Tulsa, although its manufacturing took a hit with the rest of the country, has been recovering faster than the nation since 2011, Buhl said.
Buhl sees strong rental demand and sustained investor demand, rising property values and continued apartment construction in the near term. He called the outlook “bright but not very bright.”
But for the longer term, with growing supply, vacancies could trend up, drawing rents back down and leading to rent deals and other landlord concessions, he said. New properties in pockets where a high concentration of units are being built could be especially exposed, he said.
Oklahoma City sales
Buhl tracked 15 apartment sales in Oklahoma City the first half of 2014 — properties with more than 25 units — for a total of 2,609 units, down from 2,609 units at midyear 2013.
Sales volume was $100.6 million, down from $107.6 million the first half of last year. The average price per unit was $38,587, compared with $39,926 at midyear 2013.
Buhl tracked 17 sales in Tulsa the first half of the year for a total of 3,233 units, up from 1,860 units at midyear 2013.
Sales volume was $93 million, up from $42.8 million the first half of last year. The average price per unit was $28,790, compared with $23,022 at midyear 2013.