Horrific flooding last week in the Baton Rouge area, where over 40,000 homes took on water following 24 inches of rain in 48 hours, is placing pressure on the multifamily market, according to Ralph Bivins, editor of the Realty News Report.
Before the flooding, the Baton Rouge area had a multifamily vacancy rate of 6%, but there has been high-velocity emergency leasing in recent days as flood victims seek shelter, he reports. Some apartment communities are leasing more than two dozen units a day.
With the shortage of housing developing in Baton Rouge, some residents are expected to migrate to New Orleans, which is about 80 miles away. Get the full story here from the Baton Rouge Business Report.