The top rental markets in Louisiana are Baton Rouge, New Orleans, Lafayette, and Lake Charles.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Louisiana Rental Trends:
Louisiana might be known for Mardi Gras, Voodoo, and the Mississippi River, but it’s also an affordable state where petroleum, tourism, and services thrive. Property investors will see positive numbers and have an easy time filling properties in this state. Here are some highlights from the top rental markets in the Pelican State.
Days on Market:
The city with the lowest days on market is Lake Charles at 14 – under the national average which sits at 15 days; Lafayette has the highest number of days on market at 36.
The top three towns for the largest amount of leads per listing are above or around the national average sitting at 38. Here they are:
- New Orleans – 56 leads per listing
- Lafayette – 29 leads per listing
- Baton Rouge – 28 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Lafayette comes below that with the lowest average rent of $822 for a two-bedroom compared to the highest rent in Louisiana at $1,319 in New Orleans.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Louisiana’s highest median sale price comes above that at $800,000 in Lafayette with its lowest median sale price at $180,000 in Lake Charles.
Louisiana’s median income rings in at $41,590 – under the national average at $48,500.
Security Deposit Trends:
Security deposits have fallen in Louisiana’s cities between 2018 and 2019. With the largest being a decrease of -57.14% in Lake Charles at $300, and the smallest decrease in Baton Rouge at -0.5% with the current average at around $995 – under the national average for security deposits which is $1,200.
All of Louisiana’s cities have a livability score of 66 or higher with the highest being Lafayette at 73!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.