Apartment rental rates soar in the Lake Area

Published: Jul. 15, 2021 at 10:02 PM CDT
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Lake Charles, LA (KPLC) - Many Lake Area apartments are now leasing again at limited or full capacities, but the rent prices are sky-high, making it hard for some to pay up.

“I don’t know if I’m going to renew just because prices - yeah, seriously,” renter Chloe Regan said.

“I had to sign a new lease,” renter Nelda Cooper said. “It’s a lot more. It’s probably $200 more than a year ago.”

In fact, the nationwide July “Rent Report” found rent prices are nearly 22% higher than they were a year ago. And they’re over 25% higher than they were at the start of the pandemic - leaving many Lake Area renters hoping for some relief.

“I have two other roommates. It’s a three bedroom, and prices were around $1,500,” Regan said. “So, we were each paying around $500, and now, they went up - we each pay like $100 something extra. And I find it ridiculous because we just went through a hurricane. We’ve been living through it and they come in fix everything and it’s just annoying.”

“I get it in construction because I used to work that. Like, I get it, but we can’t afford it,” Cooper said.

While Lake Charles rent rates sharply increased, reports show many other cities like San Francisco, Seattle, and New York saw decreases. Southwest Louisiana residents say due to Hurricane Laura, finding a place to live is not ripe for the picking.

“There’s not a lot either. It’s either damaged or it’s just too expensive for what it is,” Regan said.

Another alternative to renting is buying, which is what many say they are resorting to as well. Earlier this year, Lake Area realtors said housing interest rates were at an all time low in this area.

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