North Dakota produces 858,000 barrels of crude oil per day, making it the second largest state producer after Texas. This means job growth, a massive population surge and now a housing shortage that’s leaving even six-figure earners essentially homeless, according to one article. Given the demand and limited housing supply-there are 57,000 apartments statewide-The Related Companies is eyeing investment in oil towns there, as well as in Texas. In fact, Related recently purchased a 21-property portfolio in West Texas.
