Housing prices are up and that also means so are rent prices
BATON ROUGE, La. (WAFB) - According to Baton Rouge Area Chamber, rent in the Baton Rouge area increased 15% on average in the last year, something property managers say they can confirm.
When someone cannot afford to buy a new home, they often turn to renting.
“Affordable right now, you are going to have to think about location. Location is everything, location is everything with pricing,” explained Annette Leon, who is a realtor and property manager for Tiger Town Realty. However, what happens when rent prices are nearly out of reach.
“Even things across the board, no matter what the location is it’s still going up,” added Leon.
Leon says inflation and the lack of property for buyers and renters is driving up the price.
According to BRAC, the region’s availability of for sale homes plummeted by more than 46%.
“I definitely think it’s an inflation thing, especially in the rental markets because we still have repairs. We still have taxes that owners have to pay, so all of their expenses are going up,” said Leon.
Tiger Town Realty has also gone up on their rent prices. The most affordable condominium for rent for a one to two bedroom is starting at $950 a month.
WAFB spoke with a woman renting an apartment to find out how much the costs of her one bedroom studio has changed.
“Back in what I want to say 2016, I thought it was expensive may $1,300-1,400, and now they are charging $2,200 for the exact same rental unit,” explained Valissa Thomas.
Leon explains the summertime will be a busy season for renters, and working with a licensed relator could help folks find a place to live.
“It’s hard to find affordable housing, and also we see the interest rates for home buying are going up. So, you have more people putting pressure on the rental market that may have originally bought, but they are seeing those increase in interest rates. So, they are deciding to rent,” explained Leon.
Leon also recommends renters stay aware of online rental deals that may be too good to be true. She says it’s best to check out a place in person or talk with the landlord before signing anything.
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