A family working in Oklahoma City once had to move to Dallas due to a company transfer. The problem was their home. The timeline for moving was tight, and they didn't want to leave it vacant. With a mortgage still outstanding, leaving it empty for even a few months would mean taking on that burden. Ultimately, they chose to rent it out. First-time landlords often find themselves at a similar crossroads as this family.

In order, there are five main points to consider: setting the rent, finding tenants, screening, the lease agreement, and legal considerations. Following these five steps in order will help you navigate the process without getting too lost, even if it's your first time.

Starting with rent, the average rent in Oklahoma City is $1,245 per month as of June 2026 (Zumper). For a two-bedroom home, the average is around $1,100 per month, while three-bedroom homes can go up to about $1,525. This figure serves as a benchmark to avoid pricing the home too high. If set too high, the vacancy period may extend, leading to losses greater than several months' worth of rent. Conversely, setting it too low reduces the ability to be selective during screening. It's also wise to check how quickly similar properties in comparable neighborhoods have been rented.

The methods for finding tenants have changed significantly. In the past, simply placing a sign in the yard was sufficient, but now it's standard to post photos and details on platforms like Zillow Rental Manager, Apartment List, and local community boards. Photos taken in natural light during the day tend to get better responses, and it's important to clearly specify room sizes, school districts, parking availability, and pet policies to reduce unproductive inquiries. If showing the home in person is difficult, consider appointing an agent or using video calls as an alternative.

Once inquiries come in, the next step is screening. This involves checking credit scores, income verification, and previous rental history. A credit check must be conducted with the tenant's consent, and a small fee is usually charged along with the application. Many landlords require the tenant's income to be at least three times the rent. For a monthly rent of $1,200, this means verifying that the pre-tax income exceeds $3,600. It's safest to base decisions on these three factors: credit score, income, and rental history.

The lease agreement should clearly outline the rent amount, payment due date, security deposit amount, pet policies, and maintenance responsibilities. Additionally, it's helpful to specify who pays utilities, how many days' notice the landlord must give before entering the property, and the conditions for lease renewal. Verbal agreements are of no use if disputes arise later.

Regarding security deposits, Oklahoma state law does not set a maximum amount. However, deposits must be kept in a separate account at a financial institution in Oklahoma, and they must be returned within 45 days of the tenant vacating and providing a forwarding address, or a written statement of deductions must be sent. Missing this deadline can put the landlord at a disadvantage, so it's wise to mark it on your calendar.

If a tenant falls behind on rent, the first step is to send a 5-day pay-or-quit notice, which is a written notice to pay or vacate. If the tenant pays the overdue amount within this period, the lease continues as normal. If they still do not leave, a formal eviction lawsuit must be filed in court. Forcibly changing locks or removing belongings is illegal in Oklahoma, and the court process must be followed.

These procedures can vary slightly by state and county. The information provided here is general, and it's advisable to consult a real estate professional or attorney before drafting a lease. For first-time landlords, that one consultation can help prevent future headaches.