With so many homes on the market competing for a limited number of buyers, many sellers are turning to renting their properties until the West Bank real estate market in their area improves.
I was recently contacted by someone who was curious about the differences in the sales market vs the rental market on the West Bank, so I put together the following information:
Available rental units on the West Bank
| Area | 1-2 bed units available | Average price | 3 bed units available | Average price | 4+ bed units available | Average price |
| Algiers 70114 | 18 | $919 | 12 | $1,075 | 4 | $1,661 |
| 70114 – Algiers Point only | 9 | $1,021 | 6 | $1,050 | 3 | $1,748 |
| Algiers 70131 | 4 | $1,037 | 4 | $1,500 | 5 | $1,550 |
| English Turn | n/a | n/a | 1 | $2,500 | 5 | $5,390 |
| Belle Chasse | n/a | n/a | 1 | $1,200 | 1 | $2,800 |
| Gretna 70053 | 7 | $967 | 4 | $1,087 | n/a | n/a |
| Gretna/Terrytown 70056 | 5 | $845 | 12 | $1,304 | 4 | $1,410 |
| Harvey | 7 | $773 | 6 | $1,305 | 4 | $1,868 |
| Marrero | 6 | $695 | 14 | $1,346 | 5 | $1,440 |
| Westwego | 2 | $887 | 7 | $1,342 | 2 | $1,400 |
West Bank – Leased properties for 2009 (from 1/1/2009 through 7/13/2009)
| Area | 1-2 bed units leased | Average price | 3 bed units leased | Average price | 4+ bed units leased | Average price |
| Algiers 70114 | 21 | $929 | 9 | $1,253 | 1 | $1,500 |
| 70114 – Algiers Point Only | 14 | $891 | 6 | $1,300 | 1 | $1,500 |
| Algiers 70131 | 5 | $860 | 8 | $1,285 | 9 | $1,572 |
| English Turn | n/a | n/a | n/a | n/a | 4 | $3,500 |
| Belle Chasse | n/a | n/a | 2 | $1,725 | 2 | $2,225 |
| Gretna 70053 | 3 | $733 | 3 | $915 | n/a | n/a |
| Gretna/Terrytown 70056 | 3 | $925 | 20 | $1,153 | 13 | $1,453 |
| Harvey | 17 | $811 | 13 | $1,349 | 12 | $1,602 |
| Marrero | 6 | $758 | 19 | $1,189 | n/a | n/a |
| Westwego | 1 | $1,100 | 9 | $1,037 | 1 | $1,000 |
As always, the individual neighborhood plays a large part in the ability to command a higher rent. If you are interested in leasing your home, contact the West Bank Living Team for a precise analysis of the best price range based on your home’s location and amenities. Our goal is to put you in the market, not on it.
Do you have questions about the West Bank real estate market? Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to home buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.
