Midland Texas - rent prices during oil downturn

[Julie Pedraza]

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!

[Logan Turner]

@Julie Pedraza

Hi Julie,

I own just shy of 50 units in the area. (Midland/Odessa). Depends on the area, but $1500 is way too low.

My guess would be $2100-2500. But, rents are still dropping as oil jobs are finishing up and letting more people go.

Might be a good idea to go for the lower end to lock it up and re-assess next year.