Midland, Odessa apartment rents had largest drops nationally

​​WASHINGTON – Far West Texas continued to feel the impact of the oil downtown in March as apartment rents decreased, according to a report from RentCafe.  

Rents in Midland and Odessa dropped 11.7 and 10.4 percent year over year, respectively.

The two metros are not only the comm​unities with the largest drops in the nation but also the only communities with annual drops larger than 2.5 percent.

The average rent in Midland was $1,433, down 1.3 percent from February. Last month, rents fell 1.4 percent in Odessa to $1,268. The average rent fell 1.3 percent from February to $1,433. In Odessa, the average rent decreased 1.4 percent to $1,268.

Both metros saw drops in monthly rents in February, as well. 

Midland has the third-highest average rent in Texas after Austin overtook it for the No. 2 spot. The Woodlands has the highest average rents. 

RentCafé looked at market-rate multifamily properties 50 or larger units in size to determine rates. The data was compiled and reported by their sister company Yardi Matrix.

The Real Estate Center​​​​ has more information like this online for free:

• Midland and Odessa real estate news
• ​​​​Texas Quarterly Apartment Report​​

​Source: Midland Rep​orter-Telegram