There is a fine line it seems, between pricing based on “supply and demand” principles and “price gouging”. I think that line has been crossed with the cost of renting an apartment in the Permian Basin.
I understand you will pay a premium for a premium apartment. Granite, crown moldings, covered parking do not come cheap. I get that. However, there are the 30 year old apartment complexes that have jumped on the high-rent bandwagon that should be ashamed to charge the rents they are charging!
Our kids are renting one of these apartments. Our son, daughter in law, their baby, a friend AND our daughter are all sharing a 3 bedroom apartment. They have to share the rent to be able to afford the place. They are being charged almost $1600 a month for an apartment with the kitchen cabinets coming off the walls, an air conditioner that barely works and leaks constantly into the bathroom, a bathtub that was spray painted to cover the wear and tear AND mold before they moved in! The front door is so warped and damaged it does not close properly and they cannot get internet or cable because the wiring in the building is old and sub-standard.
Lately, they have been coming to our house to shower because either the water is turned off all day or the drains don’t work so they cannot use their showers. My kids don’t work in the oil business. They do not make oil business money…not all of us who live here do, but they are certainly being gouged by the apartment complex for their place…as is everyone else who is forced to pay these rents to unscrupulous apartment management.