MIDLAND, Texas – 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.
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.
Apartment occupancy in Midland was reportedly at 97 percent last year, according to CBRE.
In a noteworthy deal last year, the Related Cos.’ Related Real Estate Recovery Fund has purchased a 3,000-unit apartment portfolio in Midland area.