47 Days. That's the Number Worth Watching.
What this month's leasing timelines are quietly telling us about where the Orleans Parish rental market is heading
Every month I pull the last 30 days of MLS rental data for Orleans Parish to see what is actually happening across different property types.
The residential rental market often gets discussed as if it’s one thing. In reality, four different rental markets are operating at the same time.
Here is the latest snapshot.
Single Family Rentals
Single-family homes are leasing at a median rent of $2,275, the highest of any category this month. At 41% absorption and 47 days median DOM, demand is present but tenants are taking their time, units priced at market are moving, while overpriced inventory is sitting and pulling the median DOM up.
Doubles & Duplexes
This remains the largest segment of the rental market in Orleans Parish. With 626 active units and 206 leases closed in the last 30 days, volume is high on both sides. At 33% absorption and 47 days median DOM, the market is active but competitive. Median rent is holding at $1,600.
Condos
Condos and small multifamily share the softest absorption rate this month at 26%. Despite that, condos posted the tightest median DOM at 44 days, with 41 units leased at a median rent of $2,000. The lower absorption reflects the smaller overall pool, not a lack of demand.
Triplex & Fourplex Units
Small multifamily units remain the most affordable segment at a median closed rent of $1,463. At 26% absorption and 49 days median DOM, the longest of any category, landlords in this segment are facing the most competition for tenants right now. That said, 108 units closed in 30 days reflects steady underlying demand.
What this means for...
Renters: Inventory is deep and units are sitting, you have more negotiating room right now than you have had in a while. If you are looking to negotiate, look for homes that have been sitting.
Landlords: With absorption rates between 26% and 41% depending on property type, pricing at market from day one beats chasing the market down after 60 days vacant. Be up to date on your Active competition.
Buyers: Single-family rentals are absorbing at 41% with a median closed rent of $2,275, the strongest demand-to-inventory ratio of any category this month. Run your deal calculators to include insurance rates. While single family has higher rates, multifamily is typically safer to avoid too much vacancy.
Sellers: Investor buyers will underwrite your property against these numbers, so a clean rent roll and accurate expense history will do more for your price than any other factor. Selling multifamily can be tricky with tenants. Buyers want to see active rent but no one wants to disturb them for showings. Prep with your realtor as much as possible so buyers have a transparent picture of your space.