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Fortune is hammering Oklahoma City housing (in a good way)

by Richard Mize Published: July 28, 2012

Judging from a few calls and emails I get from renters in response to any reporting on the apartment market, more than a few apartments here are barely habitable and, without significant improvements, are about ready for razing.

Some investors here are taking the buy-low-and-add-value route, acquiring dogs and fixing them up. But new apartment construction is everywhere — here and out there in the rest of the country.

It has some people — out there — eyeing the incoming supply and worrying about overbuilding in the multifamily market. The boom “will lead to oversupply,” a multifamily player flatly told an interviewer for PricewaterhouseCooper's second-quarter Real Estate Investor Survey. Another one said: “Excess supply reduces our ability to push rental rates.”

But here, Forrest and Wills found room to grow more apartments: Rents continue to rise, and occupancy is at 93 percent across the metro area as a whole. The brokers counted 10 new apartment properties under construction or on the drawing board — a total of 2,667 new individual apartments.

It's not too much: “Steady new construction is expected to continue through 2013 due to our good local economy and strong multifamily fundamentals,” they reported.

Housing is getting hammered, in other words — by framers. I think we can all live with that, homeowners, homebuyers and renters.

by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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