Layoffs hurt Tulsa apartment business

Sunday, June 30th 2002, 12:00 am
By: News On 6

(Tulsa-AP) -- Tulsa real estate watchers say last week's layoffs at Tulsa's WorldCom operation will make bad times worse for the area's apartment business.

A report from C-B Richard Ellis Oklahoma says occupancy in the Tulsa market is about 92 percent and down one-and-a-half percent from a year ago. Average rent on a one bedroom unit is down about seven dollars from last year.

David Forrest of the company says Tulsa doesn't have a wide enough variety of jobs and many former renters have had to double up or move in with relatives.

Steve Ganzkow of American Residential Group says low interest on home loans is also hurting apartment rentals.