ODESSA, Texas (Big 2 / Fox 24 ) – Rent prices in Odessa are hitting a new lows according to a national study. According to a new report by Apartment List, rent prices have dropped 36% from this time last year, making Odessa more affordable than many large cities nationwide.
Tonya Trower-Gonzales, Property Manger of Trower Realtors in Odessa, said she’s now renting out houses at much lower cost.
“I mean I would say that a house that we were renting for $2500 you know a year ago is we’re getting $1800 to $2000 now,” Gonzales said.
Rent prices on apartments have also dropped according to this report. A two-bedroom apartment in Odessa is now around $688 which is below the national average of $1095. But Gonzales said it’s not just COVID-19 that has caused this drop in rent.
“Oil went to the negative, people lost their jobs because the oil companies couldn’t keep them,” Gonzales said. “Until the oil prices go back up they’re not going to be doing any kind of hiring to bring people back in, so whenever oil goes back up and everybody goes back to work and we’re done with the COVID, I think it’s going to stay the same.”
But for people who are moving to Odessa for a new job, Gonzales said this drop comes as a huge advantage.
“As long as the market is there, it’s going to stay down,” Gonzales said. “We have like 70 to 90 houses on our rent list right now, so there are plenty available to rent.”
Since prices have dropped, people who used to rent apartments are now moving into homes, according to Gonzales. He says this has given property owners time to improve their rental homes while they wait for more people to move to the Permian Basin.
“In this downtime you know they have gone in and the houses and they’re a lot nicer and fixed them up and got to do the things that they didn’t have time to do before.”