Tulsa holds just 41% of Oklahoma’s combined OKC/Tulsa multifamily inventory, yet draws an equal share of investment sales activity. Tighter vacancy and stronger absorption are pulling capital toward the smaller of the state’s two major markets — a genuine relative-value signal worth underwriting directly.
August 2026
Mid-2026 Outlook
Longview Commercial’s bi-annual, institutional-grade market intelligence publication — designed to give accredited investors whether new to private real estate funds or experienced in direct asset ownership, a clear, unvarnished view of the markets we target for deployment.
Each edition focuses on single metropolitan market, assessed across the dimensions that matter most: demographic momentum, employment health, supply/demand dynamics, capital flows, and submarket selectivity. Our goal is not simply to share data, but to translate that data into investment context relevant to a diversified multifamily portfolio.
Tulsa, Oklahoma serves as our twenty-sixth edition and the second Oklahoma market in this series in the Longview portfolio strategy. As one of the nation’s most dynamic Sunbelt metros, Tulsa exemplifies both the opportunity and the nuance that sophisticated multifamily investing demands. The following pages present our mid-2026 assessment.
Longview Commercial specializes in constructing diversified institutional-quality multifamily portfolios for accredited and
sophisticated investors. This report delivers an independent, data-driven assessment of the Tulsa multifamily sector as of mid2026, focusing on metrics that signal market health, investment viability, and long- term positioning.
Sources: Northmarq, Freddie Mac, Newmark. Data as of Q1–Q2 2026.
Tulsa’s multifamily vacancy stood at approximately 4.6% in Q1 2026 (Freddie Mac-sourced data), tighter than the combined
Oklahoma City/Tulsa regional average of 4.8%, though Fannie Mae’s forecast anticipated a rise to approximately 5.1% by the end of Q3 2026. The citywide average cap rate stands at 8.22% — notably tighter than the 6.5–7.0% range cited in regional reporting, a discrepancy we flag rather than resolve. Within the Longview portfolio, Tulsa functions as a smaller, tighter complement to Oklahoma City within the same state-level allocation — a market drawing capital disproportionate to its size, balanced against a genuinely elevated crime profile that requires direct underwriting attention distinct from its favorable supply-demand fundamentals.
Tulsa accounts for just 41% of the combined Oklahoma City/Tulsa region’s multifamily inventory, yet the number of investment sales has been distributed roughly equally between the two markets since the start of 2024 — a genuine signal that Tulsa’s tighter vacancy and stronger absorption are drawing disproportionate investor attention. Tulsa’s South/Broken Arrow submarket led new regional demand in 2025.
Within the Longview portfolio, Tulsa functions as a smaller, tighter complement to Oklahoma City within the same state-level allocation — a market drawing capital disproportionate to its size, balanced against a genuinely elevated crime profile that requires direct underwriting attention distinct from its favorable supply-demand fundamentals.
Population figures show variance by source, consistent with a pattern seen elsewhere in this series. The official Tulsa MSA reached approximately 1,059,803 residents in 2024 per Census sourced data, while MacroTrends cited a considerably lower ~815,000 for 2026 — a discrepancy likely reflecting different county-level definitions, which we flag rather than resolve. The City of Tulsa itself, Oklahoma’s second-largest city, reached approximately 412,000–415,000 residents, with Broken Arrow, Owasso, and Bixby as significant secondary cities.
We did not identify a current, precise metro-wide employment growth percentage with the rigor available for larger markets in this series. Tulsa’s median household income was cited at approximately $58,407, below the national average, with a poverty rate of approximately 18.6% — notably higher than the national average and a genuine consideration for renter-income underwriting.
Historically known as the “Oil Capital of the World,” Tulsa has diversified significantly, though energy remains important, employing nearly three times the share of the metro’s workforce as the national average. Major headquarters include Williams Companies and ONEOK (energy/pipeline infrastructure), BOK Financial (regional banking), Helmerich & Payne (drilling), and QuikTrip Corporation (a major private convenience-store chain, $14.16 billion in 2024 revenue). Aerospace, transportation, telecommunications, and business services round out the base.
Williams Companies and ONEOK, both major energy infrastructure companies, are headquartered in Tulsa and appear on the Fortune 500 list. BOK Financial and Helmerich & Payne are also headquartered in the metro. QuikTrip Corporation does not appear on the Fortune 500 list as a privately held company, though its scale is comparable to many that do.
A renter base with median household income below the national average and a notably elevated poverty rate (~18.6%), a genuine consideration for workforce-tier underwriting. Rent levels vary substantially by submarket — from approximately $1,100 in Northside Tulsa to $1,470–$1,595 in Downtown Tulsa and Cherry Street.
A genuinely elevated, well-documented concern that should not be softened. Tulsa reported 3,878 violent crimes in 2024, a rate more than 2.6 times the national average per one source, with violent crime described as trending upward. Law enforcement cleared only 39% of violent crimes and just 14% of burglary cases. This is among the more serious crime profiles of any market in this series and warrants direct underwriting attention.
Overall, Tulsa combines genuinely attractive multifamily fundamentals — tight vacancy, disproportionate investor interest relative to its size — with a materially elevated crime profile and below-average household income that together warrant more cautious, asset-level underwriting than the market’s supply-demand story alone would suggest.
