Dear Readers, for those of you who are current or aspiring real estate investors, I thought you might benefit from some data on residential rents in New Orleans. So below I detail rents for one and two bedroom units in different parts of the City. The data is pulled from MLS and covers unfurnished one and two bedrooms rented in 2023. As always, I hope you find value in the information, and I welcome your comments or questions.
French Quarter
One bedroom units in the French Quarter rented for on average $1564 a month or $2.46 a square foot in 2023. Median rent for one bedrooms in the French Quarter was $1500 a month or $2.42 a foot in 2023.
Two bedrooms in the French Quarter rented for on average $2251 a month or $2.07 a square foot in 2023. Median rent for two bedrooms in the French Quarter was $2200 a month or $2.03 a foot in 2023.
Warehouse District and CBD
One bedroom units in the Warehouse District and CBD rented for on average $1998 a month or $2.46 a foot in 2023. Median rent for one bedrooms in the Warehouse District and CBD was $1900 a month or $2.47 a foot.
Two bedrooms in the Warehouse District and CBD rented for on average $2895 a month or $2.44 a foot. Median rent for two bedrooms in the Warehouse District and CBD was $2500 a month or $2.21 a foot.
Uptown
Uptown one bedroom units rented for on average $1395 a month or $2.07 a foot in 2023. Median rent for an Uptown one bedroom was $1350 a month or $2.00 a foot in 2023.
Uptown two bedroom units rented for on average $1919 a month or $1.79 a foot in 2023. Median rent for an Uptown two bedroom was $1800 a month or $1.75 a foot in 2023.
Mid-City and Bayou St John
Mid-City and Bayou St John one bedroom units rented for on average $1237 a month in 2023 or $1.83 a foot. Median rent for a one bedroom in Mid-City and Bayou St John was $1200 a month or $1.71 a foot in 2023.
Mid-City and Bayou St John two bedroom units rented for on average $1607 a month in 2023 or $1.58 a foot. Median rent for a two bedroom in Mid-City and Bayou St John was $1600 a month or $1.57 a foot in 2023.
Lakeview
One bedroom units in Lakeview rented for on average $1361 a month in 2023 or $1.91 a foot. Median rent for a one bedroom in Lakeview was $1418 a month or $1.96 a foot in 2023.
Two bedroom units in Lakeview rented for on average $1713 a month in 2023 or $1.52 a foot. Median rent for a two bedroom in Lakeview was $1700 a month or $1.48 a foot in 2023.
Gentilly
One bedroom units in Gentilly rented for on average $1132 a month or $1.54 a foot in 2023. Median rent for a one bedroom in Gentilly was $1100 a month or $1.49 a foot in 2023.
Two bedroom units in Gentilly rented for on average $1,286 a month or $1.34 a foot in 2023. Median rent for a two bedroom in Gentilly was $1250 a month or $1.33 a foot in 2023.
Marigny-Bywater
One bedroom units in Marigny-Bywater rented for on average $1367 a month or $2.06 a foot in 2023. Median rent for a one bedroom in Marigny-Bywater was $1350 a month or $1.99 a foot in 2023.
Two bedroom units in Marigny-Bywater rented for on average $1899 a month or $1.79 a foot in 2023. Median rent for a two bedroom in Marigny-Bywater was $1900 a month or $1.76 a foot in 2023.
New Orleans East
Two bedroom units in New Orleans East rented for on average $1080 a month or $1.12 a foot in 2023. Median rent for a two bedroom in New Orleans East was $1087 or $1.11 a foot.
*I’ve omitted one bedroom comps in New Orleans East because there were only four for the whole area on MLS in 2023.
Please let me know if you have any questions about this information or would like stats on any areas I didn’t cover. Thanks for reading.