Things are trending smoothly for multifamily landlords in Tulsa, Oklahoma, from supply to demand.
The first quarter for the market represented the fifth straight three-month period where construction dipped, according to a report from Colliers. Also, the 613 first-quarter units under construction were outpaced by net absorption, which was 636 units. The demand marks a turnaround from the -103 units negatively absorbed 12 months ago.
"This sharp increase in leasing activity reversed the negative absorption trend seen in early 2024 and reflects renewed confidence from both tenants and investors," Colliers wrote.
It's also important to note that deliveries have mostly declined over the past year. While the fourth quarter saw a spike of 267 units, deliveries dropped significantly to 216 in the first three months of 2025. The two submarkets that posted the most deliveries over the past year were
South Tulsa/Broken Arrow and Downtown Tulsa, with 371 and 256, respectively.
The low supply has led to other key categories experiencing notable improvements. For one, rents hit a record high of $1,016 per month, up $5 from the previous three months and up $29 from a year prior. Also, occupancy improved by 70 basis points and 100 basis points over those respective periods to 95.1 percent.
While it's tough to ask for a better quarter, the trends in Tulsa may not last. Colliers projects that construction in the first quarter of 2026 alone will surge to 39,060 units, with deliveries touching 433. That's expected to lead to more mixed results, as the CRE firm is predicting that occupancy will fall to 93.6 percent, while rents will rise by $37 to $1,053 in the quarter ending March next year.
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