Location: St. Mary Parish, LA | Metro: St. Mary Parish, LA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
The market in ZIP code 70514 is characterized by a clear gap between the Fair Market Rent (FMR) and the actual market rent, suggesting an environment where demand may be slightly outpacing supply. The FMR set at $1,010 for the fiscal year 2026 indicates a benchmark established by HUD to ensure that rental housing is affordable to low-income families participating in the Section 8 program. However, the current market rent stands at $953, as reported by the Census ACS, which reflects the average rent charged for units in the area.
The fact that the FMR exceeds the market rent implies that there might be a slight shortage of available rental units, particularly those priced below the FMR threshold. This dynamic could put upward pressure on rents if the trend continues, as landlords may seek to align their rental rates with the higher FMR to maximize returns. Conversely, it also suggests that landlords who keep their rents below the FMR may attract a larger pool of tenants, especially those eligible for Section 8 subsidies.
A significant 44.2% of the population in ZIP 70514 are renters, indicating a substantial portion of the community relies on the rental market for housing. This high percentage of renters can translate into long-term housing pressure, as the demand for rental properties remains consistently high. Landlords and small-portfolio investors should anticipate a steady demand for rental units, but also be prepared for competition among other property owners aiming to fill these units.
In summary, ZIP 70514 presents a market where demand is likely to remain robust due to the high proportion of renters. The gap between the FMR and market rent signals a potential for upward rent adjustments, reflecting the ongoing dynamics of supply and demand. For investors, this means opportunities exist, but they must navigate a competitive landscape to capitalize on the market's momentum.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.