New Yorkers have to contend with oil barons buying up all the Manhattan penthouses for their as-yet unborn heirs, and even Bushwick may have become too rich for the average non-celebrity's blood. But at least we're not in Williston, North Dakota (and not just because then we'd be in Williston, North Dakota): The tiny town has the highest average rent in the United States. New York barely cracks the top ten.
Williston's soaring rent isn't thanks to its new rec center or the acclaimed "My Swirl" ice cream parlor—it's the oil, which over the last few years has drawn an influx of workers eager to capitalize on the large deposits of black gold running through Williston's rock formations. Developers were slow to cash in, housing became scarce, the laws of supply and demand do what they do and before you know it, we're here—according to the Daily News, a 700-square-foot, one-bedroom apartment in Williston costs an average of $2,394 a month. In New York, an equivalent apartment would cost around $1,504.
Williston developers better hope the oil holds out.“A lot of management companies have long-term projects projected, as long as the demand and infrastructure are there,” Pam Winter, Apartment Guide’s Regional Sales Executive for North Dakota, told the Williston Herald. “Projects that will be 300 units by the end of the year are looking to be 800 if it continues to boom."
We'll hope on behalf of the people of Williston that it does. Don't forget to cover your ears.
