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New Orleans rent skyrockets 14 percent over the last year

In comparison to other cities, NOLA has become slightly less expensive

Alas, New Orleans has dropped one rank in having the most expensive rent in the nation.

As of February of 2017, New Orleans ranked 15 in the most expensive rent, according to Zumper’s February 2017 National Rent Report. In November of 2016, New Orleans jumped from rank 18 to 14 in Zumper’s study.

The recent survey looks at over 100 cities throughout the nation. Specifically, the study indexes rent for one and two bedroom units.

In February of 2016, the median rent for a one bedroom apartment was $1,050. In February 2017, the median rent for a one bedroom in New Orleans is $1,430, which is a 14.4 percent increase over the last year.

Of course, the astronomical rent prices in New Orleans remain relevant as the city tackles its rising affordable housing concerns. According to the Office of the Mayor, over 4,900 housing subsidies in New Orleans will expire by 2031.

Overall, rent across the nation has been surging. Zumper states that rent has increased steadily for the third month in a row.

Cities with the highest rent include: San Francisco, Boston, New York, San Jose and Oakland.