved here, etc. but don't want to give up the luxuries of their previous homes. A friend of mine has been purchasing $1mm+ homes in nice areas, and is getting 12 month+ rentals for local families. It's really an eye opening business model, but with the licensing the barriers to entry are increasing.

A less capital intensive route is to rent a home, and AirBnb it, with the landlord's consent. This has become another area that investors have focused on to increase their doors, and obviously doesn't require a large down payment, deferred maintenance, etc.

shawnw
07-08-2022, 10:25 AM
Have a friend that put a tiny house in his back yard and AirBnBs it for $99/night so he makes more on it than his traditional rental properties.

gjl
07-08-2022, 11:36 AM
On the one across the street from us, usually 30 minutes to an hour after people check out (his check out time is 10:00 am) his housekeeper will show up and is usually there for 1-2 hours so I wonder what he pays her to clean the place up. And people have stayed there for 5-7 days straight so rentals are not always one night. I'd say a 1 night stay is not the norm for this one. I don't think anyone has stayed there more than 1 week so far.

sooner88
07-08-2022, 08:59 PM
On the one across the street from us, usually 30 minutes to an hour after people check out (his check out time is 10:00 am) his housekeeper will show up and is usually there for 1-2 hours so I wonder what he pays her to clean the place up. And people have stayed there for 5-7 days straight so rentals are not always one night. I'd say a 1 night stay is not the norm for this one. I don't think anyone has stayed there more than 1 week so far.

The same friend I know has a house cleaner for all of his properties, and allows her to live for free in one of his rental homes that's not an AirBnb.

unfundedrick
07-08-2022, 09:43 PM
Right now there are 4 vehicles in the driveway. There are sometimes 6-7 vehicles. So if there are 4 people staying there sharing the expenses that is only $50 per night per person. What kind of motel room can you get for $50 per night. He also has a 4 hour rental rate for like parties. There have been some Friday or Saturday nights when there are 10+ cars parked around there then they don't spend the night. People have rang my doorbell asking if they can park in my driveway. I decline their request. So far having that AirB&B right across the street hasn't been a problem for us. Hoping it stays that way.

If they are offering it for parties, they are doing so against Airbnb policy,

https://news.airbnb.com/official-codification-of-party-ban/#:~:text=In%20August%202020%20we%20announced,the%2 0ban%20as%20our%20policy.

gjl
07-08-2022, 10:55 PM
The parties I've seen there appear to be kids birthday parties. Nothing disruptive so far.

Urbanized
07-13-2022, 08:37 AM
I made a few comments upthread regarding the state of the local hotel market. My comments were anecdotal, though I know and appreciate that quite a few posters here take my word for it on my statements regarding the travel and tourism industry due to them knowing my particular background.

But this article substantiates what I said, with quotes from people who definitely know the precise state of the local industry: https://405business.com/downtown-hotel-rooms/

shartel_ave
07-13-2022, 09:21 AM
Wonder if the limited covid shutdowns in Oklahoma was a big contributing factor for the state having less issues than so many other states.

Urbanized
07-13-2022, 09:42 AM
^^^^^^^^
I think the blistering-hot travel market is being experienced almost universally, in every destination. Meaning not just in “limited shut-down” places.

That said, I do believe that OKC did experience a long-term boost due to the pandemic. Not so much that we were “open” while other markets were “closed,” but instead because people all over the country who’d normally fly or drive great distances for leisure travel instead stayed closer to home and discovered destinations in their own back yard.

In OKC’s case this meant a ton more visitors from especially DFW and north Texas, who in the past eschewed central Oklahoma as a destination. Many of them discovered OKC for the first time, found out that it was much more interesting than they’d previously given it credit for being.

Their arrival, ESPECIALLY in 2021, made up for the missing visitors we normally see from Europe, Asia and the rest of the U.S. and the wider Americas. Those people stayed away in droves in 2020 and 2021, but fortunately new Texas (and OK surrounding states) visitors picked up the slack. Now that long-distance and international leisure travel is making a comeback the OKC market is gaining even more ground, thanks to the Texans (and other nearby neighbors) deciding they are here to stay.

It’s all really good news for the OKC (and Oklahoma) tourism market, and is allowing everyone who survived 2020 to start digging themselves out of their respective holes a bit more quickly than expected, fortunately.

Pete
07-13-2022, 09:54 AM
I updated the Downtown Hotel Summary (https://www.okctalk.com/showthread.php?t=34292) with a couple of completions (The National and Marriott Renaissance), 2 under construction (OKANA and Convergence) and two proposed (Dream & Unscripted).

soonermike81
07-15-2022, 08:50 AM
Thanks, everyone, for the insight! Really surprised by how big the potential market is for AirBnb here, but a lot of what yall said makes sense. Need to take a serious look at this. Also need to figure out what this licensing is all about. Thanks, again.