Oklahoma City, OK

Market Update

Oklahoma City's population has shown steady growth, increasing by approximately 1.35% year-over-year to reach about 1.5 million in 2026. This growth trajectory has been supported by a net migration of over 30,000 residents, reflecting the area's appeal as a destination for new residents. The median household income stands at $72,930, while the unemployment rate is relatively low at 4.3%. With an employment base of approximately 727,000 and an average weekly wage of $1,232, these factors contribute to a robust demand for housing, particularly among renters, who make up about 36.8% of the population.

In the multifamily sector, year-over-year rent growth is recorded at 4.2%, with the median gross rent at $1,162. The HUD Fair Market Rents for a two-bedroom unit are benchmarked at $1,771, indicating that current market rents are generally lower than this subsidy benchmark. This suggests a degree of affordability in the market, although the growth in rents may indicate increasing momentum. The asking rents for various unit types, including studios at $886 and three-bedroom units at $1,575, further illustrate the range of options available to renters.

Over the trailing 24 months, the multifamily capitalization rate has remained stable at 6.62%, which is approximately 42 basis points tighter than the national median of 7.04%. During this period, 157 transactions were recorded, totaling nearly $177.5 million, with a median price per unit of $154,538. This pricing reflects a significant discount of about 23% compared to the national median. The stability in cap rates and transaction activity suggests a measured outlook for the market, with potential for continued interest from investors seeking opportunities in a growing metropolitan area.