MIDLAND - Apartment prices have fallen over the last few months by hundreds of dollars, according to local apartment managers and data, as local apartment complexes have dealt with an outflow of oilfield workers.
Local managers estimated they had decreased prices at their properties from between $50 to $400 a month to cope with the adjustment in the market.
Many managers blamed layoffs and reduced hours in the oilfield for their falling prices.
Rents for one- and two-bedroom apartments began falling in January and have dropped by nearly $200 a month.
Data obtained from ALN Apartment Data shows that Midland’s apartment occupancy rate peaked in April/May 2014 at 97.6 percent. A year later occupancy sits at 86 percent.
The sister city of Odessa hit its peak of 96.3 percent occupancy in July/August 2014 and has since fallen to 88.4 percent. ALN estimated that overall occupancy rates are somewhere around 87.3 percent.
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