Relief is starting to show up in the Midland housing market as rental rates established as the highest in the nation on average have begun to drop.
The Midland Record Times said rates that reached an average of $1,607 have dropped 10% or $155 within the span of a year. The decline began last summer, according to rentcafe.com, which has propelled The Woodlands, a suburb of Houston, into the top spot with an average rent of $1,468.
Neighboring Odessa had its rent drop 7% t and joined Midland as the only two communities with rent dropping more than 1.6%.
The decrease in rent coincides with a decrease in oil prices. Oil prices were dropping before a price war began between Saudi Arabia and Russia. The price had hovered between $20 to $30 a barrel until April 2 with a 25% rally based on speculation of an agreement between the two countries to cut production.