Oklahoma City at a glance
~$1,060–1,238
+2.0% to +3.5% (region) / –0.7% (OKC, Q4 2025)
~4.8%–5.2%
Median $60,700/unit — lowest in this series
300 units (Q1 2026, –60%+ permits vs. 2024)
Market Overview
Oklahoma City posted vacancy of just 4.8% in Q1 2026, down year-over-year even as rent growth continued in the 2.0–3.5% range regionally. New multifamily deliveries have nearly stopped: developers completed roughly 3,700 units in 2024, 2,200 in 2025, and just 300 in the first quarter of 2026, leaving the metro with its thinnest construction pipeline in over a decade.
A genuine recent counter-signal is worth flagging: OKC-specific Q4 2025 data showed net absorption turn negative for the first time since Q4 2023, with occupancy declining across most property classes and rent dipping slightly — a soft quarter that sits alongside an otherwise positive annual trend and should be monitored, not dismissed.
Median multifamily sale price of $60,700 per unit is dramatically below every other market profiled in this series to date. Tinker Air Force Base (24,000+ employees) and the metro’s energy-sector headquarters (Devon Energy, Chesapeake Energy) provide durable, if sector-concentrated, employment anchors, making OKC the most explicitly deep-value market in this series after Birmingham.
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- Investment outlook and key risks
