Multifamily and single-family housing numbers are both improving significantly in Oklahoma City, as the metro area saw local employment growth of 2.7 percent in 2011, posting one of the lowest unemployment rates in the country at 5.5 percent as a result.
With more than 15,000 jobs added last year, Hendricks & Partners reports that 2011 was the second-strongest year of the last 12 in terms of local apartment absorption. Multifamily vacancies dropped to their lowest level in a decade at 6.8 percent, placing the current market in better position than it occupied before the recession. This trend is expected to continue into 2013, causing apartment vacancies to hit 6 percent.
Job growth is projected to revolve around the oil and gas industries in the immediate future, according to the firm, with several companies expected to expand. This may continue to attract new residents, with Hendricks & Partners predicting at least 200,000 new residents will come to the area by 2020, many of whom may be new customers for the metro area's rental property management firms and owners.
In 2012, multifamily construction is expected to reach a six-year high with 2,300 units under construction and 800 completed, according to projections.