9 Apartments under $800 for rent in New Orleans, LA
February 2020 New Orleans Rent Report
Welcome to the February 2020 New Orleans Rent Report. New Orleans rents remained steady over the past month. In this report, we'll evaluate trends in the New Orleans rental market, including comparisons to cities throughout the state and nation.
February 2020 New Orleans Rent Report
Welcome to the February 2020 New Orleans Rent Report. New Orleans rents remained steady over the past month. In this report, we'll evaluate trends in the New Orleans rental market, including comparisons to cities throughout the state and nation.
New Orleans rent trends were flat over the past month
Over the past month New Orleans rents have remained steady. Currently, median rents in New Orleans stand at $801 for a one-bedroom apartment and $971 for a two-bedroom. New Orleans' year-over-year rent growth leads the state average of -0.8%, but trails the national average of 1.6%.
Rents steady across cities in Louisiana
Throughout the past year, rents have remained steady in the city of New Orleans, but trends across other cities in the state have varied. Of the largest 10 cities that we have data for in Louisiana, half have seen increases while the other half have been decreasing. The state as a whole logged rent growth of -0.8% over the past year. Here's a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, Slidell is the most expensive of all Louisiana's major cities, with a median two-bedroom rent of $1,126; of the 10 largest Louisiana cities that we have data for, 5 have seen rents fall year-over-year, with Lake Charles experiencing the fastest decline (-3.9%).
- Covington, Slidell, and Metairie have all experienced year-over-year growth above the state average (3.1%, 1.7%, and 1.3%, respectively).
New Orleans rents more affordable than many large cities nationwide
Rent growth in New Orleans has been relatively stable over the past year - some other large cities have seen more substantial increases. New Orleans is still more affordable than most large cities across the country.
- New Orleans' median two-bedroom rent of $971 is below the national average of $1,193. Nationwide, rents have grown by 1.6% over the past year compared to the stagnant growth in New Orleans.
- While rents in New Orleans remained moderately stable this year, similar cities saw increases, including Phoenix (+3.7%), Dallas (+2.4%), and Seattle (+1.8%); note that median 2BR rents in these cities go for $1,101, $1,137, and $1,676 respectively.
- Renters will find more reasonable prices in New Orleans than most large cities. For example, San Francisco has a median 2BR rent of $3,090, which is more than three times the price in New Orleans.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.