Rents Drop Dramatically in North Dakota

March 2, 2015

Rents for apartments in North Dakota’s oil patch have fallen 15 to 20 percent in the last two months, according to Reuters.

Several new apartment buildings have opened in cities such as Williston and Waterford City as well as other oil hubs. However, because of the drop in crude oil prices, energy producers haven’t been spending as much money. In turn, this has led to a growth in demand and allows tenants to negotiate lower rents.