For the first time in two years, demand is starting to soften for multifamily in Oklahoma City. That's based on net absorption falling to -23 units in the fourth quarter, compared with the positive 1,126 units posted in the same period a year ago, the latest market report from Colliers shows. This marked the first decline since the fourth quarter of 2023.
But overall, it wasn't a bad quarter for fundamentals across the board. Occupancy improved by 80 basis points year-over-year to reach 95 percent. However, high-quality properties struggled to fill up. Class A occupancy averaged only 93.8 percent.
"Occupancy fell across all property classes except Class C," Colliers revealed.
Also, rents increased by $30 to $1,060. Plus, supply and construction are slowing down. Deliveries fell to 219 units, from 600 units, while multifamily product underway in Oklahoma City dropped to 681 units compared with 1,356 units.
"These trends suggest the market is seeking equilibrium, supported by a slowdown in construction activity entering 2026," Colliers noted.
That said, Colliers forecasts that fundamentals will show more weakness across the board. It expects that in the fourth quarter of 2026, demand will continue to slide into negative territory at -427 units, with occupancy dropping back to 94.2 percent. Also, supply is set to increase to 434 units. The only positives for multifamily in Oklahoma City for the last three months of 2026 are Colliers predicting that rents will continue to accelerate and hit $1,098, whereas construction forecasts to fall to 296 units.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.