Apartment Rent in the Permian Basin Has Dropped Significantly from Two Years Ago
Apartment prices in the Basin have dropped a lot since 2019.
According to the Midland Reporter-Telegram, an online apartment guide reported Midland and Odessa as the second and third highest year over year drop in the entire nation.
Midland showed a 30.2% drop, while Odessa showed a 33.3% drop.
Odessa and Midland even led in dropping rents over larger cities like Seattle, San Francisco, and New York City.
Dropping rent in the area has made Midland and Odessa one of the lowest areas in West Texas instead of being one of the highest like it has been over the past few years.
Rent in Odessa for a one bedroom is at $491, and Midland is at $686 while San Angelo, Lubbock and Abilene are all over $700.
Rent for a two bedroom in Odessa is $672 while Midland sits at $838. Amarillo was $858, Lubbock was $880, San Angelo was $1,034, and Abilene was $1,076.
This makes Midland and Odessa much more affordable after years of rents being over $1,800 a month for a one bedroom and $2,500-$3,000 for two and three bedroom apartments just two years ago.
With the drop in rent and Midland and Odessa being one of the lowest places for rent in West Texas, we can once again brag about being a more affordable option than other towns close by as well as the bigger cities like Dallas and Houston.
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