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Kenilworth in 2022: Neighborhood with the highest median rent in Baton Rouge, Louisiana
CATEGORY
Top Regions
DATA
Median Rent
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Top Regions
Median Rent
The Kenilworth neighborhood in Baton Rouge, Louisiana, has distinguished itself as the area with the highest median rent in the city as of 2022. This affluent community, known for its upscale residences and desirable location, has consistently maintained high rental rates over the years. The latest data reveals significant insights into the neighborhood's housing market dynamics and socioeconomic characteristics that contribute to its top-ranking status in terms of rental prices.
In 2022, Kenilworth boasted a median rent of $1,640, securing its position as the most expensive rental market in Baton Rouge. This figure represents a notable increase from previous years, indicating a strong and growing demand for housing in this exclusive neighborhood. The upward trajectory of rental prices in Kenilworth reflects broader trends in the local real estate market and underscores the area's continued appeal to high-income residents.
Examining the historical data, we can observe that Kenilworth's median rent has experienced fluctuations over the past decade. In 2013, the median rent was $1,332, and it remained relatively stable until 2017, with only minor variations. However, a significant jump occurred in 2018, when the median rent surged to $1,748, marking a 31% increase from the previous year. This spike was followed by a slight decrease in subsequent years, with the median rent settling at $1,514 in 2020 before rising again to the current level of $1,640 in 2022.
The high rental rates in Kenilworth are closely correlated with several other socioeconomic factors evident in the provided data. One of the most striking relationships is with the neighborhood's median income. In 2022, Kenilworth reported a median income of $114,491, placing it among the most affluent areas in Baton Rouge. This high income level supports the elevated rental prices, as residents have the financial means to afford premium housing.
Another significant factor contributing to Kenilworth's high rents is the predominance of owner-occupied housing. In 2022, an impressive 95.18% of housing units in the neighborhood were owner-occupied, with only 4.82% being renter-occupied. This low supply of rental properties likely contributes to the high median rent, as limited availability often drives up prices in desirable areas.
The demographic composition of Kenilworth also plays a role in its rental market dynamics. As of 2022, the neighborhood was predominantly white (78.82%), with smaller percentages of Asian (8.20%), Hispanic (6.82%), and Black (4.38%) residents. This demographic profile, combined with the high median income, suggests a concentration of affluent professionals who can sustain the elevated rental rates.
Housing prices in Kenilworth further reinforce the neighborhood's status as a high-value area. The average home price in 2022 was $321,961, reflecting a steady increase over the years. This upward trend in property values aligns with the rising rental rates, as landlords often adjust rents to reflect the appreciating value of their properties.
In conclusion, Kenilworth's position as the neighborhood with the highest median rent in Baton Rouge in 2022 is the result of a confluence of factors. The combination of high median income, limited rental supply due to high owner-occupancy rates, and consistently increasing property values has created a premium rental market. These elements, along with the neighborhood's demographic composition and overall desirability, have solidified Kenilworth's status as the top rental market in Baton Rouge. As the area continues to attract high-income residents and maintain its exclusive character, it is likely to retain its position as a leader in the city's rental landscape for the foreseeable future.
