- Apartment prices in North Dakota's oil patch - which last year rivaled those in NYC - have dipped 15-20% in the last two months, reports Reuters - a combination of frenzied building and the plunging oil prices.
- The town of Williston issued permits for 1,290 units in 2014, ten times the amount in 2009. At that city's Dakota Ridge apartments a 2-bedroom which went for $3.2K per month one year ago is going for $2.6K now, even with just-added perks like a hit tub and free alcohol/snacks in the common lounge.
- KKR upscale Prairie Pines has cut rents by nearly 20% since last summer.
- "I could see the quality of life improving for some people if they're not worried each month about how they're going to make rent," says Investors Real Estate's (IRET +0.3%) Justin Hammer. IRET owns apartments in Williston and Minot, some of which it's pricing below market to appeal to families and retirees.