Tulsa apartment glut

Saturday, April 7th 2001, 12:00 am
By: News On 6

There is a battle for renters going on in Tulsa. Apartment complexes want you to rent, so they're coming up with all kinds of offers and rebates. KOTV's Donn Robertson did some shopping around Friday explains all the specials. Virtually every apartment complex in Tulsa is offering some sort of special deal. It's because Tulsa is just wrapping up an apartment building boom. And there is more room at the complexes than there are renters. 20 year-old Nick Amos is out apartment hunting. He really wants to rent a house, but the apartment deals are too hard to pass up. "Whatever you want, there are so many you get what you want." The rent for a small one room at the Palazzo is $620 a month, but he gets $200 the grand total if he signs a one-year lease. The Palazzo recently started giving rebates because virtually all complexes in town have an aggressive rebate or move-in special campaign. Apartment finders and locators say people moving to Tulsa and people already here have so many options, and the rebates make it so people can improve their living situations. Apartment locator Tabatha Kirkland says "We can take that, divide it across the board and it makes their monthly payment less expensive." In 1983, Tulsa built more than 7,000 new units. Then the oil bust hit and the city went more than a dozen years with virtually no growth. Within the last three years, more than 6,000 new units have hit Tulsa. A local broker says if Tulsa continues its growth, the apartment market will tighten because the apartment building boom has come to a complete halt. When Amber Williams started in property management five years ago, specials were hard to come by. "You didn't have to offer any specials, it was just the rent. Now, there are so many specials, you have a choice." Just last month, the Renaissance started offering a month's free rent when you sign a lease. Managers of apartment complexes say the deals should start slowing down because the moving season IS picking up. It will be interesting to see who pulls their specials first.