Rising Rents in New Orleans
Over the last 2 years, rents in the metro area have continued to climb as an influx of new, cash flush residents snap up even the most luxurious of rental properties.
Median New Orleans rental rates up 12% over last 2 years
In New Orleans proper, the median rate for a 2 bedroom, 1 bath rental has increased from $1,300 to $1,450 per month. The average is even higher, at $1,660 per month.
On the West Bank, a more suburban market, the median rate for a 3 bedroom, 2 bath rental has increased from $1,100 to $1,150 per month, the smallest increase in rental prices in the metro area. The average rental rate is $1,244.
In Metairie, another suburb, the median rate for a 3 bedrooms, 2 bath rental has increased from $1,200 to $1,300 per month, while the average rental rate stands at $1,453.
At these rates, if your plans include living in New Orleans for more than a couple of years, it may be time to consider whether buying a home would be more cost effective than continuing to rent.
Pro tip: Purchasing a double can provide your own rental income to offset some of the monthly mortgage costs.
Depending on the flood zone, taxes and insurance estimates are $200-$500 per month
Need home buying advice?
We believe that education is the best thing we can offer our home buying clients. Call us today at 504-327-5303 and we’ll be happy to assist you.