With the relatively recent discovery of significant stores of oil and gas located in Texas' Eagle Ford Shale region, the rental property market in the area is flying sky-high.
According to the Austin Statesman, rental rates in the area have increased by 15 percent, from $650 to $750 per month, since the start of the boom. According to Davina Trevino-Rodriguez, property manager of an apartment complex in Pearsall, notes that her 75-unit development is now constantly full, when previously, the occupancy rate was generally about 85 percent. Trevino-Rodriguez notes that so many potential tenants have passed in rental applications that she now has a two to three year waiting list.
Furthermore, Eagle Ford Shale is now a great location for property investors. Trevino-Rodriguez notes that her father was able to rent out all 30 of his rental homes since the start of the oil boom in the region.
Researchers at the University of Texas – San Antonio note that the Eagle Ford Shale housing market can't continue to grow at its current rate without providing affordable housing to the many low-income families moving in. According to UTSA data, the median household income in the area is approximately $21,707 to $36,684, which, due to the high rental rates and increasing home prices in the area, would bar many families from obtaining appropriate housing.