Oil and Gas Industry Boosting Apartment Rents
Real Estate investors take note, the highest apartment rents are not in New York, Chicago, or any major city for that matter. According to the Williston Herald, Williston, North Dakota has the highest apartment rents in the U.S.
A 700 square foot entry level apartment in Williston rents for $2,394 a month, while the same would go for $1,537 in Boston (6th) and $1,504 in New York (7th).
Apartment Guide conducted the survey by averaging the cheapest rent price for each town in the United States and then for their respective Core Based Statistical Area (CBSA). This means New York includes several surrounding towns that may have lower rents, therefore, decreasing the average cited in this study.
Nonetheless, the survey highlights how the booming oil business has turned an otherwise quiet town, into a bustling region of growth. Census data from 2010 has Williston at 14,700 residents and estimates peg the population above 30,000 today, a doubling in less than four years.
Williston sits atop the Bakken shale, a large oil formation spanning parts of North Dakota, Montana, and Saskatchewan, Canada. According to the proven oil reserves of about 2 billion barrels, as of 2011.
Which sponsors of Oil and Gas programs are active in the Bakken?
Coachman Energy, a privately owned oil and gas firm and sponsor of limited partnerships, has been active in the Bakken since 2006.
