February 2025 New Orleans Rental Market Snapshot
Supply, absorption, and leasing velocity by property type
With Mardi Gras behind us the Real Estate market begins to open up in New Orleans. Even activity on rentals speeds up!
Each month I pull the MLS rental data for Orleans Parish to see what is actually happening across property types. Below is a clean snapshot of median closed rents and how long units are taking to lease.
🏠 Single-Family Homes
Active listings: 370
Closed rentals (last 30 days): 144
Median closed rent: $1,850
Median days on market: 36
Single-family homes showed the strongest absorption this month. With 144 leased homes and a median of just over a month to lease, this segment moved faster than any other category. Inventory remains sizable, but turnover is healthy.
🏘️ Doubles & Duplexes
Active listings: 652
Closed rentals (last 30 days): 136
Median closed rent: $1,500
Median days on market: 42
Doubles continue to operate in a balanced middle ground. Inventory is higher than single-family homes, but leasing pace remains steady. At a 42-day median, this segment reflects stable tenant demand at a moderate price point. I would point out that hyper local markets are experiencing different stories. Lakeview is much moving faster than Carrollton for example.
🏬 3-Plex & 4-Plex Units (Individual Units)
Active listings: 421
Closed rentals (last 30 days): 76
Median closed rent: $1,365
Median days on market: 55
Small multifamily units leased more slowly this month. While rent levels remain accessible, days on market extended past 50 days. Compared to supply, absorption appears more moderate in this segment.
🏢 Condominiums
Active listings: 174
Closed rentals (last 30 days): 30
Median closed rent: $1,725
Median days on market: 66
Condos showed the slowest absorption rate. With only 30 closed leases against 174 active listings, this segment experienced longer leasing timelines. Rent levels remain solid, but tenant selectivity appears higher.
Overall Market Observations
• Single-family homes showed the strongest leasing velocity relative to supply
• Doubles remain steady and balanced
• Small multifamily units absorbed at a slower pace
• Condos reflected the longest leasing timelines
🏠 Single-Family Homes
Active listings: 370
Closed rentals (last 30 days): 144
Median closed rent: $1,850
Median days on market: 36
Single-family homes showed the strongest absorption this month. With 144 closings and a median of just over a month to lease, this segment moved faster than any other category. Inventory remains sizable, but turnover is healthy.
🏘️ Doubles & Duplexes
Active listings: 652
Closed rentals (last 30 days): 136
Median closed rent: $1,500
Median days on market: 42
Doubles continue to operate in a balanced middle ground. Inventory is higher than single-family homes, but leasing pace remains steady. At a 42-day median, this segment reflects stable tenant demand at a moderate price point.
🏬 3-Plex & 4-Plex Units (Individual Units)
Active listings: 421
Closed rentals (last 30 days): 76
Median closed rent: $1,365
Median days on market: 55
Small multifamily units leased more slowly this month. While rent levels remain accessible, days on market extended past 50 days. Compared to supply, absorption appears more moderate in this segment.
🏢 Condominiums
Active listings: 174
Closed rentals (last 30 days): 30
Median closed rent: $1,725
Median days on market: 66
Condos showed the slowest absorption rate. With only 30 closed leases against 174 active listings, this segment experienced longer leasing timelines. Rent levels remain solid, but tenant selectivity appears higher. While 66 days is the longest time horizon, the data shows there are just under 6months of inventory. So while condo units are sitting longer they are still steadily getting leased.
Overall Market Observations
• Single-family homes showed the strongest leasing velocity relative to supply
• Doubles remain steady and balanced
• Small multifamily units absorbed at a slower pace
• Condos reflected the longest leasing timelines
For landlords and investors, understanding your specific segment matters more than general rental headlines
One thing worth noting if you look at supply versus absorption: inventory is actually fairly tight in several segments.
Single-family rentals are sitting around 2.6 months of inventory right now, which is objectively tight. Doubles are closer to 4.8 months, and small multifamily and condos are around the mid-5 month range.
So while some categories feel slower because days on market have stretched, this isn’t an oversupplied rental market. It’s segmented. Certain property types are absorbing faster than others.