1st Advantage MortgageIn Stillwater, OK, rental investors qualify on the property's rent instead of personal income. The market data behind that: $947 median rent, $237,200 median home value and 63% of households renting.
Market snapshot for Stillwater
Median gross rent in Stillwater: $947, close to the Oklahoma median of $1,014. Median owner-occupied home value: $237,200, about 19% above the Oklahoma median of $199,800. Those are citywide medians, so an individual address can sit well on either side of them. A quick screen: twelve months of Stillwater median rent over its median home value equals 4.8%, a lean ratio that leaves little room for taxes, insurance and dues. Use it to compare markets, then replace it with real rent evidence for the address.
| Indicator | Oklahoma | Stillwater | Difference |
|---|---|---|---|
| Annual property tax bill, median | $1,599 | $2,207 | +38% |
| Household income, median | $65,039 | $43,700 | -33% |
| Typical owner-occupied value | $199,800 | $237,200 | +19% |
| Typical monthly rent | $1,014 | $947 | -7% |
| Persons per household | 2.50 | 2.05 | |
| Share in 2-4 unit buildings | 4.8% | 8.1% | +70% |
| Share of homes detached | 72.7% | 51.3% | -29% |
| Long commuters, 45 min plus | 10.4% | 7.0% | -33% |
| Degree holders, age 25+ | 28.3% | 49.9% | +76% |
| Workers on their own account | 10.6% | 4.4% | -59% |
| Renters paying 30%+ of income | 46.3% | 60.3% | +30% |
| Units sitting vacant | 12.0% | 12.1% | +1% |
| Annual rent divided by value | 6.1% | 4.8% | -21% |
| Tax as a share of home value | 0.80% | 0.93% | +16% |
| Residents (Census estimate) | 4,028,634 | 49,269 |
Renters occupy 62.9% of Stillwater's occupied homes, well above the Oklahoma median of 34%, so tenant demand is deep and investors compete mainly on condition and location. Incomes matter for rent growth: the median household earns $43,700, well below the Oklahoma median of $65,039, and 60% of renters are already cost-burdened at 30 percent of income or more.
Housing stock and vacancy in Stillwater
Buildings with two or more units make up about 39% of Stillwater's housing, including 8% in two to four unit buildings and 17% in buildings of five to 19 units. The median structure went up in 1984, so request ages for the roof, HVAC and water heater on any rental you consider.
About 12% of Stillwater's housing units are vacant, and the rental vacancy rate (units for rent against rented plus for-rent units) works out to 9.0%.
What stands out in Stillwater
With only 4.8% gross yield, Stillwater buyers often rely on appreciation as part of the plan, and a lender will want the ratio to clear without it. Mid-aged stock (median built 1984) means many roofs and HVAC units are near the end of their lives, so ask for installation dates. Renter-heavy markets like Stillwater favor investors with a clear tenant profile, whether workers, students or families.
Insurance, tax and flood context for Stillwater
Real estate taxes are a line the rent has to cover. The median owner in Stillwater pays $2,207 a year (well above the Oklahoma median of $1,599), which is about 0.93% of the median home value. Measured against a year of median rent, taxes eat about 19% before any other cost shows up.
The federal National Risk Index scores Payne County relatively moderate for overall risk, led by ice storms (very high), cold waves (relatively high) and hail (relatively high). That is a county-level view, so check the flood map for the exact parcel.
| Hazard in Payne County, FEMA index | Level |
|---|---|
| Tornadoes exposure | Relatively High |
| Hail exposure | Relatively High |
| Cold waves exposure | Relatively High |
| Ice storms exposure | Very High |
| Social vulnerability score | Relatively Moderate |
| Annualized loss estimate | Relatively Low |
| Composite risk | Relatively Moderate |
Standard landlord policies usually exclude flood, and coastal ones can add a separate wind deductible, so ask the agent for Stillwater exclusions before trusting a premium estimate.
Running the numbers in Stillwater
Worked through with this city's own medians: rent of $947 against taxes of about $184 a month leaves $763 for principal, interest, insurance and dues at a 1.00 ratio, and $574 at a 1.25 ratio. That arithmetic is the whole game, and the real rent and quotes for your address replace these medians.
What OK law and Stillwater require of landlords
Rental registration, inspection and nightly-stay rules differ by city, and we have not verified Stillwater's from a municipal source. A short call to the city and Payne County before you make an offer is cheap insurance. Nightly stays carry state tax in Oklahoma. Oklahoma charges state sales tax on short-term lodging rentals unless the rental is governed by the Residential Landlord and Tenant Act, and cities or counties that have adopted a lodging tax add it on top, with platforms collecting where they facilitate the booking.
Plan for a 45 day return window on any Stillwater deposit once the tenant moves out.
Comparing Stillwater with surrounding markets
Looking across the table, values run from $154,900 (Enid) up to $351,400 (Edmond), and Stillwater lands at $237,200.
| Market | Renter share | Tax bill | Home value | Residents | Rent |
|---|---|---|---|---|---|
| Oklahoma City | 41% | $2,311 | $231,300 | 697,125 | $1,130 |
| Midwest City | 42% | $1,500 | $164,500 | 58,297 | $1,091 |
| Enid | 39% | $1,455 | $154,900 | 50,653 | $914 |
| Edmond | 30% | $3,261 | $351,400 | 96,825 | $1,344 |
| Stillwater | 63% | $2,207 | $237,200 | 49,269 | $947 |
Who rents in Stillwater
Roughly 4.4% of employed people in Stillwater are self-employed, a base of investors and landlords for whom a rent-based loan is a practical option. Other workforce markers: government workers are about 33% of employment, 50% of adults hold a bachelor's degree or higher and 7% of commuters travel 45 minutes or more.
Stillwater's principal employers are given as Oklahoma State University, Stillwater Medical Center, OnCue Express, Stillwater Public Schools and City of Stillwater. Rental demand follows jobs, so a property within an easy commute of one of them has a natural tenant pool. The Stillwater area is home to Oklahoma State University - Stillwater, Northern Oklahoma College and Oklahoma State University. Students and employees at schools like these are a recurring source of rental demand. Access runs through air service through Stillwater Regional Airport and Dallas/Fort Worth International Airport, which shapes where commuters want to live and how long a showing takes.
Moving from numbers to a Stillwater loan
Ready to test a Stillwater deal? Use the calculator for the ratio, then start your application or send us the scenario.
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Where these facts come from
- Oklahoma security deposit statute (41 O.S. § 115(A), (B), (E), (F); § 102(2))
- State rule cited for Stillwater hosts: Oklahoma Tax Commission, sales and use tax
- U.S. Census Bureau data for Stillwater
- FEMA hazard ratings for Payne County
- Encyclopedia entry for Stillwater
Census figures are 2020 to 2024 ACS five-year estimates for Stillwater and carry margins of error. Deposit and notice summaries come from RedFlagLease (CC BY 4.0) and the linked Oklahoma sections. Reviewed in October 2026, with no promise that rules have stayed put.
DSCR loan availability varies by property and lender program and is not an offer to lend. See our disclosures.
Frequently asked questions
What rent do DSCR lenders use for a Stillwater rental?
It comes from a lease or from the market rent in the appraisal, whichever the program uses. Against that, the Stillwater median is $947.
Do taxes and insurance count in the Stillwater DSCR ratio?
Taxes, insurance and dues are inside the payment the lender tests. Run $947 through a 1.25 ratio and the ceiling is about $758; subtract $184 for median taxes and $574 remains.
How high are property taxes in Stillwater?
Stillwater owners report a median $2,207 in annual real estate taxes, an effective 0.93% (Oklahoma: 0.80%). Your own bill depends on the assessed value after purchase.
Do DSCR lenders count short-term rental income in Stillwater?
Yes on programs built for it, once the use is lawful in Stillwater. Gather twelve months of statements or a third-party projection, and have Oklahoma tax registration squared away.
How much deposit can a Stillwater landlord collect?
Return: 45 days. Statute: 41 O.S. § 115(A), (B), (E), (F); § 102(2). Confirm current text before you rely on it.
How exposed is Stillwater to natural hazards?
Overall risk is rated relatively moderate for the county. Because the rating covers a whole county, look up the specific property on FEMA's flood map before you offer.
How do LLC closings work for Stillwater rentals?
It is optional. Lenders will close in a properly formed LLC and generally want the members to guarantee. Ask your accountant how a OK entity would be taxed.