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IRVINE, CA—Markets whose fair-market rents are increasing themost, including Williamsport, PA; and Midland, TX, are experiencingoil and gas booms facilitated by fracking,according to a report from RealtyTrac. Both markets, alongwith Elizabethtown, KY, which is hone to the Fort Knox US Armypost, saw an increase of 24% or more in fair market rents this yearcompared to the previous year.
Daren Blomquist, VP ofRealtyTrac, tells GlobeSt.com, “The strong demandand lack of inventory is placing upward pressure on both rentalrates and home prices in these areas. We are seeing Millennialsmove to places like Williamsport, PA, and Midland, TX, both ofwhich saw an increase of 24% or more in fair-market rents in 2015compared to 2014. Williamsport and Midland are both experiencingoil and gas booms facilitated by fracking and as the demand growswe will see spikes in rental rates.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
