As apartment inventory continues to rise in the Capital Region, Governing reports that 49% of Baton Rouge residents are renters.
The renting population has grown 16% in Baton Rouge since 2000, with nearly 15,000 more people renting property than two decades ago. Meanwhile, owner-occupied housing has dropped 9%, with nearly 11,000 less people owning their properties than in 2000.
Governing reviewed Census data covering the period since 2000 for all cities with at least 100,000 residents, finding a median 31% increase in renter population. Many of the jurisdictions with the steepest increases were in rapidly developing areas in Arizona, Florida and Texas. Over the same period, the number in owner-occupied dwellings also rose, but only by a median of 7%.
The rental influx hasn’t only been confined to booming areas. Fifty-three cities—including Baton Rouge—added more than 10,000 renters and lost homeowners.
A confluence of several factors is behind renting’s steady ascent. Among them are young Americans delaying home purchases, steep prices that remain out of reach for many and an expansion of the rental housing market. After several years of new apartment construction in the Capital Region, especially near LSU, it was reported earlier this month that Baton Rouge’s multifamily sector is overbuilt.