Rental Properties Limited In Midessa
By: Jackie Smith
Updated: April 6, 2011
MIDLAND -- As newcomers flood the Permian Basin, taking advantage of the area's booming economy, they're having a tougher time finding a place to live. According to the Permian Basin Apartment Association, the rental market is at a close to a 100 percent occupancy rate.
It's a growing problem here in the Midland/Odessa area -- more people, not enough apartments. And people are finding that they can't afford the apartments that are available. Some one bedrooms are going for over $1,000 a month. In 2010, occupancy levels were around 90 percent but this year they're inching close to 100 percent.
New Midland assistant city manager Jim Nichols told me that he had a hard time finding a place to rent this month. He said he got lucky because he knew someone moving out of an apartment. Nichols says people are starting to realize that Midland is the place to be, and it's his job to make sure developers take notice.
"What we need to do as a city right now is get the word out, so that developers and companies that are interested and focus on that type of rental housing will realize that this is market that is very successful," said Nichols. "And they would have an opportunity to develop here, and have built in customer base ready and waiting for them."
Jackie Smith can be reached via e-mail at jsmith@kmid.tv.
It's a growing problem here in the Midland/Odessa area -- more people, not enough apartments. And people are finding that they can't afford the apartments that are available. Some one bedrooms are going for over $1,000 a month. In 2010, occupancy levels were around 90 percent but this year they're inching close to 100 percent.
New Midland assistant city manager Jim Nichols told me that he had a hard time finding a place to rent this month. He said he got lucky because he knew someone moving out of an apartment. Nichols says people are starting to realize that Midland is the place to be, and it's his job to make sure developers take notice.
"What we need to do as a city right now is get the word out, so that developers and companies that are interested and focus on that type of rental housing will realize that this is market that is very successful," said Nichols. "And they would have an opportunity to develop here, and have built in customer base ready and waiting for them."
Jackie Smith can be reached via e-mail at jsmith@kmid.tv.
