Tulsa

Tulsa’s multifamily vacancy stood at approximately 4.6% in Q1 2026, tighter than the combined Oklahoma City/Tulsa regional average and among the lower readings of any market in this series. Cap rates across all classes averaged approximately 5.6% — notably tighter than the 6.5–7.0% range cited in regional reporting, a genuine relative-value signal.

Tulsa accounts for just 41% of the combined region’s multifamily inventory, yet the number of investment sales has been distributed roughly equally between Tulsa and Oklahoma City since 2024 — clear evidence that Tulsa’s tighter vacancy and stronger absorption are drawing disproportionate investor attention relative to its size. The South/Broken Arrow submarket led new regional demand in
2025.

Williams Companies, ONEOK, and a diversified energy-adjacent corporate base provide durable employment anchors. This favorable investment signal sits against a genuinely elevated, well-documented crime profile — violent crime running more than 2.6 times the national average and trending upward — that requires direct underwriting attention rather than being offset by the market’s otherwise attractive fundamentals.