Trailing 12-month absorption of 1,437 units fell short of the 1,942 units delivered over the same period, a gap that reflects ongoing lease-up competition from recently completed projects as the delivery cycle winds down from its peak.
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The active pipeline has contracted 59% over the past four quarters to just 848 units, or 0.8% of existing inventory, and trailing starts have fallen from 1,554 to 250 units, signaling a materially lighter supply environment ahead.
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Despite absorbing one of its largest supply waves in recent history, effective rents held steady year-over-year, outperforming many Sun Belt peers. Stabilized occupancy of 89.0% reflects a modest 40 basis point annual decline, a contained outcome given the pace of recent deliveries.
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MARKET OUTLOOK
Oklahoma City's supply pipeline has reached near-dormancy relative to recent history. With starts having...
