The short-term rental market in Norman, Oklahoma is thriving, with an average occupancy rate of 41%, a daily rate of $240, and significant revenue growth, driven by the city's vibrant college scene, cultural events, and strategic location near Oklahoma City.
Thriving Short-Term Rental Market in Norman, Oklahoma
Norman, Oklahoma, is experiencing a robust and vibrant short-term rental market, driven by its unique blend of small-town charm and big-city amenities. The city, home to the University of Oklahoma, sees a significant influx of visitors, including students, parents, alumni, and sports enthusiasts, particularly during the college football season. According to recent data, short-term rentals in Norman boast an average occupancy rate of 41% and an average daily rate of $240.
This strong performance is further bolstered by the city's rich cultural scene, featuring numerous museums, art galleries, and music festivals, which attract tourists year-round. The proximity to Oklahoma City adds to the appeal, making Norman an attractive base for travelers seeking a quieter experience with easy access to the state capital's attractions. With such favorable conditions, hosts in Norman are optimizing their pricing and occupancy rates to capitalize on the growing demand, making it an excellent time to invest in the local short-term rental market.
Short-Term Rental Regulations in Norman, Oklahoma for 2024
Licensing and Registration
- Annual License Requirement: Each short-term rental property must obtain an annual license, effective August 27, 2020, with a $50 annual fee.
- Limit on Licenses: A single applicant can hold no more than 4 active short-term rental licenses at a time.
Zoning Restrictions
- Allowed Zoning Districts: Short-term rentals are permitted in most zoning areas, except Rural Commercial, Light Industrial, Heavy Industrial, and Restricted Industrial districts.
- Special Use Requirements: Planned Unit Developments (PUDs) and Simple Planned Unit Developments (SPUDs) require Council approval or special use.
Application and Documentation
- Required Documents: Short-term rental license application must include owner and local contact information, certificate of occupancy, proof of ownership, property layout diagram, floor plan with fire safety information, photos of the rental, certification of compliance with city regulations, and proof of insurance.
Taxation
- Hotel/Motel/Transient Tax: Operators must pay the 5% hotel/motel/transient tax and remit these taxes monthly.
- Registration with Oklahoma Tax Commission: Hosts must register with the Oklahoma Tax Commission to collect and remit taxes.
Safety and Compliance
- Safety Standards: Properties must meet safety requirements, including having a certificate of occupancy and complying with fire safety regulations.
- Local Contact Person: A local contact person must be designated for each short-term rental.
Operational Restrictions
- No Commercial or Social Events: Use of the short-term rental for commercial or social events is prohibited.
- Noise and Parking Ordinances: Licensees and guests must comply with noise and parking ordinances to maintain neighborhood peace and quiet.
Monitoring and Compliance
- Contract with Deckard Technologies: The City of Norman contracts with Deckard Technologies to monitor and report rental activities, identify non-compliant properties, and provide a 24/7 hotline for complaints.
Neighborhood Notifications
- Notification of Adjacent Property Owners: All recorded property owners adjacent to the short-term rental must be notified of the application.
General Responsibilities
- Prevent Nuisance Behavior: Operators are responsible for preventing nuisance behavior and maintaining neighborhood peace and quiet.
- Post License Information: License holders must post license registration and summary of restrictions in a prominent location within the rental property.
Top Neighborhoods for Airbnb Revenue in Norman, Oklahoma
1. University of Oklahoma (OU) Campus Area
- This area is highly appealing due to its proximity to the University of Oklahoma, making it ideal for students, faculty, and visitors attending university events. Rentals like the "OU Boomer, Pool & Gym, Bbq, Roku Tvs, 100mb Internet, Washer & Dryer" and "Evie's Campus-close 2 Bedroom Luxury" are highly rated and in high demand.
2. Downtown Norman
- Downtown Norman offers easy access to historic districts, restaurants, and shopping, making it a favorite among travelers. Properties such as "The Prancing Pony" and "World Traveler Resthaven" are popular for their central location and charming amenities.
3. West Norman
- West Norman is known for its modern and stylish homes, such as "The Yellow Door - West Side Norman Retreat & Pool". This area is appealing for its private oases, easy access to I-35, and nearby shopping and restaurants.
4. Northwest Norman
- This area is attractive due to its family-friendly environment and amenities like pools and outdoor spaces. Rentals such as "Big Pine Cottage: Pets & Family Friendly, Garage" offer a comfortable stay with amenities like BBQs and fire pits.
5. Historic Arts District
- Located near the University of Oklahoma and downtown Norman, this area is popular for its historic charm and proximity to arts and cultural attractions. The "Prancing Pony" guesthouse is a prime example, offering a quiet and secluded stay with access to local arts and dining.
