Oklahoma City Q2 2026 Market Report

Key Takeaways

• Absorption of 1,245 units over the trailing 12 months has roughly kept pace with 1,334 units delivered. Q2’s 548-unit quarter, up sharply from 75 in Q1, signals strengthening demand momentum.
• The construction pipeline is contracting rapidly, with trailing 12-month starts falling to just 104 units from 1,479 a year ago and only 863 units remaining under construction (0.8% of inventory).
• Rents have stabilized at $1,014 per unit (-0.3% YoY) following a 1.6% sequential rebound in Q2, while occupancy of 89.0% suggests the market is nearing a cyclical trough.

Market Outlook

Oklahoma City’s supply cycle is entering its late stage. The wave of new construction that weighed on the market for the better part of two years has largely worked itself through, and what’s left of the pipeline is thinning by the quarter…