Tulsa-area apartment rents continued their steep climb in 2008, though renters may start to see some relief this year. - Robert Evatt

Overall rents increased 7.4 percent, according to a survey by CB Richard Ellis/Oklahoma. Average rates now range from $481 for a one-bedroom unit to $660 for a two-bedroom, two-bath unit — the highest levels ever seen in Tulsa.

David Forrest, the author of the report, said rents typically rise when the local economy is doing well and adding jobs, though last year's frustrations in home buying and home construction contributed by leading more people to rent.

"The apartments have benefited from the expense of the single-family market," he said.

However, he noted most of the year's growth occurred during the first nine months. After that, the recession kicked in and rent increases slowed to a crawl, Forrest said.

The bad economic news affected occupancy as well, as the year-end total of 92 percent was down half a point from 2007, mostly due to move-outs in the recent few months.

But not all indicators hint to a coming drop in rents. Forrest said that with only 1,500 new apartment units constructed since 2005 and only 1,500 more coming through 2010, the apartment market probably won't face an oversupply.

Also, Tulsa's economy seems to be holding its own, at least for now, he said. The state's unemployment rate was 4.5 percent as of November, while the nation's rate hit 7.2 percent last month.