Midland/Odessa again led the top 150 U.S. markets for annual rent growth in 3rd quarter 2018, posting a monster rent hike of 31.9% in the past year. The West Texas market has led the nation each quarter since 2017’s 2nd quarter, when rents grew 17.4% annually. However, in each of the previous eight quarters, Midland/Odessa ranked dead last – and by large margins – as apartment operators there slashed prices. Needless to say, rents in Midland/Odessa are extremely volatile. The market, the epicenter of the Permian Basin oil field, is dominated by the energy industry, and local apartment performance tends to track oil prices – which have been quite volatile in recent years.
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