Rent-analysis firm ABODO collected rent data on one-bedroom apartments from over one million listings in the United States for the last six months. On average, the firm values the national rent for a one-bedroom apartment at $1,016/month.
Over the past six months, New Orleans ranked No. 1 as the city with the biggest increases, climbing 6.3 percent from January of 2017 to this July. ABODO values the average rent price of one-bedroom apartments in New Orleans at $1,397/month, which is $381 more than the national average. The State of Louisiana averaged $834/month.
“There is a lot of pressure on rental properties in New Orleans,” says Sam Radbil, the senior communications manager at ABODO. “Millennials are renting apartments for longer periods of time than the generations that came before them, housing inventory is tighter, the housing crash has scared a lot of potential homeowners and one group that many people forget about is now renting -- Baby Boomers.”
“Baby Boomers are downsizing and looking for a more convenient lifestyle in trendier areas of the city. All of these factors are causing a high demand for apartments, which leads to increased rent prices," he added.
To see how other cities compared to New Orleans, check out the national Analysis on ABODO’s official website.
- Midyear Rent Report [ABODO]