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    Posted January 10, 2014 by
    Johnson1980
    Location
    Midland, Texas
    Assignment
    Assignment
    This iReport is part of an assignment:
    Tell us the Good Stuff!

    More from Johnson1980

    Midland, TX: What to do about rising rental real estate prices?

     
    Midland has become the fastest growing town because of the current oil boom. The employment rates are high in this city as compare to other cities of the state and more people are moving towards this region to grab the opportunities due to which the population of the city has increased. According to certain economic analysts the current position of oil industry will last for decades and the population will also increase as the opportunities rises. It means that the second chance to this old oil field is paying off.

    The oil boom and increasing population have collective impact on the retail, restaurants, personal services and real estate industry. Whether it is rent rental real estate or for acquisition the prices are going up as more people are coming to Midland to join oil extraction and purification industry. The average residential rental price has increased from $880 to $1100 which is a huge increase for the expats. The average price of a home in Midland County has become more than $235,000 in past few years.

    According to Brian Murphy who quit his job to join Midland oil industry and came to Midland:

    “I quit my office job in Oklahoma City and came to Midland to take a highly-paid job in the oil fields. Like hundreds and thousands of oil field workers I choose to live in RV parks. "I don't think it was that bad till I got here because I have to pay $400 a month for the right just to park the trailer where I can have access to water and sewer. Still, that's better than other housing option like hiring hotel room, apartment or a rental home.” Brain Murphy’s experience tells you the story that RV Parks have become the most economic option to stay in Midland for the vocational staff coming from across US. 1270 RV Park Midland and 2134 Midland RV Park (Midland RV Campground) are the top two RV parks to stay nearest to the city.

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