Department of Numbers

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 $920 in 2015 according to the Census ACS survey.1 Average gross rent in New Orleans was $917 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 New Orleans median and average rent data will be released in September of 2017.

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.

Show dollars as: Nominal Real

Real Gross Rent in New Orleans Louisiana (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Louisiana Median Gross Rent $800 +0.38% +6.81%
New Orleans, LA Median Gross Rent $920 +2.34% +4.78%

New Orleans, LA Real Gross Rent Trends

Median gross rent for New Orleans peaked in real terms in 2008 at $996 and is now $76 (7.63%) lower. Average gross rent for New Orleans peaked in real terms in 2008 at $961 and is now $44 (4.58%) lower.

Real Gross Rent in New Orleans: New Orleans LA Median, New Orleans LA Average, Louisiana Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for New Orleans

Date US
Median
Louisiana
Median
New Orleans, LA
Median
New Orleans, LA
Average
2015 $959 $800 $920 $917
2014 $930 $797 $899 $882
2013 $898 $757 $901 $901
2012 $886 $749 $878 $867
2011 $887 $761 $902 $894
2010 $901 $775 $931 $922
2009 $905 $768 $956 $959
2008 $920 $779 $996 $961
2007 $874 $721 $948 $879
2006 $883 $715 $919 $852
2005 $858 $671 $753 $734

New Orleans Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for New Orleans Louisiana was 7.21% according to Census ACS data.

Rental Vacancy Rate in New Orleans Louisiana

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Louisiana 8.30% -0.06% -0.25%
New Orleans, LA 7.21% -1.50% -2.70%

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 4.58% to 7.21%. Data records for this series originated in 2005.

Rental Vacancy Rate: New Orleans LA, Louisiana, US

Rental vacancy rate in Louisiana

Historical Rental Vacancy Rate data for New Orleans

Date US Louisiana New Orleans, LA
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%
2008 7.86% 8.20% 11.74%
2007 7.87% 7.18% 8.09%
2006 7.70% 6.36% 5.51%
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 22.84% in 2015 according to the ACS.

New Orleans Louisiana Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Louisiana 20.99% -0.58% +0.12%
New Orleans, LA 22.84% -0.32% -0.85%

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 1.32% to 22.84%.

Fraction of Income towards Rent: New Orleans LA, Louisiana, US

Percent of median household income going towards median monthly gross rent in New Orleans Louisiana

Historical Data for Annual Rent as a Fraction of Income in New Orleans Louisiana

Date US Louisiana New Orleans, LA
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%
2008 19.00% 19.15% 22.49%
2007 18.66% 19.09% 21.35%
2006 18.90% 18.85% 20.51%
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 2015 39.83% of households were renters according to Census ACS data.

New Orleans Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Louisiana 35.42% -0.16% +1.15%
New Orleans, LA 39.83% +1.00% +0.45%

Trends in the New Orleans, LA Renter Fraction

At 39.83%, the 2015 household based renter fraction in New Orleans was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: New Orleans LA, Louisiana, US

Fraction of renters in New Orleans

History of New Orleans Renter Fraction

Date US Louisiana New Orleans, LA
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%
2008 33.36% 31.46% 32.98%
2007 32.80% 32.06% 33.76%
2006 32.73% 31.52% 31.69%
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.