“It is better to live here in sackcloth and ashes,” writer Lafcadio Hearn famously said of New Orleans, “than to own the entire state of Ohio.” Sure, the prospective renter might reply, but where? The city provides an embarrassment of riches, with so many diverse, lively and unique neighborhoods that people often rent in several different places before finally settling on a property to buy. Here’s a handy guide to help prospective New Orleans renters navigate it all.
Renting in New Orleans for The Renter
When it comes to Hollywood sets or cut-aways during nationally broadcast sporting events, New Orleans begins and ends with the French Quarter. And there’s certainly much to recommend, from historical sites and lively local spots to its city-best rankings for walking and biking. But New Orleans renters might also be drawn to the luxury-apartment living of the city’s Central Business District, the bohemian feel of the Maringy, the trendy Bywater, the funky convenience of the Lower Garden District, the often more affordable Mid-City or Uptown’s relaxed vibe.
People have been moving to New Orleans for more than 300 years, and each of them had to find their own special place in these veritable cities within the city. Where ever you end up, these charming, deeply authentic rental spaces are often marked by hardwood floors, exposed brick, vintage bathrooms and abundant natural light. About 4 in 10 homes in Orleans Parish were built before the 1950s. Yet, average rent for these distinctive properties is only around $1,100, depending on the location.
People have been moving to New Orleans for more than 300 years, and each had to find their own special place.
Renting in New Orleans for The Investor
Investing here provides a stable addition to any portfolio. The landlord-friendly New Orleans housing market has been on a roll, notching an average annual appreciation rate of almost 3½ percent over the last 10 years. That places the city in the top 20 percent in the nation for real-estate appreciation. At the same time, New Orleans is home to more than a dozen institutions of higher learning, giving investors an opportunity to explore different options catering to individual schools.
Up-and-coming areas like Freret (an extension of Uptown’s revitalization) and Gentilly Terrace (a cool suburban neighborhood near the Navy’s SPAWAR Systems Command, which provides a stable pool of renters) are seeing rises in median home sale prices that reflect a shift in demand. You’ll want to invest before the market really takes off, and we can help you discover the potential for good returns on these and other emerging hot spots for New Orleans renters.
We can help you discover the potential for good returns on emerging hot spots for New Orleans renters.
Why Use an Agent?
Plenty of lovestruck tourists might dream of living like William Faulkner on Pirate’s Alley in the French Quarter. But that’s just the beginning of what the city has to offer. You’ll need someone who knows every street and shortcut if you want to become a New Orleans renter or investor.
Many service industry and downtown workers live in and around the Central Business District, but the city’s iconic streetcar system frees them up to explore rental options further out. Single transplants could be drawn to the Maringy’s artsy vibe and colorful shotgun houses, while young families might want to settle in the Central/East Carrollton area. For those looking for less tourist-y fun, there’s always the Lower Garden District. Over time, you might move through some or all of these neighborhoods. That’s New Orleans.
Let’s Talk About Renting in New Orleans!
If you have trouble even saying Calliope (“KAH-lee-ope”) or Burgundy (“bur-GUN-dee”), much less finding just the right space on those familiar New Orleans streets, Liz Wood is here to help. Over the years, she’s built a real estate agency with the expertise and experience to help New Orleans renters successfully complete a journey of discovery in one of America’s most historic, fascinating and vibrant cities. Contact us today!