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Oklahoma’s capital city hosts great opportunities for turnkey real estate investors through Memphis Invest. Bolstered by a diverse economy that has been called “recession-proof” by experts, OKC’s affordable market is drawing in new businesses and rental demand.
Memphis Invest has tapped into what makes this market tick, bringing our thousands of investors the opportunity to grow and expand their portfolios in spectacular secondary markets like Oklahoma City.
Read on below to learn why Oklahoma City is a great choice for your passive real estate portfolio.
Oklahoma City, while traditionally a livestock town with some $2.5 billion in annual farming revenue, has a growing and active hand in the oil and energy sector. With two Fortune 500 energy companies headquartered in the city as well as some of the largest energy companies in the state, oil, gas, and wind energy make up nearly one-quarter of the industry in Oklahoma.
Additionally, Oklahoma City employs nearly 40,000 people in the aviation and aerospace industries thanks to a high concentration of related firms, including the United States Air Force Tinker Air Force Base and Boeing.
At the turn of the 21st century, Oklahoma City began to truly diversify their economy, which led to a 33 percent increase in economic output—leading to a gross metropolitan product of $73.8 billion in 2016. Though oil, energy, and aviation continue to play a significant role in the Oklahoma City economy, the diversification efforts have continued to hedge against further risk in case of economic downturn.
One of the key advantages of the Oklahoma City market is its designation as a capital city. This benefits both the real estate market and the job market in a variety of ways. First and foremost, government jobs through the State of Oklahoma (accounting for over 40,000 employees) largely kept the city’s economy afloat during the 2008 Great Recession. With a full quarter of the market’s jobs being government or military, rental demand is built-in, not to mention the inherent job security.
Beyond the advantage of job opportunities provided by a strong government presence, Oklahoma City reaps the benefits of a larger public safety, beautification, infrastructure, law enforcement, and transportation budget. These public services help secure Oklahoma City as a desirable place to live, work, and raise families—sparking not only economic revitalization but population growth for its 1.4 million residents.
With an unemployment rate tracking beneath the national average (almost a full point behind at the end of 2018, with OKC’s unemployment rate at 2.8 percent compared to the United States unemployment rate of 3.7 percent), Oklahoma City has positioned itself as a dark horse market for both business and real estate endeavors.
This economic health combined with affordability has created an ideal environment for real estate investing. With demand growing for rentals by several thousand, there is room for growth in profit margins and investor involvement in the market.
Oklahoma City is in a unique position economically. Though it has enormous strength in gas and energy, its diversification and access to government and military employment has created an environment of stable, thriving employment opportunities.
For Memphis Invest, this economic strength is one of our key criteria in selecting an investment market. For passive real estate investors, the chance to invest in a market that is growing and well-secured by its job market and diverse economic base—as well as its affordability—is too good to pass on.