New Orleans, LA Rental Market Trends
New Orleans Rent Report: February 2023
Welcome to the Apartment List February 2023 Rent Report for New Orleans, LA. Currently, the overall median rent in the city stands at $1,174, after rising 0.9% last month. Prices and are now up 0.6% year-over-year. Read on to learn more about what’s been happening in the New Orleans rental market and how it compares to trends throughout the nation as a whole.
New Orleans rents are up 0.9% month-over-month and up 0.6% year-over-year
The median rent in New Orleans rose by 0.9% over the course of January, and has now increased by a total of 0.6% over the past 12 months. New Orleans’s rent growth over the past year has has outpaced the state average (-1.8%) but fallen behind the national average (3.3%).
January rent growth in New Orleans ranked #4 among large U.S. cities
New Orleans rents went up 0.9% in the past month, compared to the national rate of -0.3%. Among the nation's 100 largest cities, this ranks #4. Similar monthly rent growth took place in Boston, MA (1.1%) and Milwaukee, WI (0.9%).
New Orleans is the #76 most expensive large city in the U.S., with a median rent of $1,174
Citywide, the median rent currently stands at $1,022 for a 1-bedroom apartment and $1,212 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,174. That ranks #76 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,148 for a 1-bedroom, $1,316 for a 2-bedroom, and $1,338 overall. The median rent in New Orleans is 12.3% lower than the national, and is similar to the prices you would find in El Paso, TX ($1,174) and Memphis, TN ($1,155).
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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