Permian Basin Rent is Down, But Not at the Bottom Yet

With the downturn in the oil prices and layoffs in the oilfield, rent is down in the Basin, but not yet at its lowest point.

According to the Midland Reporter-Telegram, a one bedroom apartment in the area was down to an average of $820 a month and two bedroom apartments were down to an average of $1030 a month.

That is down from a high in January of 2015 of $1150 a month for a one bedroom and $1470 for a two bedroom.

Officials with ApartmentList who do the calculations of apartment data say that rent will be tied to oil prices for years to come.