16 Cheap Apartments for rent in New Orleans, LA
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September 2017 New Orleans Rent Report
Welcome to the September 2017 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 similar cities nationwide.
New Orleans rents held steady over the past month
New Orleans rents have remained flat over the past month, however, they have increased moderately by 2.1% year-over-year. Currently, median rents in New Orleans stand at $810 for a one-bedroom apartment and $980 for a two-bedroom. New Orleans' year-over-year rent growth lags the state average of 2.4%, as well as the national average of 3.0%.
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; in contrast, rents in a few cities have actually declined. New Orleans is still more affordable than most large cities across the country.
- New Orleans' median two-bedroom rent of $980 is below the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 2.1% rise in New Orleans.
- While rents in New Orleans remained moderately stable this year, similar cities saw increases, including Seattle (+5.4%), Phoenix (+4.9%), and Denver (+3.0%); note that median 2BR rents in these cities go for $1,710, $1,020, and $1,350 respectively.
- Renters will find more reasonable prices in New Orleans than most large cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than three times the price in New Orleans.
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.
