MARKET SNAPSHOT

TULSA q2 2025

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AVERAGE RENT

$1,040 Q2 2025

OCCUPANCY RATE

91.6% Q2 2025

NET ABSORPTION

758 Q2 2025

ANNUAL RENT CHANGE

1.7% Q2 2025

ANNUAL OCCUPANCY CHANGE

-10 BPS Q2 2025

COMPLETIONS

727 Q2 2025

KEY TAKEAWAYS

Renter demand in Tulsa moderated slightly in Q2 2025, with net absorption dipping to 221 units—down from 537 units in Q1—just as 689 new units delivered. This imbalance contributed to mild softening in rent growth.

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Tulsa’s construction pipeline has contracted sharply, with just 1,350 units underway—down more than 50% from the cycle’s peak. At 1.9% of existing inventory, current development activity is well below the national average and far lower than levels seen in many high-growth Sun Belt markets, signaling reduced future supply pressure.

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Although rent growth slowed for the third straight quarter, Tulsa outperformed the national trend with a 1.7% annual increase in Q2 2025—nearly double the U.S. average of 0.9%—highlighting the market's relative strength amid broader softness.

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MARKET OUTLOOK

The Tulsa multifamily market is well-positioned for meaningful growth in the second half of 2025, assuming the softness in rental demand seen in Q2 proves temporary rather than an early indicator of a broader slowdown...

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