(KWES) - Odessa and Midland have the fastest growing rent rates in the nation, according to a report by RENTCafe.
According to the post, Odessa has seen a rent increase of 38.9% in 2017, with an average price of $1,200 a month this February. Not too far behind, Midland has seen a rent increase of 35.7% in 2017, with an average price of $1,360 a month this February.
Following Odessa and Midland, the other top five fastest growing rental markets in the nation were Lancaster, Calif., 11.1%, Reno, Nev., 10.3%, and Fort Collins, Colo., 9.9%.
The post also acknowledges the top five slowest rent increases of the nation. Topping the list is Lubbock with a -4.8% increase. Following Lubbock was Norman, Okla., -2.7%, Baton Rouge, La., -2.1%, College Station, -1.2%, and Stamford, Conn., -1.1%.
With such staggering statistics, we reached out to Alex Garcia of the Permian Basin Apartment Association, who gave us this statement in regards to the dramatic increase.
Rates are determined, like most everything else, by the supply and demand of the market. the same concept applies to purchasing a new home, commercial real estate, etc...the oil market has affected this trend as it has in most all industries and businesses of our region. our area is definitely seeing a large influx of people moving in- increasing demand."
For those with leases ending, and in fear of a rate hike, we also reached out to John Boswell, President of Boswell & Associates Real Estate for advice.
"If you're renting a property you can't very much afford for it to go up, then you need to be in communication with your land lord now. You need to be working on your credit, make sure your payments are on time, make sure you're not getting behind on any of your debts, and get your credit score up. You want to make yourself as valuable as possible to your land lord," says Boswell.
For more information on national statistics of rent prices, you can see the original post here.