Apartments flood the market in Tulsa

Sunday, February 18th 2001, 12:00 am
By: News On 6

(Tulsa-AP) -- A business expert says Tulsa is building apartment complexes faster than it should.

In the last three years, contractors have built 26 apartment projects with more than six thousand units.

Steve Ganzkow works for the American Residential Group. He says the market is riding the cycle of overaggressive expansion.

Rents are stagnant.

The Tulsa Apartment Association says construction is slowing down, even though some projects are planned for this year.

A new report says Tulsa County has 57 thousand apartments.

It says growth was needed after the economic depression of the 1980s. At the start of the 1990s, apartment occupancy was near 90 percent.