SAN FRANCISCO — New Orleans rents have remained flat over the past month, however, they are up slightly by 1.1 percent year-over-year. Currently, median rents in New Orleans stand at $800 for a one-bedroom apartment and $960 for a two-bedroom. New Orleans' year-over-year rent growth leads the state average of 0.8 percent, but trails the national average of 2.0 percent.
Here are some of this month's highlights:
- Rents in New Orleans have remained flat over the past month, however, they have increased 1.1 percent year-over-year.
- New Orleans' median two-bedroom rent of $960 is below the national average of $1,170.
- Our national rent index has increased by 0.2 percent over the past month, the second straight monthly increase after a cumulative decline of 0.5 percent from last September through January.
As rents have increased slightly in New Orleans, a few large cities nationwide have also seen rents grow modestly. New Orleans is still more affordable than most large cities across the country. Here are some statistics:
- New Orleans' median two-bedroom rent of $960 is below the national average of $1,170. Nationwide, rents have grown by 2.0 percent over the past year compared to the 1.1 percent rise in New Orleans.
- While New Orleans' rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+2.9 percent), Atlanta (+2.2 percent), and Denver (+1.9 percent).
- Renters will find more reasonable prices in New Orleans than most large cities. For example, San Francisco has a median 2BR rent of $3,060, which is more than three times the price in New Orleans.
Read the complete April 2018 New Orleans Rent Report here.
– by Alexa Harrison, associate news editor