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Baton Rouge, Louisiana BATON ROUGE, LOUISIANA STEADY RENT GROWTH PROJECTED AS LOCAL TRADE ECONOMY EXPANDS MARKET TRENDS While payrolls shrank by close to 30,000 jobs in EFFECTIVE RENT AND OCCUPANCY 2020, jobs recovery will be a major trend in 2021 $1,050 98% and ultimately will be critical in buoying demand for apartments in Baton Rouge. Positive momen- tum is expected in the construction and the trade and transportation industries thanks to major $1,020 96% expansions at ports that act as vital economic hubs. In October 2020, port officials entered into a lease agreement with Houston-based renew- $990 94% able energy company Greentech Materials. The tech firm aims to develop a 164-acre diesel fuel plant that would create 500 jobs during construc- $960 92% tion and dozens of high-paying tech jobs fol- lowing completion. Likewise, energy giant Shell is considering a $1.2 billion investment into its Geismar plant that would create approximately $930 90% * ** ** 150 permanent positions and 1,500 construction ’16 ’17 ’18 ’19 ’20 ’21 ’22 Effective Rent Occupancy jobs. Despite the negative pressure on the econ- omy caused by pandemic restrictions, pent-up ABSORPTION AND DELIVERIES demand for apartment housing encouraged 2021 MARKET AT A GLANCE operators to increase effective rent 0.8% during 4,000 2020 as occupancy rose 140 basis points annually OCCUPANCY RATE to 93.1%. Effective rent should continue increasing in 2021 and 2022 with the expectation that the 93.0% Down 10 bps YOY diversifying economy and low cost of living will 2,000 continue to attract new renters to the area as it fully recovers from the pandemic. In the short EFFECTIVE RENT term, occupancy will fall 10 basis points this year $974 to 93.0% due to 323 new apartment units coming Up 1.0% YOY 0 online, compared to 251 net units expected to be absorbed. Apartment operators will increase RENT SHARE OF WALLET effective rent 1.0% to $974 during this period. 18.6% -2000 Unchanged YOY ’16 ’17 ’18 ’19 ’20* ’21** ’22 ** Absorption Deliveries Data and images pertaining to employment, income, permits, population, rents, single-family housing, and occupancy are year-end figures. Absorption, construction, and apartment sales figures are full-year totals. *Numbers for 2020 are projected values; **2021/2022 figures are forecast projections. Apartment market data criteria and methodologies vary by market. BATON ROUGE, LOUISIANA | FORECAST 2021 67 BATON ROUGE, LOUISIANA EMPLOYMENT TRENDS EMPLOYMENT CHANGE EMPLOYMENT 15,000 2019 YOY CHANGE 2020 * YOY CHANGE 2021 ** 416,800-7.1% 387,1002.5% 396,700 7,500 UNEMPLOYMENT RATE 2019 YOY CHANGE 2020 YOY CHANGE 2021 0 4.1% 320 BPS 7.3% -100 BPS 6.3% POPULATION -7,500 2019 YOY CHANGE 2020 YOY CHANGE 2021 833,0000.2% 834,9000.2% 836,300 -15,000 HOUSEHOLDS 2019 YOY CHANGE 2020 YOY CHANGE 2021 -22,500 327,700 0.6% 329,8000.5% 331,500 MEDIAN HOUSEHOLD INCOME -30,000 2019 YOY CHANGE 2020 YOY CHANGE 2021 * ** ** $ % $ % $ ’16 ’17 ’18 ’19 ’20 ’21 ’22 60,548 2.9 62,279 1.1 62,983 SALES TRENDS PRICE PER UNIT 9% $100,000 2019 YOY CHANGE 2020* 8% $80,000 $ % $ 7% $60,000 46,746 37.1 64,077 6% $40,000 CAP RATE 2019 YOY CHANGE 2020 5% $20,000 4% $0 4.8% 340 BPS 8.2% ’16 ’17 ’18 ’19 ’20* Price Per Unit Cap Rate Data and images pertaining to employment, income, permits, population, rents, single-family housing, and occupancy are year-end figures. Absorption, construction, and apartment sales figures are full-year totals. *Numbers for 2020 are projected values; **2021/2022 figures are forecast projections. Apartment market data criteria and methodologies vary by market. BATON ROUGE, LOUISIANA | FORECAST 2021.
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