Larry G. Schedler & Associates, Inc. just released its 22nd issue of the Greater New Orleans Multi-Family Report, which surveys rental and occupancy data from 130 properties, comprised of 30,423 units located in eight submarkets. The survey focused on market rate properties which are well managed and fully operational covering a wide age spectrum.
In a nutshell, the conclusion is that demand for apartment housing in the greater metro areas continues to outpace supply, and new projects on the drawing board will not have much of an impact on satisfying that demand.
The average rent in Orleans, Jefferson and St. Tammany parishes reached about $900 a month at the end of October, up from $877 from the same time last year according to report. Occupancy for apartments in Orleans is up to 94 percent, with some submarkets showing a 96 percent rate.
The highest rental increases in over the last year are in the city’s Historic Center, which includes the French Quarter, Warehouse District, Central Business District, Mid-City and the St. Charles Avenue corridor, where monthly rent is up $62 to $1,329 per month. Metairie also had a significant increase, where rents average $783, and Harahan, where rates have gone from $931 in 2012 to $954 this year.
Two projects are under construction in the Central Business District. The first is at 144 Elk Place, where developer Mike Wampold is converting an office tower into loft apartments, retail and parking. The second, Paramount, is in the first phase of the South Market District. Two additional projects – The Garage at 849 Carondelet St. and the redevelopment of an office tower at 225 Baronne St. — are slated to move forward in the next six months.
Larry G. Schedler & Associates, Inc. maintains a comprehensive data base of over 90,000 multi-family units throughout Louisiana and the Mississippi Gulf Coast area. This data includes physical characteristics, rental rates, neighborhood demographics, construction activity and sales information.
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