The New Orleans Condo rental market continues to be tight….

     The New Orleans condo rental market has been great for the last 5 years if you  are a landlord.   Its much harder if you are the renter.  You almost have to fall into some of the best places.

    There have been few new condo developments to come on line as demand has been steady.  There has been big increase rental units downtown and along the Tulane Avenue corridor nearer the medical schools were  added to the mix from the “go zone” tax credits following Hurricane Katrina.  Makes you wonder why the government is making it so hard to get things off the ground. In real estate things are all local but rules are made for Vegas and Miami.

      The New Orleans condo has been strong as with the Warehouse District having the premium locations.   The Jefferson Parish Market is not as good but has help steady well.  Now for the reasons this may be so.  It get down where people want something safe, historic and very walkable neighborhoods.

    The movie industry has created a lot of demand for people wanting a furnished or unfurnished places from 3 to 6 months.  These guys want to experience New Orleans and I am sure many come back year after year to work.  Some have already bought places and rent them out when they are not here.

     Jobs being shifted around, New Orleans has had opening for jobs and people are come here from all areas of the South to work.  They are looking for much the same thing.  The companies are putting them up here and they like to experience urban living.  The most adventurous and motivated come.

     More students and younger new people have moved here.  New Orleans is a much younger city now than it was 5 years ago and condo living suits the young people better.  Tulane Med. School and LSU Med schools are almost in the Warehouse District. Law Students from Loyola and Tulane are always looking for condo rentals.  Then more young people are coming for the opportunities which was never the case before Katrina.

   Buying is being off due to uncertain economic times. Higher down payments have made it harder to buy.  Many of these people opt to rent to see if they are going to stay in New Orleans. A percentage of these people will buy but they need to save a little before jumping in.

    The housing market in some areas of New Orleans are hot right now.  These areas of the Garden District and Uptown are leading the New Orleans Housing Market.

      These are all great for landlords and have helped steady values.  There are fewer foreclosures and short sales when your unit can easily be rented out.  They now become great vehicles for nice returns. I am always looking for deals but they have been hard to find unless you are patient with the process.

     One note on Fannie Mae repos is that the people that will live there get the first 15 days to get the bid in.  They go fast and you may have to pay higher than the asking price but you will still be 20% or more under the market price.  The clients that want the best possible deal usually miss out and lets someone else get a great deal.  People that do this for a living see it all the time.

289 Cotton Mill Natural Light

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