Apartment Inventory in Midland/Odessa Has Grown 40% in a Decade

Midland/Odessa, TX generally gets attention for being a boom-and-bust oil market, and that is certainly reflected in the market’s apartment fundamentals. At any given time, Midland/Odessa may rank as the nation’s top performer for apartment rent growth – only to rank as the national laggard a few months later. A different storyline emerges when looking at construction. In the last decade, a steady stream of new apartment supply has quietly been growing the market’s total inventory at one of the faster rates in the nation. Since 2013, Midland/Odessa has added about 7,400 apartment units, accounting for a nearly 37% increase in total apartment inventory, according to data from RealPage Market Analytics. That compares to a national norm of more like 19% inventory growth since 2013. In the near term, however, supply will all but halt. In 2023, Midland/Odessa added a minimal 215 units, and the market had no units underway as of 4th quarter 2023.