Back to Current News

Oklahoma multifamily rent growth above national average despite moderation

admin  /   February 2026

State economy continues to diversify to insulate market from mid-cycle downturns

Rent growth across Oklahoma’s major apartment markets has cooled from earlier highs but continues to outperform Rent growth softens from mid-cycle peaks, still outpacing the U.S. average, reflecting stable demand and modest new supply.

While several Sun Belt markets contend with rent declines, Oklahoma City and Tulsa remain comparatively resilient.

In 2025, Oklahoma City posted annual rent growth of 0.9%, while Tulsa reported growth of 1.2%, both above the U.S. norm of 0.3%. Even so, performance in both metropolitan areas aligns more closely with Mid-Atlantic, Midwest and some West Coast markets, including Richmond, East Bay and Baltimore.

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.

In Oklahoma City, rents rose 0.9% in 2025, the softest annual gain since 2017, as widespread concessions kept pricing power muted. Submarket results vary: Midwest-Del City reported gains of nearly 3%, followed by Moore and Norman with growth ranging from 1.2% to 2.5%. At the same time, Northwest Oklahoma City, central Oklahoma City and downtown report growth below 1%, amidhttp://ssh30 supply-side pressure and prevailing competition among existing properties.

Rent growth in Tulsa is more widespread. Among larger submarkets, Midtown outperformed with 3% growth, while growth softened in South Tulsa-Broken Arrow to 0.6%. Downtown Tulsa was the only submarket to record rent declines, as elevated completions weighed on pricing in the area.

Looking ahead, rent growth in both markets is anticipated to register between 1% and around 1.5% over the next 12 months. Construction pipelines have contracted near to 15-year lows, reducing supply risk and supporting pricing stability. However, downside risks persist, including a softening labor market that could disrupt stable demand.