Why These Neighborhoods Are Appealing
- Proximity to Key Attractions: Many of these neighborhoods are close to the University of Oklahoma, downtown shopping, and dining areas, making them convenient for guests.
- Amenities and Facilities: Properties in these areas often feature fully equipped kitchens, pools, fitness centers, and outdoor spaces, enhancing the guest experience.
- Family and Pet-Friendly: Several rentals in these neighborhoods are designed to accommodate families and pets, offering features like private backyards and pet-friendly policies.
- Highly Rated and Well-Maintained: The properties in these areas generally have excellent reviews, indicating cleanliness, comfort, and good maintenance, which are crucial for attracting repeat guests.
Furnishing and Design Tips for an Inviting Airbnb in Norman, Oklahoma
Measuring and Layout
- Measure your rooms to determine the best layout, ensuring ample space to move around and avoiding blockage of natural light sources.
Furniture Selection
- Opt for timeless, sturdy pieces that fit your theme. Choose solid beds with easy-to-clean surfaces and consider storage beds for extra space.
- Select sofas with washable covers, avoiding real and faux leather. Sofas should be durable and easy to maintain.
- Use comfy, lightweight chairs that are sturdy and easy to move around. Darker chairs can hide stains better.
Local Touches and Decor
- Incorporate elements that reflect the local culture or history of Norman, such as local artwork, decorative items, or a guidebook with local recommendations.
- Use posters and decorations that provide an atmosphere of the local place or remind guests of home.
Functional Spaces
- Ensure each area of your property has a clear purpose, such as a well-defined reading nook, dining area, or relaxation spot.
- Provide a designated working space with a sturdy desk, comfy chair, good lighting, and easy access to power outlets. High-speed internet is crucial for business travelers and digital nomads.
Guest Amenities
- Stock up on essential items like toiletries, basic cooking ingredients, and a first aid kit. Include a hairdryer, basic toiletries, and a first-aid kit.
- Equip your kitchen with essentials like a coffee maker, microwave, toaster, and kettle. Add extras like a good blender and sharp knives.
Storage and Organization
- Use smart storage solutions such as beds with drawers, wall hooks for coats, pegboards in the kitchen, and stackable containers to keep the space tidy.
- Offer guests a designated spot for their personal items, like a luggage rack.
Lighting and Ambiance
- Avoid office-like lighting fixtures. Opt for lighting that enhances the home-like atmosphere.
- Use mirrors to make your Airbnb feel bigger and brighter.
Cleanliness and Maintenance
- Use white linens and towels for a hotel-like feel and ease of cleaning. Ensure consistency in whites from the same brand.
- Install smoke detectors, carbon monoxide detectors, and provide a first aid kit. Consider a safe for valuables.
Accessibility and Comfort
- Make your Airbnb accessible to guests with disabilities by including features like ramps, wide doorways, and grab bars in bathrooms.
- Provide comfortable seating and ensure there is plenty of space for food storage, including a pantry or cupboards.
Neighborhood Integration
- Highlight the unique aspects of Norman, such as its vibrant college town atmosphere, proximity to the University of Oklahoma, and local attractions like museums and parks.
Additional Touches
- Leave some games, cards, and informative books to enhance the guest experience during downtime.
- Use heavy-duty materials for rugs and avoid delicate items that may be easily damaged.
- Perfume the house before guests arrive and leave scented candles for them to use, unless there are specific guest preferences against fragrances.
Discover Norman, Oklahoma: Local Attractions and Insider Tips
Museums and Cultural Sites
- Fred Jones Jr. Museum of Art: Home to the largest collection of French Impressionist art ever given to an American university.
- Sam Noble Oklahoma Museum of Natural History: A world-class museum featuring natural history exhibits.
- National Weather Museum & Science Center: Explore the science behind weather and meteorology, reflecting Norman's reputation in the field.
Outdoor and Family Activities
- Reaves Park - Norman Medieval Fair: An annual event in April that transports visitors back to the 14th century with jousting, arts and crafts, and more.
- Cleveland County Free Fair: A four-day event in September with fair food, live entertainment, carnival rides, and a petting zoo.
- HeyDay Norman: An entertainment venue offering arcade games, bowling, mini-golf, laser tag, and a ropes course, along with food and drinks.
Events and Festivals
- Norman Music Festival: Held on the last weekend of April, featuring over 200 concerts across various musical genres.
- Norman Mardi Gras Parade: An annual parade in late February celebrating Cajun traditions with fire dancers, musicians, and parade floats.
