Looks like we had a dip in rental rates this past month!
Single family still earns the most rent, but it dropped $200 in a month. Doubles are where the deals are, for renters and buyers.
I pull rental listings straight from the MLS every month. This covers active listings and units leased in the past 30 days across Orleans Parish.
Doubles are where it gets interesting. If you’re renting, $1,562 gets you a typical 2-bed at about 975 sq ft. Nothing else in the multi-unit market gives you more space for the money. And with doubles sitting 41 days, there’s room to negotiate.
What It Means
Single family took the biggest hit. Median rent dropped $200 in a month, down to $2,000. Houses are still the priciest rentals in town and the fastest to lease, but condos are only $100 behind now.
Doubles are where it gets interesting. If you’re renting, $1,562 gets you a typical 2-bed at about 975 sq ft. Nothing else in the multi-unit market gives you more space for the money. And with doubles sitting 41 days, there’s room to negotiate.
If you’re buying, it’s the same story from the other side. Our multifamily sales report last month showed 31 months of inventory. That’s a buyer’s market by a wide margin. Double rents held at $1,600 for five straight months before this dip, so I read September as seasonal, not a trend.
Condos are the head-scratcher. Rents went up $100 while everything else came down. But they’re taking 65 days to lease, and fewer than 1 in 5 has found a tenant. My guess is landlords are priced for August and the September renter isn’t biting. I’d expect that number to come back down.
Neighborhood Breakdown
Where you rent in New Orleans matters as much as what you rent. The spread between neighborhoods this month was more than $1,100.
Treme is the one to watch. Landlords leased 24 units against just 30 on the market. That’s 80% absorption, the tightest of any neighborhood I tracked. Median rent is $1,550. If you own a double in Treme, you’re not waiting long for a tenant.
The CBD and Warehouse District is the busiest rental market in the city. 61 leases in 30 days, 73% absorption, and a $1,900 median. It also has the highest price per square foot at $2.24. Renters are paying for location, not space. The typical unit is about 900 sq ft.
Gentilly might be the best value in the city. $1,500 gets you about 967 sq ft at $1.36 per sq ft, and units are leasing in 28 days. That’s more space for the money than almost anywhere else on this list, and it’s moving fast.
Irish Channel has the highest rent at $2,350. Only 8 leases, so treat it as directional. Fair Grounds is the cheapest at $1,223, with just 4 leases behind that number.
Lakeview is still the outlier. It has the third-highest rent but the lowest price per square foot and the longest wait at 56 days. Those are bigger homes for a smaller pool of renters.
Mid-City has the most inventory at 104 active listings but only 22% absorption. Renters have options there, and landlords should price accordingly.
If your rental has been sitting since August, how does your asking rent stack up against these numbers?
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Philip Ewbank,
Realtor Keller Williams Realty New Orleans
8601 Leake Ave, New Orleans, LA 70118
C: 504.335.7481 | O: 504.862.0100
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