New Orleans Louisiana Residential Rent and Rental Statistics
The median monthly gross residential rent in New Orleans, LA (the New Orleans-Metairie-Kenner metro area) was $983 in 2019 according to the Census ACS survey.1 Average gross rent in New Orleans was $974 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 New Orleans median and average rent data will be released in September of 2021.
Data is also available below for New Orleans rental vacancy rates, New Orleans rent as a percent of median income and the fraction of renters in New Orleans.
Real Gross Rent in New Orleans Louisiana (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Louisiana Median Gross Rent | $866 | -0.35% | +2.36% |
| New Orleans, LA Median Gross Rent | $983 | -1.21% | +0.82% |
New Orleans, LA Real Gross Rent Trends
Median gross rent for New Orleans peaked in real terms in 2008 at $1,056 and is now $73 (6.91%) lower. Average gross rent for New Orleans peaked in real terms in 2008 at $1,020 and is now $46 (4.51%) lower.
Real Gross Rent in New Orleans: New Orleans LA Median, New Orleans LA Average, Louisiana Median, US Median
Real Gross Rent History for New Orleans
| Date | US Median |
Louisiana Median |
New Orleans, LA Median |
New Orleans, LA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $866 | $983 | $974 |
| 2018 | $1,077 | $869 | $995 | $978 |
| 2017 | $1,043 | $862 | $995 | $984 |
| 2016 | $1,027 | $846 | $975 | $978 |
| 2015 | $1,017 | $849 | $976 | $973 |
| 2014 | $986 | $846 | $953 | $935 |
| 2013 | $953 | $803 | $956 | $956 |
| 2012 | $940 | $795 | $932 | $920 |
| 2011 | $941 | $807 | $957 | $948 |
| 2010 | $955 | $822 | $988 | $978 |
| 2009 | $960 | $815 | $1,014 | $1,018 |
| 2007 | $927 | $765 | $1,006 | $933 |
| 2005 | $910 | $711 | $799 | $779 |
New Orleans Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for New Orleans Louisiana was 6.32% according to Census ACS data.
Rental Vacancy Rate in New Orleans Louisiana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Louisiana | 8.34% | -0.37% | -0.10% |
| New Orleans, LA | 6.32% | -1.21% | -2.11% |
Trends in New Orleans, LA Rental Vacancy Rate
The rental vacancy rate in New Orleans peaked in 2010 at 11.79%. Since then it has fallen by 5.47% to 6.32%. Data records for this series originated in 2005.
Rental Vacancy Rate: New Orleans LA, Louisiana, US
Historical Rental Vacancy Rate data for New Orleans
| Date | US | Louisiana | New Orleans, LA |
|---|---|---|---|
| 2019 | 5.97% | 8.34% | 6.32% |
| 2018 | 6.15% | 8.71% | 7.53% |
| 2017 | 6.18% | 8.74% | 8.65% |
| 2016 | 5.89% | 8.44% | 8.43% |
| 2015 | 5.85% | 8.30% | 7.21% |
| 2014 | 6.32% | 8.36% | 8.71% |
| 2013 | 6.49% | 7.64% | 8.59% |
| 2012 | 6.77% | 8.55% | 9.91% |
| 2011 | 7.40% | 8.15% | 9.75% |
| 2010 | 8.17% | 8.98% | 11.79% |
| 2009 | 8.43% | 8.19% | 11.07% |
| 2007 | 7.87% | 7.18% | 8.09% |
| 2005 | 7.74% | 7.89% | 6.87% |
Rent as a Fraction of Income
Using median household income data for New Orleans, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For New Orleans, median monthly gross rent as a fraction of median household income was 21.17% in 2019 according to the ACS.
New Orleans Louisiana Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Louisiana | 20.35% | -1.04% | -1.13% |
| New Orleans, LA | 21.17% | -2.13% | -1.72% |
Trends in New Orleans, LA Rent as a Fraction of Income
The fraction of median New Orleans household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 24.16%. Since then it has fallen by 2.99% to 21.17%.
Fraction of Income towards Rent: New Orleans LA, Louisiana, US
Historical Data for Annual Rent as a Fraction of Income in New Orleans Louisiana
| Date | US | Louisiana | New Orleans, LA |
|---|---|---|---|
| 2019 | 20.03% | 20.35% | 21.17% |
| 2018 | 20.50% | 21.39% | 23.31% |
| 2017 | 20.13% | 21.74% | 22.92% |
| 2016 | 20.43% | 21.48% | 22.89% |
| 2015 | 20.63% | 20.99% | 22.84% |
| 2014 | 20.89% | 21.57% | 23.16% |
| 2013 | 20.78% | 20.73% | 23.70% |
| 2012 | 20.65% | 20.87% | 23.69% |
| 2011 | 20.70% | 21.48% | 24.16% |
| 2010 | 20.50% | 20.78% | 22.99% |
| 2009 | 20.12% | 20.19% | 23.11% |
| 2007 | 18.66% | 19.09% | 21.35% |
| 2005 | 18.89% | 18.59% | 19.23% |
Renter Fraction in New Orleans Louisiana
You can calculate the renter fraction in New Orleans in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in New Orleans as a fraction of total New Orleans households. In 2019 36.56% of households were renters according to Census ACS data.
New Orleans Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Louisiana | 33.51% | -1.01% | -2.23% |
| New Orleans, LA | 36.56% | -1.17% | -2.73% |
Trends in the New Orleans, LA Renter Fraction
The New Orleans household renter fraction peaked in in 2015 at 39.83% and is now 3.27% below that level. The origin year for the series is 2005.
Fraction of Renting Households: New Orleans LA, Louisiana, US
History of New Orleans Renter Fraction
| Date | US | Louisiana | New Orleans, LA |
|---|---|---|---|
| 2019 | 35.89% | 33.51% | 36.56% |
| 2018 | 36.05% | 34.52% | 37.73% |
| 2017 | 36.13% | 34.82% | 37.82% |
| 2016 | 36.88% | 35.74% | 39.29% |
| 2015 | 36.97% | 35.42% | 39.83% |
| 2014 | 36.90% | 35.58% | 38.83% |
| 2013 | 36.50% | 34.03% | 39.17% |
| 2012 | 36.09% | 34.27% | 39.38% |
| 2011 | 35.42% | 33.57% | 38.41% |
| 2010 | 34.65% | 32.45% | 35.93% |
| 2009 | 34.13% | 32.08% | 34.41% |
| 2007 | 32.80% | 32.06% | 33.76% |
| 2005 | 33.10% | 32.19% | 36.37% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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