West Bank Rental Rates Continue to Rise Slightly

New Orleans West Bank Rental Rates

You might be surprised to find that average rental rates in the city of New Orleans are actually dropping, moving from $1841 per month in August 2014 to $1698 per month as of August 2016. At the same time, West Bank rental rates have continued to rise, even though it’s by just a small amount.

In August 2014, the average West Bank rental was a 3 bedroom, 2 bath that leased for $1209 per month. In August 2016, that average has increased to $1294 per month.

How do New Orleans West Bank rental rates differ by area?

Demand, of course, is a strong factor in how high the rents are in any community, so we decided to break down 2016 rentals by MLS areas (see the map below)

West Bank MLS areas

The breakdown

Highest number of properties rented: Terrytown, with 51 units leased this year

Lowest number of properties rented: Algiers/English Turn area, with 6 units leased this year

Most expensive community: Algiers/English Turn area, with an average rental rate of $3,429 per month.

**Note that Belle Chasse is not far behind, with average rates of more than $2,700 per month, mostly driven by access to their public school system and to NAS JRB

Least expensive community: Westwego, with an average rental rate of $895 per month

New Orleans West Bank rental rates

Remember, these are just averages. There are certainly units priced both higher and lower than these numbers in each neighborhood, but it’s a good idea for tenants (and investors/landlords) to see where prices are going.

 

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