Are New Orleans apartment rental prices lower than they were a year ago? The Crescent City saw an over 11 percent drop on one bedroom apartment units, while the rest of the nation is seeing an increase in apartment rental increases.
"2 bedroom apartments in New Orleans drops about 18 percent which is about 400 dollars from December of 2017 to December of 2018," said Brian Carberry, Managing Editor for Apartment Guide.
Carberry, Managing Editor for Apartment Guide explains that supply and demand may be the reason.
"The biggest indicator that we see, across the market for price trends is supply and demand," he said.
But how much of that demand could because of New Orleans declining population?
"You know, with supply and demand, if there is less people to rent, that means that properties might be forced to lower prices to entice people to rent," Carberry said.
However Carberry adds that prices in Metairie and Gretna have actually gone up when it comes to 1 and 2 bedroom apartments.