Jun 8, 2016
Midland rents falling, still haven’t hit bottom
MIDLAND - The average price of a two-bedroom apartment was $1,030 for May 2016—about a 30 percent drop from October 2014 which was the peak of Midland’s housing market according...
MIDLAND – The average price of a two-bedroom apartment was $1,030 for May 2016—about a 30 percent drop from October 2014 which was the peak of Midland’s housing market according to ApartmentList data.
One-bedroom apartments averaged at $820 last month and three-bedroom apartments averaged $1,600, according to the data. The median rents are calculated averaging all available units advertised for that month, AL data scientist Andrew Woo said.
Overall, each type of apartment—one bedroom through three-bedroom—dropped by $230, $290 and $450 respectively from May 2015, or a 22 percent average drop.
Rents correlate with the oil market but, while prices of oil have seen an increase, rents haven’t, Woo said.
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