Despite their recent jump, the fall in oil prices has been effecting real estate markets. Since the end of last year, many energy companies have had to reduce capital spending and layoff major numbers of employees (falling oil prices have been responsible for 39,621 job cuts in the first two months of the year according to a prominent outplacement firm). This has been felt throughout the economy, as new evidence shows that rental markets are now taking a hit. A study done by Zillow shows that the median estimated monthly rental price for single-family home, condominiums and apartments in oil-dependent metropolitan areas is rapidly falling. Zillow breaks down the most oil and gas dependent Texas metros as Midland-Odessa, Beaumont-Port Arthur, Houston and Corpus Christi. These markets were booming before they began to rapidly cool off at the end of last summer as the oil market took a hit. In august, rents were growing by about 8% a year, compared to 6% now in oil dependent markets. The graph below from Zillow shows the rent per square foot in Texas cities, percent change from a year ago in both oil/gas dependent areas and less dependent areas.