Report: Rents down 31.5 percent in past 12 months
Photo: Jacy Lewis/Reporter-Telegram
The median rent of an apartment in Midland has dropped for 18 straight months and is down to nearly $700 for a one-bedroom apartment, according to a report from ApartmentList.com.
MRT.com/Midland Reporter-Telegram – The median rent of an apartment in Midland has dropped for 18 straight months and is down to nearly $700 for a one-bedroom apartment, according to a report from ApartmentList.com.
The report shows rents in November are down 3.5 percent compared to October, 24.5 percent compared to the start of the pandemic in March and 31.5 percent compared to the same time last year. The year-over-year drop is one of the largest in the nation, according to the report from ApartmentList.com. Year-over-growth – or lack of – trails the state average (minus 2.0 percent) and national average (minus 1.3 percent).
To put in perspective the size of the decline in the drop of rent, it was reported that of the largest cities that ApartmentList.com has data for, six showed rents decreased year-over-year and the largest decline was in Austin (5.6 percent).
The report also shows that median rents in Midland stand at $703 for a one-bedroom apartment and $859 for a two-bedroom. The national average for a two-bedroom apartment is $1,095.
“The city's rents have been decreasing for 18 straight months -- the last time rents declined was in May of last year,” the reports states.
The Midland rent decline trails the drop in Odessa, where rents have fallen 29.9 percent since March and 36.2 percent year over year, according to ApartmentList.com.
The median rents in Odessa were $503 for a one-bedroom apartment and $688 for a two-bedroom apartment.
RentCafe on its website showed an average rent in Midland around $1,533 October 2019 and $1,357 in Odessa in October of last year.
Other median rents around the region included $703 for a one-bedroom and $873 for a two-bedroom in Lubbock, $819 and $1,074 in Abilene and $671 and $871 in Amarillo.