Residential rates up 24 percent in oil-rich MidlandResidential rates up 24 percent in oil-rich Midlandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=20452015-01-08T07:20:00Z2015-01-08T07:00:00Z

MIDLAND - Residential rental rates have risen 24 percent in the last year in Midland, due to high demand generated by the energy industry, according to the RealtyTrac housing data company.

Midland is in the heart of the Permian Basin, a large formation in West Texas that leads the nation in drilling activity.

Apartment occupancy in Midland was reportedly at 97 percent in 2014, according to CBRE.

The No. 1 gainer in residential rental rates was another shale drilling community, Williamsport, Pa., in the Marcellus Shale.

Rents rose 32 percent in Williamsport last year, according to RealtyTrac, which based its report on data from a U.S. Department of Housing an Urban Development study of counties with more than 100,000 in population.

Listen to Podcast 240 for this story and more.

Realty News Report
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