Lafayette, Indiana Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Lafayette, Indiana rental market.
Highlights
An apartment for rent in Lafayette, Indiana typically goes for $1,076 per month, while a single-family home for rent in Lafayette, Indiana has a monthly cost of around $1,405. Renter-occupied units make up 54% of the local housing market, while the rental vacancy rate in Lafayette, Indiana is at 3.9.
Lafayette, Indiana
Average Apartment Rent
$1,076
Y-o-Y Change in Average
Apartment Rent
7.3%
Average Single-Family Rent
$1,405
As of July 2024
Compared to a year ago, Lafayette, Indiana apartments have recorded a 7.3% rent increase.
Lafayette, Indiana |Average apartment rent trend
Lafayette, Indiana| Average apartment rent
Lafayette, Indiana | Apartment rent ranges
At 51.75%, apartments priced $1,000 - $1,500 represent the bulk of Lafayette, Indiana rentals, while condos priced Over $2,000 hold the lowest share of the market – 0.71%.
Lafayette, Indiana | Housing tenure**
Renters take up 54% of Lafayette, Indiana real estate, occupying a total of 17,281 units, while homeowners live in 14,705 properties.
Median number of rooms of renter-occupied housing units**
4.1
Renter median household income**
$38,935
Average household size of renter-occupied housing units**
2.02
Rental vacancy rate**
3.9%
Lafayette, Indiana | Renter-occupied housing units by no. of bedrooms**
There are 6,227 rentals in Lafayette, Indiana with 2 beds making up the highest share of the market, at 36%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 127 units. Overall, the median number of rooms in Lafayette, Indiana homes for rent is 4.1.
Lafayette, Indiana |Renter-occupied units by age of householder**
Most condos for rent in Lafayette, Indiana are occupied by residents in the 25 - 34 years age group (30%), followed by those in the 35 - 44 years age group (20%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Lafayette, Indiana | Renter-occupied housing units by family type**
Lafayette, Indiana | Renter-occupied housing units by the presence of own children**
A total of 7,200 apartments for rent in Lafayette, Indiana, or 42% of all rentals are family households. Additionally, 24% of rental homes include children under the age of 18 – that’s 4,076 units. All in all, the median size of a renter-occupied household in Lafayette, Indiana is 2.02.
Lafayette, Indiana | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 26% of the rental market. In contrast, residents with less than a high school degree reside in 10% of the homes for rent in Lafayette, Indiana.
Lafayette, Indiana | Renter-occupied units by year structure built**
The highest share of Lafayette, Indiana apartment rentals, namely 20% or 3,481 units, were Built 1939 or earlier, followed by those Built 1990 - 1999 (14%, 2,387 units), and the ones Built 1980 - 1989 (12%, 2,112 units).
Lafayette, Indiana | Renter-occupied units by year householder moved in**
Median year renter moved into unit2018
Most Lafayette, Indiana renters (46%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Lafayette, Indiana condos for rent is 2018.
Lafayette, Indiana | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 52% of Lafayette, Indiana renters have 1 vehicle available per household, 25% of them have 2 vehicles available, and 18% have No vehicle available.
Lafayette, Indiana | Means of transportation to work of householders living in renter-occupied housing units**
Lafayette, Indiana |Geographical mobility in the past year for householders living in renter-occupied housing units**
Lafayette, Indiana | Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Lafayette, Indiana apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
