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    Posted February 4, 2014 by
    Johnson1980
    Location
    Midland, Texas
    Assignment
    Assignment
    This iReport is part of an assignment:
    Tell us the Good Stuff!

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    Predictions about the Rental Apartment Real Estate Trends Midland, TX

     
    Midland, TX is one of the top economies of United States which earns through petroleum industry and tourism. There’s no doubt about Midland’s boom and a boosting unemployment rate that’s tied for lowest in the nation. The city offers career making opportunities in oil industry, hoteling and retail. The hotel chains are expanding and the number of shopping malls has been increased due to the drastic increase in the population of Midland. The growing population has also affected the real estate prices and both the prices of properties for sale and for rent are high. The property prices are out of reach and basic need of the tourists is an economic rental residence.

    According to the National Apartment Real Estate Trends:

    The vacancy rate for apartments in Midland was facing a decline since 2009 till 2013 because of the huge increase in population of midland and the vacancy rates are increasing due to the enhancement of rental residential space. The chart shows the exact percentage of the year 2009 to 2013 and it also shows the prediction about the current year till 2018. There is an increase expected in the upcoming years because the price conscious visitors have started to choose RV parks near Midland-Odessa.

    The apartment real estate prices are increasing every year since 2009 till now and this growth is consistent till the coming years. The current rent of an apartment or a hotel room is $1100 which is quite high and it is still increasing day by day. The predictions say that the current and the coming years till 2018 are a golden period for the apartment and hotel owners. The population is still increasing dramatically and people need economic rental residencies to stay in the city. These circumstances have created a chance for the RV Parks and campgrounds to grow.

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