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.