- SoonerCon: A three-day event in June celebrating geek pop culture, literature, fandom, and fiction art with performances, films, gaming, and workshops.
Local Experiences
- University of Oklahoma Campus: Visit the main campus, including the Gaylord Family-Oklahoma Memorial Stadium, home to the Sooner football team.
- Downtown Norman: Explore the historic area with restaurants, art galleries, and unique shops. Don’t miss the Miller Historic District and Chautauqua Historic District for their architectural charm.
- Campus Corner: An area near the university with a mix of businesses, bars, and restaurants popular among students and locals.
Insider Tips
- Check Event Schedules: Confirm the dates for events like the Norman Music Festival, Norman Mardi Gras Parade, and SoonerCon to plan your visit accordingly.
- Weather Awareness: Norman is in Tornado Alley, so be aware of the weather, especially during the spring months. Stay informed about any weather alerts.
- Local Dining: Sample Norman's original restaurants for a taste of local charm and friendly vibes.
- Shopping: Indulge in unique boutiques, vintage shops, and one-of-a-kind stores in Downtown Norman and other areas.
Additional Recommendations
- Jimmie Austin Golf Club: For golf enthusiasts, this is the official course of the University of Oklahoma's golf teams.
- Wineries & Breweries: Explore the local wineries and breweries for a taste of Norman's craft beverages.
- Casinos & Gaming: Try your luck at the casinos in Norman for some nightlife and gaming fun.
Practical Tips to Run a Successful Short Term Rental Business in Norman, Oklahoma
To ensure a smooth and successful short-term rental business in Norman, Oklahoma, several practical tips can be implemented:
Noise Regulations and Guest Communication
Inform guests about quiet hours and noise regulations to maintain neighborhood peace and quiet, as mandated by the City of Norman. Include this information in both digital and physical house manuals to avoid any misunderstandings.
Comprehensive House Manual
Create a detailed house manual that includes essential instructions, Wi-Fi passwords, and other pertinent information. This manual should be both digital, accessible through a shared link or app, and physical, placed in a prominent location within the rental property.
Simplified Check-in Process
Utilize smart locks to streamline the check-in process, eliminating the need for physical key exchanges. This not only enhances guest convenience but also reduces the likelihood of lost keys.
Clear Parking Instructions
Provide clear parking instructions, accompanied by photos, to help guests navigate parking options and avoid any potential issues. This is particularly important given the city's specific regulations and the need to maintain good relations with neighboring properties.
By following these tips, hosts can ensure a positive experience for their guests, comply with local regulations, and maintain a well-organized and efficient short-term rental operation in Norman, Oklahoma.
Here is a brief list of house cleaning providers in Norman, Oklahoma:
House Cleaning Services in Norman, OK
The Cleaning Authority - Norman
- Offers a Detail-Clean Rotation System for thorough and sanitized cleaning
- Provides customized cleaning services, including home, apartment, green cleaning, move-in/move-out, and commercial cleaning
- Fully bonded and insured, with environmentally responsible cleaning products.
Merry Maids of Oklahoma City
- Serves Norman, OK, with services including regular maintenance, deep cleaning, holiday cleaning, and specialized cleanings like move-in/move-out and post-renovation
- Offers eco-friendly and pet-friendly cleaning solutions
- Flexible scheduling options available.
2 Green Chicks
- Provides residential cleaning services in Norman, including move-in/move-out cleaning, party cleanup, deep cleanings, and customized cleaning plans
- Specializes in environmentally safe cleaning practices
- Does not include post-construction cleanup or window cleaning.
General House Cleaning Services in Norman
- There are 46 listed house cleaning services in Norman, with an average rate of $16/hr and an average experience of 3 years among the cleaners
- Services vary widely, but most include basic cleaning tasks such as dusting, mopping, vacuuming, and surface wiping.
Short-Term Rental Management Fees in Norman, Oklahoma
In Norman, Oklahoma, the management fees for short-term rentals, such as those listed on Airbnb or VRBO, can vary significantly based on the level of service provided. Full-service management, which includes comprehensive tasks like guest communication, marketing, and maintenance, typically ranges from 20% to 30% of the rental revenue. This higher end of the spectrum ensures that all aspects of the rental are handled professionally, from attracting guests to managing day-to-day operations.
On the other hand, basic services that may only include leasing and minimal oversight can cost less, often ranging from 10% to 20% of the rental revenue. Additionally, hosts may incur extra fees for specific services such as cleaning, repairs, or design enhancements, which can add to the overall cost of managing a short-term rental property. Understanding these fee structures is crucial for hosts to effectively budget and maximize their rental income in Norman.