As the New Orleans rental market continues to shift, renters, landlords, buyers, and sellers of investment properties are navigating unique opportunities. This month, we’ve analyzed data for single-family homes, doubles/duplexes, and triplexes/fourplexes to help you make the best decisions for your next move.
Property Highlights
Doubles/Duplexes: Affordable and High-Demand
- Median Rent: $1,700
- Leasing Speed: Median days on market (DOM) for closed rentals is 50 days, making these properties the quickest to lease.
- Renter Appeal: Ideal for cost-conscious tenants seeking 2-bedroom, 1-bath units with ample space.
Single-Family Homes: Room to Grow
- Median Rent: $2,200
- Leasing Speed: Active listings average 72 days on market, with competitively priced homes leasing in 37 days or less.
- Target Audience: Best for families or those needing more space, typically with 3 bedrooms and 2 baths.
Triplexes/Fourplexes: Budget-Friendly Multi-Units
- Median Rent: $1,500
- Leasing Speed: Closed rentals have a median DOM of 47 days, offering steady demand for smaller, affordable units.
- Affordability: Median price per square foot (PSF) is $1.73, providing value for renters and consistent returns for landlords.
What This Means for You
For Renters
- Doubles/duplexes are your best bet for affordability and availability, with median rents of $1,700 and shorter DOM.
- Triplexes and fourplexes offer additional value with $1,500 median rents, especially for smaller units.
- Pro Tip: Target listings that have been on the market for 50+ days for potential rent reductions. And don’t forget to record your lease to protect your rights.
For Landlords
- Competitive pricing is key: For doubles, aim for rents in the $1,500–$1,700 range, and for triplexes, keep pricing near $1.70–$1.90 PSF.
- Stay on top of inquiries—properties with delayed responses risk losing tenants to faster-moving options.
- Leverage upgrades: For single-family homes, focus on features like fenced yards or updated kitchens to justify higher rents and reduce vacancy times.
For Buyers of Investment Properties
- Doubles/duplexes are the standout investment this month, offering steady demand, faster leasing timelines, and strong cash flow potential.
- Triplexes and fourplexes provide affordability and consistent rental income, particularly for smaller units in high-demand neighborhoods.
- Pro Tip: Look for properties with short DOM histories and competitive PSF to maximize returns quickly.
For Sellers of Investment Properties
- Highlight the numbers: Investors want to see clear rental income potential and low vacancy rates—make sure your listing includes recent rental history and occupancy details.
- Focus on upgrades that add value, like updated bathrooms or energy-efficient appliances, to stand out in a competitive market.
- Doubles/duplexes are in high demand, so pricing your property competitively could lead to multiple offers.
Final Thoughts
The New Orleans rental market is full of opportunities, but success comes down to timing and strategy. Renters can negotiate for better deals, landlords should keep pricing competitive, and buyers and sellers alike should focus on the numbers that matter most.
If you have questions or want to explore specific neighborhoods or property types, drop a DM—I’m here to help!
For This Market:
- 3.6 Months of Inventory: Suggests landlords have an edge because the supply is relatively low.
- DOM Insight: However, the 72-day average DOM for single-family homes and 78-day average DOM for duplexes indicates properties are taking a while to lease. This suggests that:
- Renters are being selective, possibly due to affordability concerns or an oversupply in certain property types.
- Some landlords may be pricing too high, causing properties to linger on the market longer.
So:
While 3.6 months of inventory technically leans towards a landlord’s market, the relatively long DOM indicates that renters still have some negotiating power, particularly for overpriced or less desirable properties. This creates a more nuanced picture, leaning toward a soft landlord’s market where the balance is closer to neutral.