Lafayette Louisiana Residential Rent and Rental Statistics
The median monthly gross residential rent in Lafayette, LA (the Lafayette metro area) was $818 in 2019 according to the Census ACS survey.1 Average gross rent in Lafayette was $707 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Lafayette median and average rent data will be released in September of 2021.
Data is also available below for Lafayette rental vacancy rates, Lafayette rent as a percent of median income and the fraction of renters in Lafayette.
Real Gross Rent in Lafayette Louisiana (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Louisiana Median Gross Rent | $866 | -0.35% | +2.36% |
| Lafayette, LA Median Gross Rent | $818 | +0.86% | 0.00% |
Lafayette, LA Real Gross Rent Trends
Median gross rent for Lafayette peaked in real terms in 2016 at $818 and is now $0 (0.00%) lower. Average gross rent for Lafayette peaked in real terms in 2011 at $793 and is now $86 (10.84%) lower.
Real Gross Rent in Lafayette: Lafayette LA Median, Lafayette LA Average, Louisiana Median, US Median
Real Gross Rent History for Lafayette
| Date | US Median |
Louisiana Median |
Lafayette, LA Median |
Lafayette, LA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $866 | $818 | $707 |
| 2018 | $1,077 | $869 | $811 | $743 |
| 2017 | $1,043 | $862 | $765 | $679 |
| 2016 | $1,027 | $846 | $818 | $742 |
| 2015 | $1,017 | $849 | $778 | $733 |
| 2014 | $986 | $846 | $796 | $715 |
| 2013 | $953 | $803 | $734 | $670 |
| 2012 | $940 | $795 | $771 | $736 |
| 2011 | $941 | $807 | $797 | $793 |
| 2010 | $955 | $822 | $768 | $768 |
| 2009 | $960 | $815 | $817 | $749 |
| 2007 | $927 | $765 | $752 | $720 |
| 2005 | $910 | $711 | $689 | $635 |
Lafayette Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Lafayette Louisiana was 7.70% according to Census ACS data.
Rental Vacancy Rate in Lafayette Louisiana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Louisiana | 8.34% | -0.37% | -0.10% |
| Lafayette, LA | 7.70% | +0.80% | -2.91% |
Trends in Lafayette, LA Rental Vacancy Rate
The rental vacancy rate in Lafayette peaked in 2016 at 10.61%. Since then it has fallen by 2.91% to 7.70%. Data records for this series originated in 2005.
Rental Vacancy Rate: Lafayette LA, Louisiana, US
Historical Rental Vacancy Rate data for Lafayette
| Date | US | Louisiana | Lafayette, LA |
|---|---|---|---|
| 2019 | 5.97% | 8.34% | 7.70% |
| 2018 | 6.15% | 8.71% | 6.90% |
| 2017 | 6.18% | 8.74% | 8.79% |
| 2016 | 5.89% | 8.44% | 10.61% |
| 2015 | 5.85% | 8.30% | 8.79% |
| 2014 | 6.32% | 8.36% | 8.79% |
| 2013 | 6.49% | 7.64% | 6.91% |
| 2012 | 6.77% | 8.55% | 6.26% |
| 2011 | 7.40% | 8.15% | 5.99% |
| 2010 | 8.17% | 8.98% | 8.05% |
| 2009 | 8.43% | 8.19% | 5.02% |
| 2007 | 7.87% | 7.18% | 3.87% |
| 2005 | 7.74% | 7.89% | 8.33% |
Rent as a Fraction of Income
Using median household income data for Lafayette, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lafayette, median monthly gross rent as a fraction of median household income was 18.35% in 2019 according to the ACS.
Lafayette Louisiana Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Louisiana | 20.35% | -1.04% | -1.13% |
| Lafayette, LA | 18.35% | -0.47% | -2.29% |
Trends in Lafayette, LA Rent as a Fraction of Income
The fraction of median Lafayette household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 20.64%. Since then it has fallen by 2.29% to 18.35%.
Fraction of Income towards Rent: Lafayette LA, Louisiana, US
Historical Data for Annual Rent as a Fraction of Income in Lafayette Louisiana
| Date | US | Louisiana | Lafayette, LA |
|---|---|---|---|
| 2019 | 20.03% | 20.35% | 18.35% |
| 2018 | 20.50% | 21.39% | 18.82% |
| 2017 | 20.13% | 21.74% | 18.61% |
| 2016 | 20.43% | 21.48% | 20.64% |
| 2015 | 20.63% | 20.99% | 18.18% |
| 2014 | 20.89% | 21.57% | 18.59% |
| 2013 | 20.78% | 20.73% | 17.39% |
| 2012 | 20.65% | 20.87% | 18.58% |
| 2011 | 20.70% | 21.48% | 20.44% |
| 2010 | 20.50% | 20.78% | 17.64% |
| 2009 | 20.12% | 20.19% | 18.15% |
| 2007 | 18.66% | 19.09% | 17.74% |
| 2005 | 18.89% | 18.59% | 16.53% |
Renter Fraction in Lafayette Louisiana
You can calculate the renter fraction in Lafayette in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Lafayette as a fraction of total Lafayette households. In 2019 31.38% of households were renters according to Census ACS data.
Lafayette Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Louisiana | 33.51% | -1.01% | -2.23% |
| Lafayette, LA | 31.38% | +0.09% | +1.48% |
Trends in the Lafayette, LA Renter Fraction
The Lafayette household renter fraction peaked in in 2007 at 33.87% and is now 2.49% below that level. From a recent low of 28.93% in 2013, the household based renter fraction has now grown by 2.45%. The origin year for the series is 2005.
Fraction of Renting Households: Lafayette LA, Louisiana, US
History of Lafayette Renter Fraction
| Date | US | Louisiana | Lafayette, LA |
|---|---|---|---|
| 2019 | 35.89% | 33.51% | 31.38% |
| 2018 | 36.05% | 34.52% | 31.29% |
| 2017 | 36.13% | 34.82% | 31.26% |
| 2016 | 36.88% | 35.74% | 29.90% |
| 2015 | 36.97% | 35.42% | 31.56% |
| 2014 | 36.90% | 35.58% | 33.49% |
| 2013 | 36.50% | 34.03% | 28.93% |
| 2012 | 36.09% | 34.27% | 33.39% |
| 2011 | 35.42% | 33.57% | 32.92% |
| 2010 | 34.65% | 32.45% | 33.41% |
| 2009 | 34.13% | 32.08% | 30.19% |
| 2007 | 32.80% | 32.06% | 33.87% |
| 2005 | 33.10% | 32.19% | 31.11% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
