Midland/Odessa Rent Drops Up To 30% Over The Past Year
Rent in Midland and Odessa has dropped significantly over the past year and even for the year before that too.
According to the Midland Reporter-Telegram, rent in Midland decreased by 26.8% compared to April 2020, and Odessa decreased by 30.7% compared to April 2020.
That makes Midland/Odessa the lowest average apartment rents in the region and the state for the first time in at least 10 years.
One bedroom apartments are renting for an average of $680 in Midland while Odessa is renting one bedroom apartments for and average of $490, that is according to the Apartment List Report.
Also in that report, two bedroom apartments are going for an average of $830 in Midland, and $672 in Odessa.
This is a great rate since it was just 5 years ago that one bedroom apartments were going for over $1,000 a month at the peak of the boom in both cities.
I remember when Midland/Odessa was the cheapest place to live, not only Texas, but in the whole country back in the 1990's up to about 2009.
Rent in comparison to the rest of West Texas looks like this from most expensive to least expensive:
- Abilene is renting one bedrooms for $829 and two bedrooms for $1,087.
- San Angelo is renting one bedrooms for $815 and two bedrooms for $1,038.
- Lubbock is renting one bedrooms for $715 and two bedrooms for $888.
- Amarillo is renting one bedrooms for $688 and two bedrooms for $884.
Across the state it looks like this from most expensive to least expensive:
- Austin one bedrooms $1,224, two bedrooms $1,495.
- Dallas one bedrooms $994, two bedrooms $1,193.
- Ft. Worth one bedrooms $959, two bedrooms $1,133.
- Houston one bedrooms $910, two bedrooms $$1,083.
- San Antonio one bedrooms $905, two bedrooms $1,098.
- El Paso one bedrooms $769, two bedrooms $948.
All figures courtesy of apartmentlist.com.