WASHINGTON – Far West Texas continued to feel the impact of the oil downtown in March as apartment rents decreased, according to a report from RentCafe.
Rents in Midland and Odessa dropped 11.7 and 10.4 percent year over year, respectively.
The two metros are not only the communities with the largest drops in the nation but also the only communities with annual drops larger than 2.5 percent.
The average rent in Midland was $1,433, down 1.3 percent from February. Last months, rents fell 1.4 percent in Odessa to $1,268. the average rent fell 1.3 percent from February to $1,433. In Odessa, the average rent decreased 1.4 percent to $1,268.
Both metros saw drops in monthly rents in February, as well.
Midland has the third-highest average rent in Texas after Austin overtook it for the No. 2 spot. The Woodlands has the highest average rents.
RentCafé looked at market-rate multifamily properties 50 or larger units in size to determine rates. The data was compiled and reported by their sister company Yardi Matrix.
The Real Estate Center has more information like this online for free:
- Midland and Odessa real estate news
- Texas Quarterly Apartment Report
Source: Midland Reporter-Telegram