Submarket Spotlight | Q4 2023 | Oklahoma City

October 13, 2023

Submarket Report

Oklahoma City


The Oklahoma City multifamily market shows promising signs of stabilizing following a period of softer demand over the past year. Vacancy rates remain under control while rent growth should rebound by 2024. Recent years saw decreased vacancies and rising rents from strong job growth and limited construction. Although the energy sector faces consolidation, economic diversification efforts into fast-growing sectors like financial tech, aerospace and biotech could provide a boost. The market looks poised for recovery and renewal after stabilization. With economic diversity taking root, the outlook is bright for renewed demand growth. Overall, positive indicators show the Oklahoma City multifamily market stabilizing and preparing for an upswing. Continued economic diversity will further bolster the market’s fundamentals. The market seems primed for a demand resurgence and future growth after navigating recent softer conditions.