Lafayette-Lake Charles Named Most Affordable Market in America for Single-Family Rentals
Have you looked at the price of rental homes lately? Wow! Like just about everything in life these days, it can be an eye-opening experience.
However, if you're in South Louisiana, and are looking to rent, you actually are in the best market to do so.
According to a new report put out by RentCafe, the most affordable rental house market in the United States is Lafayette-Lake Charles. (Yeah, don't ask us why cities an hour apart are lumped together.)
You can rent in our neck of the woods for an average monthly cost of $1,203, according to the latest Yardi Matrix data.
From RentCafe, here's what they had to say about our area:
Separated by only 74 miles, this metro area that encompasses the fourth and fifth most populous cities in Louisiana, respectively, ranks first when it comes to affordable houses. It only costs $1,203 to rent a single-family home in what was dubbed “The Happiest City in America”. This Southern gem is perfect for those who are eager to engross themselves in the area’s rich and vibrant culture, while still enjoying beautiful natural sights like Lake Charles or Henderson Bayou.
What about the rest of the country? The data shows that in only 20 U.S. metros you can rent affordable houses for under $1,700.
The 20 Most Affordable Markets for Single-Family Rentals
The study doesn't elaborate on the housing markets ranking higher than the top 20 least-expensive but you can probably guess as to the general areas of the country those exist.
By the way, single-family rental communities, as defined by Yardi Matrix, are where at least 50% of the units fit one of the following criteria: 1) do not share any walls with other units, or 2) have shared walls, but do not have neighbors above/below or have a direct-access garage.
RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the U.S.