North Dakota Oil Boom Fuels Apartment Rental Rate Increases

North Dakota Oil Boom Fuels Rental Rates

North Dakota is a boom state for oil productivity and rental prices for properties have skyrocketed to levels found in New York and California. The Sierra Nevada ore that lured 300,000 prospectors in the Gold Rush of 1849 has met its historical equivalent. Fracking in the oil fields of North Dakota is generating the next economic bonanza, and attracting a significant number of financially distressed Americans who are picking up and heading to where the money is.

Business Insider reports a single room apartment in the small town of Williston, North Dakota carries an average monthly rent of $2, 394. The vast, untapped oil reserve in North Dakota is bringing in workers from all over the country to make a quick pay-day, but the economic impact the North Dakota Oil Boom is having on local economies is drastic.

Restaurants adjacent to the oil fields are hiring servers, some with starting wages at $25 dollars an hour according to CNN. This is perceived as manna from heaven for many jobless Americans still struggling to make ends meet in the post 2007 crash economy.

As for the roughnecks, operating an oil rig is an extremely laborious job that comes with the risk of being seriously injured or killed. This fact alone is alarming considering the long, arduous hours expected of roughnecks, who are earning roughly $70,000 a year in an area where rapidly rising prices are the norm.

If you’re a roughneck or oil rig operator in North Dakota, Rent It Today can help you find rentals in your area including:

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