Location: Evangeline Parish, LA | Metro: Alexandria, LA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $900 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The ZIP code 71367 presents a dynamic rental market that is currently under significant pressure. With a Fair Market Rent (FMR) set at $1000 for the fiscal year 2024, the government benchmark indicates a higher threshold for what is considered affordable for renters in the area. However, the actual market rent stands at $679, as reported by the Census American Community Survey, suggesting that landlords and property owners are competing for tenants by setting their rents below the FMR.
The fact that the percentage of price cuts and days on market (DOM) are not available points to either a stable market where properties are quickly rented without the need for adjustments, or a lack of comprehensive data. Regardless, the low market rent compared to the FMR suggests that there might be an oversupply of rental units, or that tenants have a strong bargaining position due to other factors such as high vacancy rates or economic conditions.
A 21.3% renter share in ZIP 71367 implies that over one-fifth of the households in the area are renting, which can contribute to ongoing housing pressure. This figure suggests that there is a notable segment of the population that is likely to remain renters for the foreseeable future, possibly due to financial constraints, lifestyle choices, or the desire for mobility. For landlords and small-portfolio investors, this means that the rental market will continue to play a crucial role in the overall housing landscape of 71367.
The dynamics of the market in 71367 are characterized by a balance between affordability and demand. Landlords must navigate the challenge of setting competitive rents while aiming to maximize returns. The gap between the FMR and the actual market rent also highlights potential areas for improvement in terms of increasing the rental income to match the FMR, which could be achieved through enhancing property values or by adjusting to the changing market conditions.
In conclusion, ZIP 71367's rental market reflects a scenario where competition among landlords is high, driven by a mix of factors including the renter share and the relationship between FMR and market rent. This environment demands strategic thinking from property owners to ensure profitability and sustainability in the face of current market pressures.
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.