New Orleans Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for New Orleans, LA. Currently, the overall median rent in the city stands at $1,249, after rising 1.3% last month. Prices and are now up 1.2% 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 1.3% month-over-month and up 1.2% year-over-year

The median rent in New Orleans rose by 1.3% over the course of March, and has now increased by a total of 1.2% over the past 12 months. New Orleans’s rent growth over the past year has is similar to the state average (0.9%) and has outpaced the national average (-0.8%).

New Orleans rent growth in 2024 pacing above last year

Three months into the year, rents in New Orleans have risen 2.7%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 0.2%.

March rent growth in New Orleans ranked #15 among large U.S. cities

New Orleans rents went up 1.3% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #15. Similar monthly rent growth took place in Arlington, VA (1.3%) and Reno, NV (1.3%).

New Orleans is the #73 most expensive large city in the U.S., with a median rent of $1,249

Citywide, the median rent currently stands at $1,050 for a 1-bedroom apartment and $1,301 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,249. That ranks #73 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in New Orleans is 10.0% lower than the national, and is similar to the prices you would find in Columbus, OH ($1,262) and Corpus Christi, TX ($1,241).