Share of Regional Inventory
41%
Share of Regional Investment Sales
~50%
Tulsa’s core signal in this series is relative outperformance within its own state: a smaller share of regional inventory capturing an equal share of investment activity, tighter vacancy than Oklahoma City, and tighter cap rates than the regional blend — weighed directly against Tulsa’s materially elevated crime profile, a genuine, separate consideration.
CURRENT (2026)
Vacancy of ~4.6% in Q1 2026 was tighter than the combined regional average, with a Q2 2025 report’s concern about softening demand not appearing to have developed into a sustained trend.
Despite holding just 41% of regional inventory, Tulsa captured an equal share of investment sales activity since 2024, with South/Broken Arrow leading new regional demand in 2025.
Tulsa’s violent crime rate, more than 2.6 times the national average and trending upward, is a genuine, separate risk factor from the market’s favorable fundamentals.
5-YEAR OUTLOOK ( 2031)
Fannie Mae’s forecast anticipates vacancy rising modestly to ~5.1% by Q3 2026 as remaining 2025- vintage deliveries continue leasing up.
The citywide average cap rate stands at 8.22%. This sits in the top five highest cap rates among
major U.S. cities, heavily outperforming the 4.75% national average.
Low property-crime clearance rates (14% for burglary) suggest asset-level security investment may be a meaningful operating consideration.
10-YEAR OUTLOOK
Williams Companies, ONEOK, and the broader energy sector’s outsized share of employment
provide a demand base somewhat correlated with Oklahoma City’s own energy concentration.
Submarket-level rent dispersion (~$1,100 in Northside Tulsa to $1,470–$1,595 downtown) suggests meaningful opportunity for asset-level selectivity.
Investors should weigh Tulsa’s attractive relative value fundamentals against its crime profile explicitly, rather than letting one offset the other.
Vacancy, Q12026 — tighter than the combined regional average
~4.6%
Share of regional inventory vs. share of regional investment sales — Tulsa punches above its weight
41% / ~50%
Citywide median rent; ranges $1,100– $1,595 by submarket
~$1,065
Units Under Construction
80 apartment units
Median sale price—the lowest basis of any market in this series
$60,700/unit
The citywide average cap rate — tighter than the regional 6.5–7.0% blend
8.22%
Metro population — a notable source discrepancy (see report text)
~1.06M (Censussourced) / ~815K
(MacroTrends)
City of Tulsa population, Oklahoma’s 2ndlargest city
~412,000– 415,000
Poverty rate— notably above the national average of approximately 12.4%
18.6%
Fortune 500 headquarters — Williams Companies, ONEOK, BOK Financial, and Helmerich & Payne
~4
Unemployment Rate: Moderate (adjusted to 4.2%)
4.1% as of mid 2026
Job Growth: Moderate
1.0% YoY
Employees at Tinker Air Force Base, the metro’s largest single-site employer
24,000+
Homicide rate have dropped in violent crime. 2.6x Tulsa’s violent crime rate relative to the national average — a genuine, elevated
concern.
6.7%
Key Notes/Drivers: Energy, aerospace/manufacturing, logistics, healthcare, and professional services. Similar industrial/energy profile to Oklahoma City but smaller scale.
We did not identify a single, dominant Tulsa head quartered multifamily developer comparable to the local anchors profiled in other editions of this series in our sourcing
for this edition.
Regional development and investment activity has been split roughly evenly between Tulsa and
Oklahoma City despite Tulsa’s smaller inventory base, reflecting disproportionate investor interest in Tulsa’s tighter fundamentals.
Tulsa has captured an outsized share of regional investment activity relative to its inventory base, with cap rates
pricing tighter than the broader Oklahoma regional average. Longview Commercial structures diversified portfolios to give investors access to institutional-quality multifamily without concentrating risk in any single metro’s crime profile, economic base, or liquidity conditions.
Submarket
Profile & Theme
Longview View
South Tulsa / Broken Arrow
Led new demand across the combined Oklahoma City/Tulsa region in 2025, the clearest near-term area of strength identified in our sourcing.
Favorable
Downtown Tulsa & Cherry Street
Command the metro’s highest rents (approximately $1,470–$1,595), reflecting premium urban-core demand distinct from the broader, more affordable market.
Selective
Northside Tulsa
The metro’s most affordable submarket by rent level (approximately $1,100), though we did not identify specific vacancy or crime data at this submarket resolution to support a more precise view.
Exploratory
Submarket views reflect qualitative positioning drawn from broker and proprietary market research as of mid-2026. Granular submarket-level rent and occupancy data were not available at point-estimate resolution for this edition and are flagged rather than estimated.
Tulsa in 2026 presents a genuine tension worth underwriting directly: multifamily fundamentals that outperform Oklahoma City on a relative basis — tighter vacancy, tighter cap rates, a disproportionate share of regional investment activity relative to its smaller inventory base — set against a materially elevated, reportedly worsening violent crime profile and below-average household income. Williams Companies, ONEOK, and a diversified energy-adjacent corporate base provide durable, if cyclically exposed, employment anchors. Tulsa pairs with Oklahoma City as a smaller, tighter, but genuinely higher-risk complement — appropriate for investors prepared to underwrite the crime and income profile explicitly
Longview Commercial is positioned to help accredited investors access high-quality, professionally managed multifamily exposure in this evolving market. All projections involve uncertainty; investors should conduct independent due diligence and consult offering documents.
Website: www.longviewcommercial.com
