New Orleans rent is skyrocketing, again.
New Orleans is ranked 14 in most expensive rent in Zumper’s November 2016 national rent analysis. The survey looked at over 1 million listings across the United States. In its research, Zumper found that in New Orleans rent has increased four ranks, from number 18 to number 14, since its September 2016 national review.
“It's It’s tough to isolate an exact reason why New Orleans ranks higher why rent is rising,” said Devin O’Brien, Head of Strategic Marketing at Zumper.
According to Zumper’s survey, the price of rent for one bedroom units in New Orleans rose 4.4 percent. Two bedroom units increased by 3.6 percent. The median rent in the city is $1410.
One thing that may impact New Orleans rent prices is its current trends in construction.
“In Post-Katrina New Orleans, public housing projects slowed, and affordable realm of houses seems to be scarce,” O’Brien said. “A lot of the stock tends to be newer and higher end construction.“
While affordable housing in New Orleans grows scarce, O’Brien said that seasonality also impacts New Orleans’ national ranking.
People tend to move city’s in the summer for college, or switch jobs, and landlords may take advantage of that, especially in cities that attract millennials. Prices tend to drop during the holiday season when there is less incentives to move, O’Brien said.
The city’s with the highest rent in the nation include San Francisco, New York and Boston.
Click here for access Zumper’s 2016 national survey.