New Orleans rents and rental comps

Name: New Orleans, LA rental market data
Creator: PropMetrics

The median asking rent across 19 New Orleans zip codes is $1,667/month, down 6.5% from a year ago.

Tourism and hospitality drive constant rental demand, but STR regulations have reshuffled the deck. The city has gotten aggressive about enforcement. Know where you can and can't operate before you buy.

Median Asking Rent

$1,667

Rent Change (YoY)

-6.5%

Avg Days on Market

Active Rental Listings

3,731

Median List Price

$295,000

Median Asking Rent Over Time

Average across 19 zip codes

12 months-4.5%

Median Asking Rent by ZIP Code

Rental Listings by ZIP Code

ZIP	Median Rent	YoY Growth	$/Sqft	Avg DOM	Listings
70124	$1,900/mo	-11.6%	$1.52	49	180
70130	$1,900/mo	-11.6%	$2.23	84	329
70118	$1,850/mo	-2.6%	$1.76	67	484
70112	$1,840/mo	-16.1%	$2.28	66	109
70115	$1,800/mo	-2.7%	$1.92	57	477
70121	$1,650/mo	+10.0%	$1.71	49	76
70125	$1,650/mo	-5.7%	$1.48	67	187
70113	$1,600/mo	-11.1%	$1.64	63	124
70116	$1,600/mo	-5.6%	$2.08	76	273
70114	$1,550/mo	-8.8%	$1.50	65	131
70122	$1,550/mo	-7.5%	$1.45	58	201
70117	$1,500/mo	0.0%	$1.59	66	324
70119	$1,500/mo	-6.0%	$1.60	65	448
70126	$1,500/mo	0.0%	$1.37	74	104
70131	$1,500/mo	-16.7%	$1.18	83	84
70128	$1,475/mo	-1.3%	$1.14	50	37
70129	$1,395/mo	-0.4%	$1.06	68	12
70123	$1,375/mo	-19.1%	$1.38	66	79
70127	$1,300/mo	-7.1%	$1.10	70	72

Comps for any address in New Orleans

Type the address, get the comps. No setup.

Median Asking Rent by Bedroom

Unit Size	Median Rent	$/Sqft
Studio	$1,200/mo	$2.50/sqft
1 Bedroom	$1,200/mo	$1.84/sqft
2 Bedroom	$1,500/mo	$1.50/sqft
3 Bedroom	$1,850/mo	$1.45/sqft
4 Bedroom	$2,300/mo	$1.36/sqft

Aggregated median across all New Orleans zip codes with available data.

For-Sale Listings by ZIP Code

ZIP	Median List Price	YoY Change	$/Sqft
70124	$520,000	+2.0%	$239.96
70115	$515,000	-1.9%	$305.65
70130	$415,000	-5.3%	$354.17
70118	$385,000	+4.3%	$224.68
70116	$375,000	-2.6%	$378.33
70112	$359,000	-14.5%	$405.83
70119	$350,000	-7.7%	$192.21
70123	$325,000	-3.8%	$199.65
70113	$299,900	+0.3%	$210.84
70125	$295,000	-1.3%	$166.95
70121	$279,000	-5.1%	$190.53
70122	$265,000	0.0%	$166.11
70131	$199,000	+1.6%	$127.72
70114	$183,000	+4.6%	$149.82
70117	$180,000	-16.3%	$158.06
70127	$169,000	-0.5%	$108.24
70128	$150,000	-9.0%	$104.17
70126	$145,000	+11.5%	$105.86
70129	$119,000	+32.2%	$115.38

HUD Fair Market Rents

Unit Size	Fair Market Rent	Median Asking Rent	Difference
Studio	$970/mo	$1,200/mo	+24%
1 Bedroom	$1,120/mo	$1,200/mo	+7%
2 Bedroom	$1,340/mo	$1,500/mo	+12%
3 Bedroom	$1,710/mo	$1,850/mo	+8%
4 Bedroom	$2,000/mo	$2,300/mo	+15%

HUD publishes Fair Market Rents once a year for the New Orleans metro area. Local housing authorities use them to set Section 8 voucher payment standards, usually 90% to 110% of the FMR.

About the New Orleans rental market

The median asking rent across New Orleans, LA sits at $1,667/month, pulled from active rental listings in 19 zip codes. That's down 6.5% from a year ago.

Rents aren't uniform across the city. ZIP 70124 tops the list at $1,900/month. ZIP 70127 comes in lowest at $1,300/month. About a 46% gap between the two ends of the city.

A 2-bedroom rents for $1,500/month at the median. 1-bedrooms run about $1,200. 3-bedrooms come in around $1,850.

Listings take longer here. The average is 65 days on market, which gives renters more room to negotiate and means landlords should price carefully.

Rent-to-price math is tight in New Orleans. The gross figure sits at about 6.8% ($1,667/month against $295,000 median price). Most investors here are betting on appreciation, not monthly cash flow.

HUD's Fair Market Rent for a 2-bedroom in the New Orleans metro is $1,340/month. City-wide asking rents run about 24% above that. Section 8 vouchers in this area often don't cover market rent without an exception payment standard.

New Orleans is unlike any other rental market. Tourism is the backbone. The hospitality and service industry employs a huge share of the workforce, and those workers need housing year-round. The Garden District, French Quarter, and Uptown are premium. Mid-City, Gentilly, and New Orleans East are cheaper. STRs are the variable here. The city went through a boom of Airbnb conversions that pulled long-term rental supply, then cracked down with strict regulations. Current STR rules vary by neighborhood, so check before you buy. Insurance costs in New Orleans are among the highest in the country because of hurricane exposure. Factor that in before you get excited about the rent numbers.

These numbers are city-wide averages. If you're pricing a specific property in New Orleans, pull comps from the same zip code. The spread is usually bigger than people expect.