OKC Begins Recovery From Overbuilding In Commercial Real Estate
OKLAHOMA CITY - Oklahoma City residents are feeling the sting of overbuilding, according to a new set of research.
Oklahoma is only just beginning to recover from several years of building too many luxury apartments and offices too fast.
The research was done by the CoStar Group which studies commercial real estate.
The group said just after the oil boom of the early 2000s, there was a big spike in rent.
Those apartments were considered four or five star spaces and most were very expensive, despite Oklahoma City being one of the more affordable places to live nationwide.
In the southern and northeastern parts of the city, that meant that many residents are spending close to 30 percent of their income on rent each year.
Now for the good news, because oil and gas have stopped dropping in price, new construction has begun making places to live more affordable.
According to Forbes, Oklahoma City is one of the fastest growing cities in the country which is something to watch for potential renters.
CoStar said the city's comeback could take some more time but as most things are in the city as goes oil so goes the rest.