Location: Lafayette, LA | Metro: Lafayette, LA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The ZIP code 70558, located in Louisiana, presents a unique snapshot of the rental market that is indicative of strong tenant demand. With a Fair Market Rent (FMR) of $1150 for the fiscal year 2024, this figure serves as a benchmark for rental costs in the area, suggesting that landlords can expect to charge close to this amount for units that meet the criteria set forth by the Department of Housing and Urban Development (HUD).
The absence of specific market rent data, days on market (DOM), and median home value indicates a lack of detailed tracking on these metrics, which could be due to a variety of factors including limited data availability or a recent shift in market dynamics. However, the fact that the FMR has been established points to an active and regulated rental market.
A 100.0% renter share highlights the dominance of renters over homeowners in this area, a situation that can place significant long-term pressure on the housing market. This high percentage suggests that there is a continuous need for rental properties, as individuals and families choose renting over buying. Such a scenario often leads to higher rental rates and a tighter market, where the supply of rental units may struggle to keep pace with the demand.
The absence of price-cut shares and DOM data prevents a direct assessment of whether supply currently outpaces demand or vice versa. However, the full occupancy implied by the 100.0% renter share suggests that any excess supply might quickly be absorbed by the market. Landlords and small-portfolio investors should be aware of the potential for rapid changes in vacancy rates and rental prices, given the heavy reliance on rentals in this area.
In conclusion, ZIP 70558 operates under the principle of high tenant demand, supported by HUD's FMR of $1150. The complete renter occupancy signals a market that is likely to experience sustained pressure for available rental units, creating a dynamic environment where landlords must remain vigilant to the needs and preferences of tenants. While specific details on supply and demand balance are not available, the overall trend suggests a tight rental market with little room for idle units.
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.