Midland, TX Real Estate Market -- Starting to Rev Up Again??

[Brad Gibson]

Just want to get some other West Texas investors feel for the Midland/Odessa market conditions.  With the Saudis & OPEC promising to cut production (we will see), it seems there is a new range for WTI that is holding at above $50 per barrel. That seems to be the magic number for driving investment in the Basin & it appears companies are beginning to hire again.

Are y'all seeing the beginning signs of an upturn in the rental markets?  The prices for homes never really seemed to drop significantly over the 2 year downturn in the oil patch, but rents certainly went down. My non-scientific/anecdotal info appears to indicate growing pricing strength in the rents.

I just closed on, rehabbed, & found a tenant for a property in Midland.  I was worried, that it might be tough to find a tenant given the falling rent prices, but I actually had honest to goodness competition amongst 4-5 qualified applicants for the house.  Among those competing were 3 from out of state that wanted me to hold the house for them till Jan-Feb.

Any confirming or conflicting information from your perspectives?