Apartment prices in Williston, N.D., are the most expensive nationwide
A national study from an online resource for apartment hunters revealed that Williston, N.D., has the highest rent prices for small apartments in the U.S. According to an article on ApartmentGuide.com, a 700-square-foot, one-bedroom apartment in Williston costs an average of $2,394 a month.
Dickinson, N.D., comes in close at $1,733 a month, and Minot is about have the price of Williston with an average rent of $1,237. Compare that to $1,504 in the New York area and $1,411 in the Los Angeles area for the same tiny living quarters.
The reason for the sky-high rates should come as no surprise. The population in Williston, as many of you have experienced first-hand, has more than doubled in the past five years.
As the top oil-producing site in the U.S., the town’s population has grown from a scant 14,700 in 2010 to 30,000 today. The few available apartments are in high demand, and get rented immediately.
Pam Winter, Apartment Guide’s regional sales executive for North Dakota noted a growing demand for long-term projects in the article. As long as the demand and infrastructure are there She said management companies will continue to generate long-term projects projected. Projects that will be 300 units by the end of this year are looking to be 800 if it continues to boom.”
On one hand, the oil and gas boom in the Bakken Shale has created a major influx of workers, resulting in an unemployment rate of less than 1 percent — one of the lowest in the nation. On the other hand, a lack of available housing has triggered the rise in rental rates, forcing workers who spend 80 to 120 grueling hours a week on the job to potentially break the bank for place to crash.
Perhaps affordable rental housing is a thing of the past, at least in the booming Bakken. With an expected 50 percent population growth over the next 20 years, it doesn’t look like these figures will drop any time soon.
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