Department of Numbers

Lafayette Louisiana Residential Rent and Rental Statistics

The median monthly gross residential rent in Lafayette, LA (the Lafayette metro area) was $754 in 2014 according to the Census ACS survey.1 Average gross rent in Lafayette was $677 in 2014. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2015 Lafayette median and average rent data will be released in September of 2016.

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.

Show dollars as: Nominal Real

Real Gross Rent in Lafayette Louisiana (2014 dollars)2

2014 1 Year Change 3 Year Change
US Median Gross Rent $934 +3.43% +4.83%
Louisiana Median Gross Rent $801 +5.26% +4.84%
Lafayette, LA Median Gross Rent $754 +8.49% -0.13%

Lafayette, LA Real Gross Rent Trends

Median gross rent for Lafayette peaked in real terms in 2009 at $774 and is now $20 (2.58%) lower. Average gross rent for Lafayette peaked in real terms in 2011 at $751 and is now $74 (9.85%) lower.

Real Gross Rent in Lafayette: Lafayette LA Median, Lafayette LA Average, Louisiana Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Lafayette

Date US
Median
Louisiana
Median
Lafayette, LA
Median
Lafayette, LA
Average
2014 $934 $801 $754 $677
2013 $903 $761 $695 $634
2012 $891 $753 $731 $697
2011 $891 $764 $755 $751
2010 $905 $779 $727 $727
2009 $909 $772 $774 $709
2008 $924 $783 $747 $707
2007 $878 $724 $712 $682
2006 $887 $719 $676 $665
2005 $862 $674 $652 $602

Lafayette Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2014 the rental vacancy rate for Lafayette Louisiana was 8.79% according to Census ACS data.

Rental Vacancy Rate in Lafayette Louisiana

2014 1 Year Change 3 Year Change
US 6.32% -0.17% -1.08%
Louisiana 8.36% +0.72% +0.21%
Lafayette, LA 8.79% +1.88% +2.80%

Trends in Lafayette, LA Rental Vacancy Rate

At 8.79%, Lafayette residential rental vacancy rate in 2014 is at the highest point since 2005, the beginning of our reporting for this series.

Rental Vacancy Rate: Lafayette LA, Louisiana, US

Rental vacancy rate in Louisiana

Historical Rental Vacancy Rate data for Lafayette

Date US Louisiana Lafayette, LA
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%
2008 7.86% 8.20% 5.55%
2007 7.87% 7.18% 3.87%
2006 7.70% 6.36% 3.37%
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 18.59% in 2014 according to the ACS.

Lafayette Louisiana Median Annual Rent as a Fraction of Median Household Income

2014 1 Year Change 3 Year Change
US 20.89% +0.10% +0.19%
Louisiana 21.57% +0.84% +0.09%
Lafayette, LA 18.59% +1.20% -1.85%

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 2011 (relative to the 2005 series origin) at 20.44%. Since then it has fallen by 1.85% to 18.59%.

Fraction of Income towards Rent: Lafayette LA, Louisiana, US

Percent of median household income going towards median monthly gross rent in Lafayette Louisiana

Historical Data for Annual Rent as a Fraction of Income in Lafayette Louisiana

Date US Louisiana Lafayette, LA
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%
2008 19.00% 19.15% 17.26%
2007 18.66% 19.09% 17.74%
2006 18.90% 18.85% 16.88%
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 2014 33.49% of households were renters according to Census ACS data.

Lafayette Fraction of Renters by Household Units

2014 1 Year Change 3 Year Change
US 36.90% +0.40% +1.48%
Louisiana 35.58% +1.55% +2.01%
Lafayette, LA 33.49% +4.56% +0.57%

Trends in the Lafayette, LA Renter Fraction

The Lafayette household renter fraction peaked in in 2007 at 33.87% and is now 0.38% below that level. From a recent low of 28.93% in 2013, the household based renter fraction has now grown by 4.56%. The origin year for the series is 2005.

Fraction of Renting Households: Lafayette LA, Louisiana, US

Fraction of renters in Lafayette

History of Lafayette Renter Fraction

Date US Louisiana Lafayette, LA
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%
2008 33.36% 31.46% 31.73%
2007 32.80% 32.06% 33.87%
2006 32.73% 31.52% 31.96%
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.