Report: New Orleans Currently Ranks No. 81 For Year-Over-Year Rent Growth
NEW ORLEANS — When searching for a new place to call home, it’s important to know what’s happening with rent prices. In a new report released by Apartment List, rent growth rates from 2015 to 2018 were analyzed to see which cities have seen the biggest changes.
Some highlights concerning New Orleans, include:
- Of the 100 largest cities in the country, New Orleans currently ranks no. 81 for year-over-year rent growth at 0.0 percent.
- For comparison, New Orleans ranked no. 64 in 2017, no. 100 in 2016, and no. 80 in 2015, with year-over-year growth rates of 1.7 percent, -4.4 percent, and 0.9 percent, respectively.
- Nationally, year-over-year rent growth has slowed from 3.6 percent in 2015 to a current rate of 1.5 percent.
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This slowdown in national rent growth is partially attributable to an increasing supply of new rental inventory in many markets. This year’s modest growth rate of 1.5 percent is lagging both wage growth (2.7 percent) and overall inflation (2.5 percent). This is a welcome sign of relief for renters, many of whom are still struggling with affordability.
The full report is available here.
- by Alexa Renée Harrison, associate news editor