Oil Boom Affects Housing Market
By: KSAN News
Updated: February 26, 2013
As many parts of America are still struggling to stabilize and grow their respective housing markets and property values---San Angelo is in the midst of an usual and explosive housing boom thanks to the resurgence of oil production.
Rodney Fleming - "The business here has really kind of done a 180 in the last two months, generally January and February are two of the slowest months in the year, year in and year out, and this year it has completely changed just in the last two weeks we have put under contract 17 houses."
Rodney Fleming has been in the real estate business for many years and says Spring is usually the peak time for home buying adding, that that anytime there are more houses under contract than for sale, which is happening now-, is rare.
Rodney Fleming - "I'm nervous to see what is going to happen in the spring when we normally have busy months, are they going to be even more busy?"
Rodney - "San Angelo is definitely not ready, I think the people just really don't see what the impact is going to be and I'm really nervous about that and I hope that we really get to planning in the future."
An impending housing shortage is a topic city leaders must evaluate on a city-wide scale and on campus. Angelo State University officials are already planning for the impact of a possible shortage by making sure housing on campus remains affordable. In addition, school administrators are even set to begin offering specific dorm rooms to upper classmen.
Brandy Hawkins - "The University is really wanting to be proactive about the oil boom. We want our students to have an affordable option because we know some of the in town options, the rates are increasing. What we are wondering is what will that do to students who chose to go home for the summer and then they come back and they might not be able to find a place."
Not only on campus but off. Students who lease an apartment already have a rent rate they can afford. But when it's time to renew the lease it could be a different story. Not only for student but for you and I as well.
Brad Wells - "The landlord might say that this particular unit is capable of generating more money than what you are capable of paying, so I am going to have to go up on my rent."
Rodney Fleming - "Because our owners have requested this our rent has gone up almost 20 percent in the last 6 months."
The uncertainty of the availability of affordable housing in San Angelo has prompted city leaders to team up with local housing experts like the president of San Angelo Apartment Association Scott Tankersley, in an effort to stay head of the oil boom.
Scott Tankersley- "We have been meeting with some of the people from Midland and what they have experienced and kind of try and get an idea of what we are going to experience. I don't know if we will ever be ready, but we are going to try and be as ready as we possibly can be."
Rodney Fleming - "The business here has really kind of done a 180 in the last two months, generally January and February are two of the slowest months in the year, year in and year out, and this year it has completely changed just in the last two weeks we have put under contract 17 houses."
Rodney Fleming has been in the real estate business for many years and says Spring is usually the peak time for home buying adding, that that anytime there are more houses under contract than for sale, which is happening now-, is rare.
Rodney Fleming - "I'm nervous to see what is going to happen in the spring when we normally have busy months, are they going to be even more busy?"
Rodney - "San Angelo is definitely not ready, I think the people just really don't see what the impact is going to be and I'm really nervous about that and I hope that we really get to planning in the future."
An impending housing shortage is a topic city leaders must evaluate on a city-wide scale and on campus. Angelo State University officials are already planning for the impact of a possible shortage by making sure housing on campus remains affordable. In addition, school administrators are even set to begin offering specific dorm rooms to upper classmen.
Brandy Hawkins - "The University is really wanting to be proactive about the oil boom. We want our students to have an affordable option because we know some of the in town options, the rates are increasing. What we are wondering is what will that do to students who chose to go home for the summer and then they come back and they might not be able to find a place."
Not only on campus but off. Students who lease an apartment already have a rent rate they can afford. But when it's time to renew the lease it could be a different story. Not only for student but for you and I as well.
Brad Wells - "The landlord might say that this particular unit is capable of generating more money than what you are capable of paying, so I am going to have to go up on my rent."
Rodney Fleming - "Because our owners have requested this our rent has gone up almost 20 percent in the last 6 months."
The uncertainty of the availability of affordable housing in San Angelo has prompted city leaders to team up with local housing experts like the president of San Angelo Apartment Association Scott Tankersley, in an effort to stay head of the oil boom.
Scott Tankersley- "We have been meeting with some of the people from Midland and what they have experienced and kind of try and get an idea of what we are going to experience. I don't know if we will ever be ready, but we are going to try and be as ready as we possibly can be."
