Oklahoma City Apartment Sector Fueled by Healthy Economy

OKLAHOMA CITY, OK— The apartment market in Oklahoma City will perform well throughout this year, underpinned by healthy employment growth, ongoing correction in the lending markets and little new construction, according to a first-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

The local economy is being supported by rising oil prices
and profitable energy companies.

“Apartment fundamentals remain healthy, and initial yields are still high enough to attract capital to the Oklahoma City market,” says Gary R. Lucas, (top right photo) regional manager of the Oklahoma City office of Marcus & Millichap.

Following are some of the most significant aspects of the Oklahoma City Apartment Research Report:

· Employers are expected to expand payrolls by 5,000 positions this year, a 0.9 percent increase.

· Builders are projected to bring approximately 200 units online in 2008.

· Vacancy is forecast to fall 30 basis points to 8 percent by year end, its lowest level since 2001.

· Asking rents are expected to increase 3.4 percent to $537 per month this year.

· Effective rents will advance 3.5 percent to $510 per month.

For a copy of the complete Oklahoma City Apartment Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/ or contact Stacey Corso, Communications Department, Marcus & Millichap, (925) 953-1716