Living in New Orleans isn’t cheap. Over the past year (as with any other recent years in the city), the shortage of affordable housing has plagued New Orleans. After ranking first as the U.S. city with the highest rent hikes during the first half of this year, things are starting to slow down.
At the beginning of this October, Zumper placed New Orleans 22nd in its analysis of U.S. cities with the most expensive rent. Most surprisingly, since October of 2016, rent has dropped 7 percent for one- and two-bedroom units in New Orleans.
Rent for one-bedroom units averaged at $1,250/month, which is a 7.4 percent decrease since October of 2016. For two-bedroom units, the average rent is $1,500/month, a 6.3 percent decrease since the same time last year.
The rent analysis data comes from Zumper’s National Rent Report, which evaluates over one million listings in over 100 cities throughout the nation. Specifically, researchers at Zumper analyze one- and two-bedroom units throughout each city.
Nationally, rent for one- and two-bedroom units have increased by nearly 4 percent since last year.
In a rent study conducted by ABODO, which conducts a month-to-month analysis, researchers found that since last month rent for one-bedroom apartments has increased by 1.3 percent in New Orleans. In contrast, rent for two-bedroom units has decreased by nearly 1.5 percent in the City.
Last August, the firm released a study that evaluated the impact of rising rent across three different generational groups. Based on that research, 51.6 percent of Millennials, 49.2 percent of Generation Xers, and 55.9 percent of Baby Boomers spend more than 30 percent of their total income on rent in New Orleans.
- This chart ranks New Orleans neighborhoods from least to most expensive in September of 2017 [Curbed NOLA]
- New Orleans ranks as city with highest rent hike over the past six months [Curbed NOLA]
- Zumper National Rent Report: October 2017 [Zumper]
- Fall Rent Hikes Ramp Up for October 2017 [Curbed NOLA]
- This housing study shows how rent in New Orleans impacts renters by generation [Curbed NOLA]