2008 Multifamily Survey
In 2008, the Multifamily Division of Price Edwards surveyed 232 properties totaling 49,018 units in the Oklahoma City metropolitan area. Aggregate rental rates for the Oklahoma City metropolitan Area showed an increase of 3.08 percent on a per square foot basis from $0.65 in 2007 to $0.67 in 2008, while the overall occupancy declined by 2 percent. However, the overall occupancy for the market was negatively affected by several properties that have been neglected, are in current financial trouble and/or in the process of foreclosure. When these select properties are removed from the study you have a clearer picture of actual property operating potential. Each submarket has been dissected into classes with Class D categorizing those properties with excessive deferred maintenance and is in some type of financial trouble. This number represents fewer than 4 percent of the total multifamily properties surveyed.

Oklahoma experienced positive news and economic reports for the 2008 year. In October the Employment Securities Commission reported that Oklahoma's unemployment dropped to 3.5% which is almost 3 percent below the national average of 6.1 percent for the same time period. This figure gives the state a year over year employment increase of 0.7 percent. Personal income increased by 5.8 percent from the 2007 results, with the per capita income up 4.7 percent. "With falling unemployment, one of the countries strongest housing markets, and solid growth in agriculture, energy and manufacturing, Oklahoma City looks best positioned among the nation's largest metropolitan areas to ride out the current crisis" according to Forbes Magazine in April, when they named Oklahoma City as the "Most Recession Proof City in the United States".

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