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I doubt directional drillers in North Dakota are paying San Francisco rents. https://oilprice.com/Latest-Energy-News/World-News/North-Dakota-Has-Highest-Rents

• manfredo 8y ago
  This is a town with less than 30k people: https://en.m.wikipedia.org/wiki/Williston,_North_Dakota https://en.m.wikipedia.org/wiki/Williston,_North_Dakota > The 2010 census[6] gave its population as 14,716, and the Census Bureau gave the 2017 estimated population as 25,586, making Williston the sixth-largest city in North Dakota Of course a tiny town that nearly doubles in population in less than a decade is going to experience a sharp rise in rents. This is a classic example of cherry picking outliers. In contrast, the median home price in all of North Dakota is just over $200k. This still demonstrates my point: it's supply and demand that dictates the price of housing. If demand rises and supply stays the same rents go up. If supply keeps up with demand, they do not.