Rent Trends in Hobbs, New Mexico 2016

[Yousif Abudra]

Does anyone have insight to the rental trends in Hobbs, New Mexico?  Or possibly Carlsbad, New Mexico / Midland, Texas / Odessa, Texas?

Given the weakness of the Permian, I would expect to see rents decreasing and vacancies climbing, but would like to get input from folks on the ground in those markets.

[Marc C.]

You might try to compare HUD Fair Market Rents for those counties in SE NM for 2014, 2015, 2016, and 2017 and see if they dropped.

https://www.huduser.gov/portal/datasets/fmr.html

If they are truly "fair market", they should have fallen in 2015 from 2014, and again in 2016 from 2015. The 2017 FMR's were recently posted.