News Summary
The Shreveport-Bossier City Metro area has shown stability in apartment rental prices during June, with an average price of $1,122, a slight decrease from May. Year-over-year, the area has seen a growth of 5.3% in rental costs. One-bedroom apartments are averaging $936, and two-bedroom apartments are at $1,090. Despite local increases, rental prices remain significantly below the national average, indicating ongoing challenges for renters amid rising costs and limited availability.
Shreveport – The average apartment rental prices in the Shreveport-Bossier City Metro area have remained stable for June 2023, reflecting a modest change compared to previous months. June’s average listing price stands at $1,122, a slight decrease of 0.1% from May’s average of $1,123. However, rental prices have seen an increase of 5.3% compared to the same period last year, highlighting ongoing year-over-year increases.
The statistics gathered include all apartment types, from studios to three-bedroom units, but do not account for single-family homes available for rent. Specifically, one-bedroom apartments are averaging $936, nearly level with May’s figure of $937. Over the past year, the prices for one-bedroom rentals have notably increased by 5.2%, up from $890 a year ago.
In addition, the average rent for two-bedroom apartments has slightly decreased to $1,090 from May’s $1,091. Year-over-year, however, two-bedroom rentals have increased by 5.2%, moving up from $1,036 recorded in the same month last year.
When looking at broader trends within Louisiana, statewide rental listing prices averaged $1,079 in May, positioning the Shreveport-Bossier City Metro area as 3% above the state average. One-bedroom apartments in the state averaged $920, reflecting a small rise from $916 in May, while two-bedroom average prices in Louisiana were $1,083, increasing from May’s $1,077.
In a national context, rental prices across the United States have shown little change from last month’s average of $1,398. One-bedroom rental costs nationwide averaged $1,231, while two-bedroom averages reached $1,384. In comparison, Shreveport-Bossier City Metro’s average rental price is 20% lower than the national average—one-bedroom rentals are 24% below and two-bedroom rentals are close behind at 21% below national norms.
Recent reports suggest that Shreveport faces some of the highest rent increases in Louisiana. In particular, three-bedroom rental homes have shown a striking 12.2% climb, contrasting sharply to a statewide average increase of 2.3% over the first six months of the year. The median rent for three-bedroom rentals in Shreveport stands at $1,262, markedly lower than rent prices in larger cities such as New Orleans at $2,200 and Lafayette at $1,760.
Landlords attribute the uptick in rental prices to a combination of factors, including rising costs associated with homeowner and flood insurance, as well as increased water and sewer rates. Additionally, reports reveal that rental property owners earn only six cents of every dollar collected in rent as profit, once all expenses are calculated.
Surveys conducted by LSU Shreveport indicate that nearly 48% of renter households in Louisiana are considered cost-burdened, spending 30% or more of their income on housing. This statistic aligns with findings from Harvard University, which states that half of U.S. renters face similar financial pressures, making it increasingly difficult for them to manage other living expenses or save for the future.
Local experts note that the driving forces behind rising rental costs are the limited availability of rental units alongside high demand, coupled with escalating costs faced by landlords. Such economic conditions suggest that renters may continue to feel the impact of these dynamics in the coming months.
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Additional Resources
- Shreveport Times: Monthly Apartments for Rent
- Shreveport Bossier Advocate: Home Rental Rates
- KSLA: Shooting Incident in Lifestyle Apartments
- KTAL News: Man Killed in Shooting
- KSLA: Firefighters Save Victim from Apartment Fire
- Wikipedia: Shreveport
- Google Search: Shreveport Rent Prices
- Google Scholar: Rental Prices Shreveport
- Encyclopedia Britannica: Shreveport
- Google News: Shreveport Housing Market
Author: STAFF HERE SHREVEPORT WRITER
The SHREVEPORT STAFF WRITER represents the experienced team at HEREShreveport.com, your go-to source for actionable local news and information in Shreveport, Caddo Parish, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Mudbug Madness Festival, Red River Revel Arts Festival, and Independence Bowl. Our coverage extends to key organizations like the Shreveport-Bossier Chamber of Commerce and Shreveport Regional Arts Council, plus leading businesses in gaming, healthcare, and energy that power the local economy such as Horseshoe Casino, Ochsner LSU Health, and Atmos Energy. As part of the broader HERE network, including HEREBatonRouge.com and HERENewOrleans.com, we provide comprehensive, credible insights into Louisiana's dynamic landscape.
