Anyone from the Lafayette area?

Question

Hi!  My family is considering a move to the Lafayette area, so I'm just trying to come up to speed on the area quickly.

With the university in town, and having heard a little about the economic depression due to falling oil prices, the place *seems* ripe for a good rental market.  Thoughts?

Thanks in advance for your insight :)

Robert Leonard · Answer

Hey JP, if you come here and buy any rentals, we are experiencing real downward pressure on rental rates.  Expect lower than historical rents for the near term.  We are in a real slump.  As always, you’ll be fine if you buy right.

Be advised, most people experience sticker shock when they come from TX to LA.  We have much lower property taxes and house prices seem a lot higher, but it when you get to the monthly payments, it all comes out to near the same monthly cost.

Robert Leonard · Answer

Hey JP, if you come here and buy any rentals, we are experiencing real downward pressure on rental rates.  Expect lower than historical rents for the near term.  We are in a real slump.  As always, you’ll be fine if you buy right.

Be advised, most people experience sticker shock when they come from TX to LA.  We have much lower property taxes and house prices seem a lot higher, but it when you get to the monthly payments, it all comes out to near the same monthly cost.

Chad Jimenez · Answer

Hi JP,

This is my 2 cents on the current rental market.

The housing market here is very hot right now. Deals on the MLS aren't as plentiful as they once were and deals are sold very quickly or sold off market.  The actual rental market is very competitive right now as well, so obtaining the 1% rule on rentals is  difficult.

Lafayette as a whole doesn't seem to be as oil dependent as it once was.

Feel free to reach out and message me if you have any other questions.

JP Garcia · Answer

Thanks for the tip regarding price differences, @Robert Leonard!  We've already felt the sting ;)  My wife is there this weekend on our 3rd house-hunting trip.  I'll be headed over there next week for a follow-up trip.

Regarding the rental market - yes, what you're saying seems to be the sentiment.  I've already prodded our realtor about investment properties, and she said the same thing.  I guess there is a lot of inventory in the market?  Seems that there are a lot more sellers willing to do a buy or lease.  Maybe that's the norm there, but just seems different to me.

JP Garcia · Answer

Hi Alec -

Thanks for the note - I'll keep you in mind.  We are, however, moving to Lafayette LA, not IN, so we'll probably have to pass on near-term opportunities in IN.  :)

-JP

Alec Williams · Answer

Hey JP -

Our company continues to invest in the local market. Like they both said above, it's a pretty hot market right now. Homes are selling for top dollar and fast. It's better to find the deals of line but as we all know, that is difficult. Areas you'll likely want to look at for improved value of homes is Wallace Triangle, Highland Park and Columbian Park areas. They seem to be growing a little faster than most.

If you're interested, we just picked up a wholesale opportunity in Columbian Park area that would be a great rental. Let me know if you're interested!

JP Garcia · Answer

Thanks Hunter!  Looking forward to learning more about the area.  Are you doing SFH BRRRs right now?

JP Garcia · Answer

Thanks Chad - very helpful insight!

Anyone from the Lafayette area?

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