The Baton Rouge housing market registered the third smallest year-over-year increase in average rent prices in the country from January 2022 to January 2023, according to a recent analysis by Florida Atlantic University.
Renters in the Capital City paid an average of $1,318.90 in January, a year-over-year increase of 1.17%.
Phoenix finished ahead of Baton Rouge on the list, with a year-over-year increase of 1.06%. The only housing market with a year-over-year decrease was Las Vegas, where the average rent declined 1%.
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The national average rent increased 6.9% from January 2022 to January 2023, with some metropolitan areas in the Northeast seeing rents spike more than 14%.
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Slowing rent growth should quickly work its way into national measures of inflation, the study says. Housing is a major component of inflation, suggesting that as rents continue to slow so will inflation.
Researchers at Florida Atlantic University and the University of Alabama created the index using leasing data from Zillow to determine rent prices and statistically model historical trends. Read the report.
This story originally appeared in a March 7 issue of Daily Report. To keep up with Baton Rouge business and politics, subscribe to the free Daily Report e-newsletter here.