The median cost of renting an apartment in Baton Rouge went up 1% from August to September and was up 9.7% year-over-year, according to estimates Apartment List made public today.
The national index increased by 2.1% from August to September, indicating slower growth compared to the July peak. But rents continue to rise much faster than before the pandemic, with the national median rising 16.4% since January, the company says.
Median rents in Baton Rouge stand at $869 for a one-bedroom apartment and $1,043 for a two-bedroom, according to Apartment List. Month-over-month growth in Baton Rouge ranks 86th among the nation’s 100 largest cities.
“With rents rising virtually everywhere, only a few cities still remain cheaper than they were pre-pandemic, and even these remaining discounts are unlikely to persist much longer,” the report states. “At the other end of the spectrum, there are now 22 cities among the 100 largest where rents have increased by more than 25% since the start of the pandemic.”
However, the report’s authors report some indications that tightness in the market may be easing. The vacancy index ticked up this month for the first time since last April, the report says.
Daily Report left a message with the Baton Rouge Apartment Association seeking comment but did not hear back in time for publication.