Are you moving to Midland? While the Permian Basin is in the midst of a massive oil boom, people from all over are flooding to the Midland-Odessa area. With demand rapidly outstripping supply, the rental market in Midland is rough.
Rent is soaring.
The two worst cities in America for growth in rent prices are Midland and Odessa. According to March 2018 data from RentJungle, the average rent in Midland has increased by 25.54% for an average of $1,433 a month. That also means rent went up 3.84% from just last month.
Almost half of all Midland apartments go for between $1,000 and $1,500 a month, with the average rent for a one bedroom apartment being $1,050, according to RentCafe. That means rent is more expensive in Midland right now than in Houston, Fort Worth and San Antonio. But, hey, it’s cheaper than Austin. Builders are trying to catch up so that the supply of housing will meet the demand for Midland’s growing population and bring prices back down. But, prices aren’t expected to level off until the end of the year when more housing construction projects get finished.
You’re paying more, for less.
Renters in Midland are paying more than their counterparts in other Texas metro areas for less square footage. For a one-bedroom apartment, the average Midlander will pay $1,050 for 700 square feet, while the average Houstonian will only pay $954 for 724 square feet. Also, the price of rent in Midland won’t level off any time soon.
Instead of renting, consider a temporary living solution.
If you are relocating to Midland in a hurry, you don’t have to rent an apartment right away. Instead, you could find a temporary housing solution with The Hennessey Group. You’ll have flexible leasing options, instead of signing a six month or year-long lease, during your stay, or while you look for your dream home. Don’t get stuck with an expensive, long-term lease in Midland.
With a relocation company like The Hennessey Group, you’ll have help from a representative assigned specifically to you throughout the process of finding a place and moving. Also, The Hennessey Group has a wider variety of properties than just apartments, including family homes, condos and townhomes. If you’re interested in seeing what The Hennessey Group can offer, contact us to learn more about temporary housing and live smarter in the Permian Basin.