During December 2014, Vedadi said his firm opened a housing unit at the same time as several other housing developers. â€śOn apartments that came available in December, you would frankly think that is the worst time to bring something online in North Dakota between the weather, holidays and the annual slow-down in fracking,â€ť he said. â€śOur apartments have had no rent compression due to lack of interest and are actually leasing at a faster rate than we anticipated.â€ť
The surplus of units that came online this winter during a time of six year lows for crude prices highlights the reality, and accuracy of the third-party reports that indicated how short the region was on housing, Vedadi said.
The construction firm is currently working on a major development in Williston, and according to Vedadi, any perceived slowdown and demand for living options has not been seen, nor will it. The reason, he said, relates to the infrastructure development currently happening that will take multiple years to complete. Among the major elements of the Bakken and its demands, he noted, are the billion dollar gas plants coming online and the long-term infrastructure projects for roads and highways. The large-scale gas plants and the state-funded infrastructure projects both create a high-volume of jobs, many of which are long-term. â€śI think there is such a balance in the marketplace between public infrastructure and others things that need to be done and a lot of people donâ€™t understand the amount of work that still needs to be completed.â€ť