Multifamily rents cool across Oklahoma markets
admin / June 2026
Growth deflates as vacancy gradually rises to decade highs
Rent growth across Oklahoma’s major apartment markets has cooled from earlier cycle-highs and is converging with the U.S. performance.
While several Sun Belt markets contend with rent declines, Oklahoma City and Tulsa have remained comparatively resilient.
From 2023 to 2025, annual rent growth in Oklahoma City averaged 1.7%, below neighboring Tulsa with 2.5% growth. Stronger demand in Tulsa has translated to outperforming rent gains, making way for Tulsa to now carry a marginal premium on its asking rents.
That growth has now tapered approaching mid-2026. Cumulative rent growth registers 0.7% in Tulsa, while Oklahoma City sits at 0.5%. The slowdown in rent growth comes as both markets see vacancy rates gradually approach decade highs. Vacancy stands at roughly 12% in both markets, just below the mid-to-high 12% levels reported in 2016 and 2017 due to the energy downturn.
Oklahoma’s rent trends have historically been cyclical, with sharp weakness during the 2016 energy downturn as supply outpaced demand. Today, diversification into aerospace, advanced manufacturing and other high-paying sectors has driven in-migration and stabilized housing demand post-2020. Affordability remains a key advantage, sustaining the state’s appeal compared to higher-cost southern markets.
Looking ahead, rent growth in both markets is expected to be mostly flat over the next 12 months, with Oklahoma City carrying a greater risk of turning negative over the near term.
The vacancy is anticipated to gradually improve as construction pipelines have shifted lower, reducing supply risk and supporting pricing stability. However, downside risks persist, including rising inflation and slower employment growth that could disrupt demand.
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