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New Orleans Condo Rentals-Demand is high for Uptown and the Warehouse District. Buyers window Shopping?

     Demand is high for rentals in a couple segments of New Orleans Condo market.  I am getting calls daily from people looking to rent in  Uptown New Orleans and the Warehouse District.  There choices are few as many newcomers have decided to rent rather than buy until they know more about the area.  The lending requirements have been tightened but this makes less difference that the attitudes people bring with them from other markets.

     New Orleans has never been a great place for nice condo rentals.  This is especially true this year.  Condos make an ideal rental  as most have been updated, most are secure and in safe areas.  The units and common areas are maintained and many have amenities that people are looking for like a gym, security, common areas, pool and great locations.     

French Quarter Condos

     Many that have thought about purchasing a condo but decided to wait.  I think it has a lot to do with the real estate bubble that has happened in the rest of the country.  New Orleans is not like the rest of the country as overbuilding did not take place in the City of New Orleans.  Katrina washed away thousands of homes.  Insurance rates have made owning a condo a lot cheaper than a home.  Many times homeowners Insurance exceeds that of condo fees.  Condo fees cover insurance.  

     The seller still pays the condo fees and taxes when he or she rents and has to pass those fees to the renter.  Most time the seller has to pay a note on top of the fees and taxes.  That is why the Warehouse District has few units below 1300 per month and the prices start at the 175k level.  Many times it makes sense to buy instead of renting.

     Its a great market if you want to rent a nice unit and be a landlord.  You can generally have your pick of people in the under $1600 per month range.  The price of transportation has also been a factor in people wanting to be closer to the downtown area.  Its also the trendy areas where young professionals want to be that has caused demand.

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  1. New Orleans Condo Rentals-Demand is high for Uptown and the Warehouse District. Buyers window Shopping?

    […] Technorati Search for: markets wrote an interesting post today onHere’s a quick excerpt      Demand is high for rentals in a couple segments of New Orleans Condo market.  I am getting calls daily from people looking to rent in  Uptown New Orleans and the Warehouse District.  There choices are few as many newcomers have decided to rent rather than buy until they know more about the area.  The lending requirements have been tightened but this makes less difference that the attitudes people bring with them from other markets.      New Orleans has never been a great place for nice co […]

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA