Are you considering becoming a landlord in Tulsa? If so, you're about to make a potentially lucrative career and investment choice. According to the most recent data from ZipRecruiter.com (March 2025), the average landlord salary here is the seventh-highest in the state, at $79,719 yearly.
However, to make that much or even more, you must familiarize yourself with local landlord legal compliance laws, including regulations on security deposits. Otherwise, you risk legal troubles and costly renter turnovers.
Fortunately, our team at PMI Green Country is here to save the day with this brief but concise Tulsa landlord guide. Read on for valuable insights regarding these "payments" and practical tenant deposit management strategies.
1. What Security Deposits Are
A security deposit is an amount landlords collect from tenants to safeguard against potential damages or unpaid rent during the lease period.
As LegalNature.com explains, landlords in Oklahoma have no specific statutory limit on the amount of security deposit they can require. Still, this doesn't mean you can just charge whatever you want; it's typical and often best practice to charge only one to two months' rent. Any higher, and your potential renters will unlikely be able to cover the deposit and may just look for another rental property with more financially feasible terms and conditions.
So, if your monthly rental rate is $1,500, you can require your tenants to make a security deposit of $1,500 (worth one month) or $3,000 (worth two months).
2. The Importance of Clear Lease Agreements
One of the best property management tips Tulsa landlords should follow for security deposits and leases is to have a well-defined rental real estate agreement. They must put the agreement into writing and use plain, easy-to-understand language. It must also clearly outline the following:
- The amount of the security deposit
- The conditions in which the landlord can make deductions
- The time frame for returning the deposit after the lease ends
- The notification process for security deposit refunds
Transparency in these areas can significantly reduce conflicts when it's time to return the deposit. Landlords must ensure tenants fully understand security deposit regulations and terms before signing the lease.
3. The Process for Returning Security Deposits
As pointed out by OKLaw.org, the process for returning or requesting security deposits in Oklahoma involves the following:
- Tenants filing a written notice asking for their security deposit back (within six months from the day their lease ends)
- Landlords responding to the request within 45 days
- Landlords informing tenants whether they'll return the deposit in full (or if they're making necessary and valid deductions)
Following those steps can help both landlords and tenants avoid deposit-related conflicts.
Simplify Security Deposits Management in Tulsa
Understanding the legal framework surrounding security deposits and adhering to best practices is essential for any landlord in Tulsa. So, familiarize yourself with the law, maintain clear communication with tenants, and keep detailed records to minimize disputes and foster positive landlord-tenant relations.
If you'd like to simplify managing security deposits and your rental assets, PMI Green Country can help. Shawn Klahr, the owner of our full-service property management firm, will use his 20+ years of experience and expertise in owning and managing rental properties to care for yours and make it flourish.
Reach out to us today! We look forward to giving you a free property consultation.
