While the number of homes and condos sold on the West Bank of New Orleans dropped by about 13% from 2005 to 2014, the number of leased properties has exploded.
From a low of 94 units rented in 2005, there were 542 properties leased by agents in 2014. Not taking into account private rentals, the number of rented properties on the West Bank increased by over 400% during that time frame.
Number of leased properties on the West Bank of New Orleans
What does this mean for tenants?
For starters, there are a larger number of rentals to choose from, unlike the rental market in the city. However, prices on the West Bank remain much more affordable than the East Bank, with the average rental price dropping just slightly from 2005 to 2014.
Average 2005 rental = $1,472
Average 2014 rental = $1,446
What does this mean for landlords and investors?
There is obviously a strong demand for rental properties on the West Bank. Couple that with the shortage of affordable rentals on the East Bank and investing in additional rental properties is a smart move right now.