New Orleans Rental Market Update
It’s been a minute since we’ve taken a look at the trends in New Orleans rental rates, so here we go.
There were 917 residential New Orleans properties leased during the 1st quarter of 2019. The map below shows the distribution of leases, with that sliver by the river displaying the highest amount of activity. It makes total sense, because that strip of the city includes some of the hottest neighborhoods including Riverside, Lower Garden District, Uptown, French Quarter, and Treme.
Average New Orleans rental rates 2016 – 2017
Average rental rates have remained steady for the last 4 years, although they dipped a small amount in 2017 and 2018. The first quarter of 2019 has shown a slight rebound, with the average rent rising by $35 per month.
The 2019 average residential lease is a 2 bedroom, 2 bath and it’s taking about 60 days to rent.
- 2019 high lease price: $12,000/month
- 2019 low lease price: $425/month
Need help finding a rental? Call us today at 504-327-5303.