Rental Property Investor · Cary, NC · Member since 2018 · 27 posts · 10 votes
Are there any Midland, Texas investors that have a good pulse on the local market and can advise on how the oil market downturn is affecting rent prices? I live in North Carolina, but have owned a rental home in Texas for the past 10 years. It's a very nice 4 BR / 2 BA, 2000 sqft home. We have been getting $3,000/month in rent, and my tenants will be moving out end of July. Clearly, we'll be dropping the rent price substantially, but I'm unsure of what is a going rate at this point in time. I've listed it on Zillow and Facebook at $2,595 with no interested renters yet, and so I'm wondering how much further we'll need to go down. Would love your input. Address is 5606 San Saba Ave if you'd like to look it up on Zillow. Thank you!
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
6y
West Texas has never been my target market due to the volatility. However, I own several rentals in fringe West Texas. My guess in today's market, you are most likely looking at 1/2 of what you were getting and the applicant will be breaking a current lease to apply for yours
Rental Property Investor · Cary, NC · Member since 2018 · 27 posts · 10 votes
6y
Thanks, Greg. Midland, TX isn't a "target market" for us, either - this was a house we lived in many years ago and have kept as a rental. It's obviously been great for us these past 10 years, but to your point, we certainly knew the rent prices would be very volatile. Luckily, we bought at a low point, so it makes it easier for us to ride the wave.
Rental Property Investor · Midland, TX · Member since 2016 · 185 posts · 180 votes
6y
My guess is around $2,300-$2,500 for that area with four bedrooms. Rents are falling and I would get it locked up and see what happens in the next year.
Try $2,400 and see what kind of interest it garners. Drop it if no interest in a couple of weeks. Screen well & hope for a tenant who isn’t in the oil business (not that many out there).