Although a heavy amount of multifamily supply has weighed heavily on Sunbelt market fundamentals overall, Tulsa, Oklahoma, is in a stable position.
Some categories are improving, while some are showing some small trends in the negative direction, according to Colliers' fourth-quarter Tulsa multifamily report. For example, demand remained positive but was cut by more than half year-over-year to 266 units. The good news is that the amount outpaced the supply.
Then you look at occupancy, which was the strongest performer. The category improved by 140 basis points to 95.9 percent. Class B assets showed the most resilience, which averaged 96.2 percent occupancy, followed by Class C's at 95.8 percent.
And while rents were down slightly on a quarterly basis, they increased by $19 on average to $1,029 since the end of 2024. Colliers describes the pricing in the market as "competitive."
A notable trend is that construction continues to slow for multifamily in Tulsa. The 342 units underway were down significantly from the 1,584 posted in the fourth quarter of 2024. And that trend is expected to continue; in fact, construction is expected to be nonexistent in the fourth quarter of 2026, Colliers predicts.
Meanwhile, the brokerage also forecasts that occupancy will decline to 95.8 percent, coupled with demand falling slightly to 254 units, with rents improving to $1,060 and supply increasing to 342 units.
"Overall, the combination of controlled supply, rising demand, and stable rents suggests a resilient market moving toward greater balance in the year ahead," Colliers said.
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