Midland/Odessa Logs Nation-Leading Apartment Revenue Growth
The Midland/Odessa apartment market claimed the nation’s most impressive revenue growth during the past year. Revenues were up 17.9% in the year-ending April in this market with less than 28,000 apartment units, according to data from RealPage Market Analytics. Most of that increase was on the rent growth side of the equation, as effective asking prices were up 17.2% year-over-year as of April. Meanwhile, occupancy climbed 70 basis points (bps). Both of those annual increases were also nation-leading data points. Inspiring revenue growth, Midland/Odessa ranked in the top 10 nationally for annual apartment demand, absorbing over 1,350 units in the year-ending 1st quarter. Oil prices remain elevated, which could be helping Midland/Odessa – a market that relies on the energy sector to boost its economic base. Over the past few years, with oil prices climbing to historic peaks – and hanging out there for a while – there’s been less bust and more boom than is historically typical. Not all oil dependent markets are doing as well, however. Tulsa, Oklahoma City and Houston saw marginal gains in revenue in the past year, between 0.1% and 0.6%.