New Iberia rental rates rise, but still the area’s most affordable

Published 9:34 am Monday, March 25, 2024

While some may claim “the rent is

too damn high,” prices for monthly

residential rental apartments in New

Iberia are among the most affordable in the area.

While most economists focus on

home buying, home inventory and

mortgage rates, rates of rental properties have also been seeing a steady

rise both nationally, in New Iberia

and the surrounding areas.

According to figures from Rent.

com shared with The Daily Iberian, rental rates for one and two bedroom apartments have seen a

12-month rise of 12 percent for one bedroom and 10 percent for two bedroom apartments in New Iberia.

Three-bedroom apartments in New

Iberia have had the steepest climb

in rent over the last 12 months of 46

percent, the highest annual rise in

rental rates in the area, according to

Rent.com.

Broussard has the highest average rental rates in the area and has

had some of the largest increases in

rental rates over the last 12 months.

A one-bedroom apartment in Broussard ($1,638) is on par in price with

a three-bedroom apartment in New

Iberia ($1,592).

Maybe the most striking example

of price swings between New Iberia and Broussard is with rents for

two-bedroom apartments where

there is almost a $1,000 difference in

price (New Iberia $830 vs. Broussard

$1,780).