As we look to the latter part of 2023 and beyond, the Oklahoma City apartment market is poised for a promising phase of expansion and consistency. While some variances in absorption can be expected, apartment demand will remain steady. An expansion of inventory is projected over the upcoming four quarters, largely propelled by contributions from the West Oklahoma City submarket. While this may introduce a higher number of units to the marketplace, this surge accounts for a modest 1.3% of Oklahoma City’s existing inventory, indicating that an oversaturated market is improbable. In terms of rental prices, moderate growth is expected, likely to align with or slightly surpass historic trends. Furthermore, the metro’s employment prospects remain robust, with sectors like leisure and hospitality, and education and health services at the forefront. Given the backdrop of consistent economic advancement, measured construction growth, and positive employment trajectories, the market stands well-positioned to handle and confront any forthcoming obstacles, paving the way for enduring growth of the multifamily market.
Sources: RealPage; BLS; MSCI; The Council for Community And Economic Research (C2ER)