Algiers Rental Rates 2017

Algiers rental rates - New Orleans West Bank real estateAlgiers Rental Rates

We’ve had some recent inquiries about Algiers rental rates and thought it would be good information to share with anyone considering leasing their home.

Since we all know that the Algiers Point market is different, we broke out the 70114 and 70131 zip codes separately to give you the best information possible.

70114 Rental Rates

In an interesting twist, rates are up for smaller 1 and 2 bedroom rentals, as the demand for them has increased. Check out the differences in the number of 1 bedroom units leased last year vs this year – it has tripled!

Not so for the large 3 and 4 bedroom options. 1 bedroom rates are up an average of $85 per month and 2 bedroom rates are up by $40 per month. In contrast, 3 and 4 bedroom rates are down 15% and 18.5%, respectively.

2017 Average Rents

1 bedroom      $884   • 15 units leased

2 bedroom   $1,103   • 28 units leased

3 bedroom   $1,263   • 19 units leased

4+ bedroom $1,792  • 3 units leased

70131 Rental Rates

2016 Average Rents

1 bedroom      $799   • 5 units leased

2 bedroom   $1,063   • 24 units leased

3 bedroom   $1,485   • 19 units leased

4+ bedroom $2,200  • 1 unit leased

Overall, rental rates in the 70131 have risen slightly from last year. Please note that whenever there are properties rented in English Turn, it skews the numbers a bit higher. In those cases, the median may be a more useful stat for you.

For 1, 2, & 3 bedroom properties, rents have increased across the board. Larger homes are not commanding the same rents they were last year. In my opinion, that has more to do with the condition of the properties than the area. Dated and worn houses are never going to command a premium rent, no matter how great the location.

2017 Average Rents

1 bedroom  $750  • 1 unit leased

2 bedroom  $1,222  • 7 units  leased
(median $900 – numbers skewed by 1 English Turn rental)

3 bedroom   $1,317  • 16 units leased

4+ bedrooms   $2,285  •18 units
(median $1,973 – numbers are slightly skewed by English Turn rentals)

2016 Average Rents

1 bedroom   • NO PROPERTIES RENTED

2 bedroom       $927  • 6 units leased

3 bedroom      $1,246 • 13 units leased

4+ bedrooms  $2,451 • 16 units leased
(median $2,050 – 5 units were leased in English Turn)

The good news for landlords in Algiers is that most properties are leased relatively quickly. This year, the average time on market in 70131 has been 47 days. In the 70114 zip code, the average time on market has been 48. Of course, there are properties that rent faster (and slower), but this at least gives landlords an expectation of what’s happening in the neighborhood.

 

Interested in renting your Algiers property? Call us today at 504-327-5303 and we’ll be happy to find your next qualified tenant.

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