City of Tulsa and Local Developers Address 'Missing Middle' Housing Shortage with New Initiatives
Cities across the United States, including Tulsa, Oklahoma, are grappling with a significant shortage of affordable, quality housing, particularly in the 'missing middle' — housing options that bridge the gap between single-family homes and large apartment complexes. According to Zillow, there's an estimated national deficit of 4.7 million homes. In response, local developers like Red River Development, founded by brothers Steven and Ryan Watts, are creating luxury rental home communities to cater to a growing demographic of younger professionals transitioning from apartments and empty nesters looking to downsize. These communities are experiencing high occupancy rates, exceeding the average apartment occupancy. The National Low Income Housing Coalition reports an even more acute shortage of 7.2 million affordable rental units for extremely low-income renters. This housing deficit is attributed, in part, to a slowdown in new home construction following the 2008 Great Recession. 
