Curbed recently posted an article about the most expensive neighborhoods for New Orleans rentals. Zumper, the source of the information, provided median pricing data on properties available or vacant in January 2016.
Median pricing = half of the properties are listed for more and half of the properties are listed for less
News flash! Asking price is not the same as the actual rental rate. Let’s take a look at some of their data vs our actual data from the Multiple Listing Service (MLS).
Remember, the Curbed data is for listings. The MLS data is for properties that have actually been leased.
New Orleans 1 Bedroom Rental Rates
Zumper hits the nail on the head for Central City, but beyond that, they are mostly overstating rents in the most popular New Orleans neighborhoods. They fell really short on the citywide rental rates and underestimated both the French Quarter and the CBD (Central Business District).
New Orleans 2 Bedroom Rental Rates
As with the 1 bedroom rates, Zumper’s estimates are off. They were close on the citywide rate, as well as in West Riverside and the Irish Channel. The estimates for Lakeview, French Quarter and the Lower Garden District were significantly above the actual median costs to rent in those neighborhoods, while they underestimated Mid City, Central City, the Marigny and the Central Business District (CBD).
What’s left that’s affordable?
According to the report, Mid City has the lowest rental rates in the city. However, they must have left Gentilly off of the list, because their median 1 bedroom rate is $725 and the median 2 bedroom rate is $985, both below the Mid City numbers. The West Bank was ignored as well, with Algiers 1 bedrooms renting for $625 and 2 bedrooms renting at $1,050.
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