West 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 West Lafayette, Indiana rental market.
Highlights
An apartment for rent in West Lafayette, Indiana typically goes for $1,857 per month, while a single-family home for rent in West Lafayette, Indiana has a monthly cost of around $1,862. Renter-occupied units make up 71% of the local housing market, while the rental vacancy rate in West Lafayette, Indiana is at 6.8.
West Lafayette, Indiana
Average Apartment Rent
$1,857
Y-o-Y Change in Average
Apartment Rent
17.9%
Average Single-Family Rent
$1,862
As of July 2024
Compared to a year ago, West Lafayette, Indiana apartments have recorded a 17.9% rent increase.
West Lafayette, Indiana |Average apartment rent trend
West Lafayette, Indiana| Average apartment rent
West Lafayette, Indiana | Apartment rent ranges
At 32.04%, apartments priced Over $2,000 represent the bulk of West Lafayette, Indiana rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.52%.
West Lafayette, Indiana | Housing tenure**
Renters take up 71% of West Lafayette, Indiana real estate, occupying a total of 9,943 units, while homeowners live in 4,154 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$20,939
Average household size of renter-occupied housing units**
1.95
Rental vacancy rate**
6.8%
West Lafayette, Indiana | Renter-occupied housing units by no. of bedrooms**
There are 3,208 rentals in West Lafayette, Indiana with 2 beds making up the highest share of the market, at 32%. Units with 5 or more beds, on the other hand, hold the lowest percentage (4%), amounting to 432 units. Overall, the median number of rooms in West Lafayette, Indiana homes for rent is 4.
West Lafayette, Indiana |Renter-occupied units by age of householder**
Most condos for rent in West Lafayette, Indiana are occupied by residents in the 15 - 24 years age group (65%), followed by those in the 25 - 34 years age group (20%). At the same time, people in the 55 - 59 years age group make up the lowest share of the local rental market – 1%.
West Lafayette, Indiana | Renter-occupied housing units by family type**
West Lafayette, Indiana | Renter-occupied housing units by the presence of own children**
A total of 1,385 apartments for rent in West Lafayette, Indiana, or 14% of all rentals are family households. Additionally, 6% of rental homes include children under the age of 18 – that’s 608 units. All in all, the median size of a renter-occupied household in West Lafayette, Indiana is 1.95.
West Lafayette, Indiana | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 41% of the rental market. In contrast, residents with less than a high school degree reside in 1% of the homes for rent in West Lafayette, Indiana.
West Lafayette, Indiana | Renter-occupied units by year structure built**
The highest share of West Lafayette, Indiana apartment rentals, namely 18% or 1,767 units, were Built 2010 - 2019, followed by those Built 2000 - 2009 (18%, 1,760 units), and the ones Built 1980 - 1989 (16%, 1,554 units).
West Lafayette, Indiana | Renter-occupied units by year householder moved in**
Median year renter moved into unit2019
Most West Lafayette, Indiana renters (52%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their West Lafayette, Indiana condos for rent is 2019.
West Lafayette, Indiana | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 45% of West Lafayette, Indiana renters have 1 vehicle available per household, 21% of them have No vehicle available, and 19% have 2 vehicles available.
West Lafayette, Indiana | Means of transportation to work of householders living in renter-occupied housing units**
West Lafayette, Indiana |Geographical mobility in the past year for householders living in renter-occupied housing units**
West 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 West 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
