Apartment Rentals, Commercial Property Leasing Benefits from Marcellus Drilling in Wellsboro, PA
Depending on your viewpoint, one of the benefits (or drawbacks) of an increase in drilling activity is the rise in rental prices for apartments and houses. The borough of Wellsboro in Tioga County, PA (population about 3,300) is experiencing a real estate boom due to drilling. Prices for apartments around Wellsboro have doubled:
[Real Estate Agent Victoria] Costanzo says the average rental rate in Wellsboro use to range between $400 to $600 a month. But now with the natural gas companies moving their employees into local areas, they are willing to pay more and rents have doubled.
The Wellsboro Mayor [Jim Daugherty] says people, who originally were going to sell their homes, are now opting to rent or lease their properties for higher prices.*
Office space and garages to store equipment are also in high demand, and two area hotels have been sold to drilling companies to house workers.
*WETM Channel 18 TV (Apr 21) – Rent Prices on Rise in Wellsboro