Lafayette Parish Louisiana Residential Rent and Rental Statistics
The median monthly gross residential rent in Lafayette Parish LA was $874 in 2019 according to the Census ACS survey.1 Average gross rent in Lafayette Parish was $801 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 Parish median and average rent data will be released in September of 2021.
Data is also available below for Lafayette Parish rental vacancy rates, Lafayette Parish rent as a percent of median income and the fraction of renters in Lafayette Parish.
Real Gross Rent in Lafayette Parish 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 Parish LA Median Gross Rent | $874 | -2.13% | +1.39% |
Lafayette Parish LA Real Gross Rent Trends
Median gross rent for Lafayette Parish peaked in real terms in 2018 at $893 and is now $19 (2.13%) lower. Average gross rent for Lafayette Parish peaked in real terms in 2018 at $858 and is now $57 (6.64%) lower.
Real Gross Rent: Lafayette Parish LA Median, Lafayette Parish LA Average, Louisiana Median, US Median
Real Gross Rent History for Lafayette Parish
| Date | US Median |
Louisiana Median |
Lafayette Parish LA Median |
Lafayette Parish LA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $866 | $874 | $801 |
| 2018 | $1,077 | $869 | $893 | $858 |
| 2017 | $1,043 | $862 | $844 | $818 |
| 2016 | $1,027 | $846 | $862 | $830 |
| 2015 | $1,017 | $849 | $847 | $851 |
| 2014 | $986 | $846 | $858 | $838 |
| 2013 | $953 | $803 | $788 | $793 |
| 2012 | $940 | $795 | $779 | $766 |
| 2011 | $941 | $807 | $801 | $823 |
| 2010 | $955 | $822 | $777 | $782 |
| 2009 | $960 | $815 | $841 | $814 |
| 2007 | $927 | $765 | $773 | $754 |
| 2005 | $910 | $711 | $711 | $679 |
Lafayette Parish 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 Parish Louisiana was 5.83% according to Census ACS data.
Rental Vacancy Rate in Lafayette Parish Louisiana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Louisiana | 8.34% | -0.37% | -0.10% |
| Lafayette Parish LA | 5.83% | -0.53% | -4.57% |
Trends in Lafayette Parish LA Rental Vacancy Rate
The rental vacancy rate in Lafayette Parish peaked in 2017 at 10.52%. Since then it has fallen by 4.69% to 5.83%. Data records for this series originated in 2005.
Rental Vacancy Rate: Lafayette Parish LA, Louisiana, US
Historical Rental Vacancy Rate data for Lafayette Parish
| Date | US | Louisiana | Lafayette Parish LA |
|---|---|---|---|
| 2019 | 5.97% | 8.34% | 5.83% |
| 2018 | 6.15% | 8.71% | 6.36% |
| 2017 | 6.18% | 8.74% | 10.52% |
| 2016 | 5.89% | 8.44% | 10.40% |
| 2015 | 5.85% | 8.30% | 7.08% |
| 2014 | 6.32% | 8.36% | 8.01% |
| 2013 | 6.49% | 7.64% | 5.62% |
| 2012 | 6.77% | 8.55% | — |
| 2011 | 7.40% | 8.15% | 5.80% |
| 2010 | 8.17% | 8.98% | 8.23% |
| 2009 | 8.43% | 8.19% | 5.07% |
| 2007 | 7.87% | 7.18% | 4.10% |
| 2005 | 7.74% | 7.89% | 8.86% |
Rent as a Fraction of Income
Using median household income data for Lafayette Parish, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lafayette Parish, median monthly gross rent as a fraction of median household income was 17.32% in 2019 according to the ACS.
Lafayette Parish 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 Parish LA | 17.32% | -0.20% | -2.45% |
Trends in Lafayette Parish LA Rent as a Fraction of Income
The fraction of median Lafayette Parish household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 19.76%. Since then it has fallen by 2.45% to 17.32%.
Fraction of Income towards Rent: Lafayette Parish LA, Louisiana, US
Historical Data for Annual Rent as a Fraction of Income in Lafayette Parish Louisiana
| Date | US | Louisiana | Lafayette Parish LA |
|---|---|---|---|
| 2019 | 20.03% | 20.35% | 17.32% |
| 2018 | 20.50% | 21.39% | 17.52% |
| 2017 | 20.13% | 21.74% | 18.80% |
| 2016 | 20.43% | 21.48% | 19.76% |
| 2015 | 20.63% | 20.99% | 18.42% |
| 2014 | 20.89% | 21.57% | 19.11% |
| 2013 | 20.78% | 20.73% | 15.49% |
| 2012 | 20.65% | 20.87% | 18.55% |
| 2011 | 20.70% | 21.48% | 19.71% |
| 2010 | 20.50% | 20.78% | 17.24% |
| 2009 | 20.12% | 20.19% | 18.43% |
| 2007 | 18.66% | 19.09% | 17.94% |
| 2005 | 18.89% | 18.59% | 16.66% |
Renter Fraction in Lafayette Parish Louisiana
You can calculate the renter fraction in Lafayette Parish 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 Parish as a fraction of total Lafayette Parish households. In 2019 35.70% of households were renters according to Census ACS data.
Lafayette Parish 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 Parish LA | 35.70% | +1.01% | +0.77% |
Trends in the Lafayette Parish LA Renter Fraction
The Lafayette Parish household renter fraction peaked in in 2015 at 37.75% and is now 2.05% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Lafayette Parish LA, Louisiana, US
History of Lafayette Parish Renter Fraction
| Date | US | Louisiana | Lafayette Parish LA |
|---|---|---|---|
| 2019 | 35.89% | 33.51% | 35.70% |
| 2018 | 36.05% | 34.52% | 34.69% |
| 2017 | 36.13% | 34.82% | 33.51% |
| 2016 | 36.88% | 35.74% | 34.93% |
| 2015 | 36.97% | 35.42% | 37.75% |
| 2014 | 36.90% | 35.58% | 37.30% |
| 2013 | 36.50% | 34.03% | 32.67% |
| 2012 | 36.09% | 34.27% | 35.47% |
| 2011 | 35.42% | 33.57% | 36.01% |
| 2010 | 34.65% | 32.45% | 36.47% |
| 2009 | 34.13% | 32.08% | 32.18% |
| 2007 | 32.80% | 32.06% | 36.39% |
| 2005 | 33.10% | 32.19% | 33.41% |
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. ↩
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