Move Over, California: Oil Patch Has Fastest-Rising Rent in U.S.
- Rents in West Texas rose more than 35 percent from June 2017
- Oil and gas output in the Permian Basin hit records in June
An electronic sign displays the number of oil rigs operating in the U.S. and the Permian Basin outside an office building in downtown Midland, Texas, on March 1, 2018.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Want to rent an apartment near the biggest U.S. oil patch? It’ll cost you.
Rent in West Texas, home to the Permian Basin, climbed to the highest since at least 2005, based on data from apartment rental website RENTCafe, real estate research firm Yardi Matrix and the U.S. Census Bureau. Housing costs have soared as workers flock to the region, lured by the promise of fat paychecks amid the shale boom.