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Rent in the Basin: Comparing rates across the state, nation

According to a report by RentCafe, renters in the Basin saw an increase in rates of more than 4 times the national average.

PERMIAN BASIN, TX (KWES) - Everyone knows rent costs in the Basin are high, but just how high and why?

“That’s all supply and demand. Obviously our supply is too low and our demand is really, really high so we are under served and under built,” stated Wesley Burnett, the Director of the Odessa Development Corporation.

His message was only reinforced recently as the apartment listing website RentCafe.com has just released their latest report proving that rent in the Basin is increasing at an alarmingly high rate as compared to other cities not only across the state but across all the nation.

Burnett also stated, “A lot of folks are moving here, there’s just not a lot of places to live.”

That demand is only allowing the current rental properties to keep inflating rent prices, which according to the RentCafe report now places Midland at the top of the list, with Odessa coming in at a close second for the most increased average rent year over year in all of the United States.

The solution many say is to add more rental units to our local market.

“We’ve got to get numbers, we’ve got to get units on the ground so whether it’s this level, or that level or mid level, whatever it is we just need more construction and more units out here in Odessa”, stated Burnett.

The increases that earned Midland and Odessa the top two spots in the nation saw Midland rent increase by over 16 percent and Odessa’s by over 12 percent. How does that compare to other cities across the nation?

The average increase there was only 3.6 percent, so by comparison renters in the Basin saw an increase of more than 4 times the national average.

The average cost of rent also sees Midland and Odessa in the number one and two spots for all of Texas, with the average cost of a one bedroom apartment in Midland at $1,588 and in Odessa at $1,385.

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