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Daily Real Estate News | May 2, 2008
Rents Climb in New Orleans
In the two-and-a-half years after Hurricane Katrina devastated much of the U.S. Gulf Coast, apartment rents have risen 20 to 30 percent in New Orleans.
The quality of apartment stock also has improved, as the hurricane forced property owners to make upgrades, says a report by Larry G. Schedler & Associates.
Apartment buildings in the historic center of New Orleans command the highest average rents in the metro area, according to the survey, at roughly $1,300 per unit. These buildings are 96 percent full. The St. Tammany area is the most popular suburban market, with landlords there charging an average of $973 per unit.
Up-and-coming areas with lots of new construction include eastern New Orleans and the Tulane Avenue corridor in Mid-City, which saw major flood damage from the 2005 storm.
Source: Times-Picayune (05/01/2008)
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