MARKET SNAPSHOT

OKLAHOMA CITY
q2 2025

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AVERAGE RENT

$1,016 Q2 2025

OCCUPANCY RATE

90.1% Q2 2025

NET ABSORPTION

1,107 H1 2025

ANNUAL RENT CHANGE

1.5% Q2 2025

ANNUAL OCCUPANCY CHANGE

-10 BPS Q2 2025

COMPLETIONS

1,478 H1 2025

KEY TAKEAWAYS

Oklahoma City’s construction pipeline has contracted sharply, with just 880 units underway as of July 2025, down from 3,000 a year ago and representing just 0.8% of existing inventory. This subdued level of development signals a shift toward a more demand-driven market in the near term.

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Submarkets with more attainable rent levels and limited inventory expansion drove recent rent gains in Oklahoma City. Central Oklahoma City, Midwest City/Del City, and Norman each posted annual rent growth of 2.0% or more through June 2025, while supply-heavy areas like Canadian County saw flat rent performance amid a surge of new deliveries.

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Rent growth in Oklahoma City is projected to decelerate slightly in Q3 2025 before regaining traction. With new deliveries tapering and demand holding steady, market pressures are expected to build, potentially pushing annual rent gains back above 2.0% by early 2026.

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MARKET OUTLOOK

The Oklahoma City multifamily market is entering growth mode again in the second half of 2025, as easing supply-side pressure meets resilient renter demand...

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