June 13, 2018
Apartment landlords in West Texas are seeing their fortunes improve as rental rates increase. Odessa and Midland ranked first and second respectively in the nation for the most significant year-over-year rent increases in May, according to rentcafe.com.
Odessa posted an increase of 35.8%, while Midland’s increase was 35.4%. The average rent for an apartment in Odessa was $1,204, while the average rent for one in Midland was $1,341, according to rentcafe.com.
Yonkers (NY), Reno (NV), and Hollywood (FL) rounded out the top five rental markets with the highest rental rate growth. Yonkers achieved 12.9%, while Reno posted 10.7% and Hollywood gained 8.5%—all three considerably less than Odessa and Midland.
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