Technology

The Priciest Rents in the U.S. Are Somewhere You've Probably Never Heard Of

Former Staff Writer
2 min read

The most expensive city in the United States to rent an apartment does not boast mystically scenic views, particularly trendy locales or soaring cityscapes. Rather, the title is held by a small town in North Dakota called Williston, where rents are rocketing in response to an oil boom.

According to a study by Apartment Guide, Williston produces more oil than anywhere else in the country -- and it seems as though “apartments can’t be built fast enough” to accommodate the vast number of workers herding to the area, many of whom take home six-figure salaries.

Related: From Chickens to Caskets -- 8 Unique Rental Businesses

A 700-square-foot, one-bedroom apartment in Williston fetches, on average, $2,394 -- which is far more than comparable rentals in San Francisco, $1,776, and New York, $1,504, according to the study.

Rents are so high, in fact, that the city recently formed an Affordable Housing Committee, reports Time, in hopes of encouraging cheaper rents.

A 2010 census pegged the then-quiet and predominantly agricultural town’s population at 14,700 -- a number that has more than doubled today. As a result, infrastructure is being put on a fast track, and many owners of existing properties are increasing their rents.

Related: Successful in Pizza? How About Oil Changes

One particularly popular feature of new residences being built in town? Many feature a “mudroom” in front, says Apartment Guide, where workers can remove their dirty shoes before entering their homes. (After all, in this oil industry hub, the ratio of men to women in Williston is 12 to one.)

Located in the northwest corner of the state -- on Montana’s border -- Williston doesn’t offer much in the way of stimulus, reports ABC News. Its most famous resident is NBA coach Phil Jackson, while the majority of its locals do their shopping at the Walmart Supercenter.

Related: 7 Ways Social Media Will Be More Expensive This Year

More from Entrepreneur

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

Whether you are launching or growing a business, we have all the business tools you need to take your business to the next level, in one place.
Enroll Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

3 Ways a Virtual Reality Pioneer Is Rebranding the Form