3 ms·

New Orleans is hovering around 92% occupancy across the market at $1,273/mo average rent. Plenty of room for both to compress. Very healthy. https://mmgrea.com

• selimthegrim 2y ago
  Have you looked up the average wage in Orleans Parish lately? Before the pandemic and Hurricane Ida, $1100/month was about the breakeven cost basis for one side of a shotgun. But I will read this report. Thank you for the reference. e: from your link - “Conversely, demand for workforce housing assets—which constitute about 37% of New Orleans’ apartment inventory—remains weak, indicating financial strain among lower-income households in the area. Construction Trends Construction has slowed significantly in the New Orleans multifamily market in recent quarters. The current pipeline of 752 units under construction represents just 1.1% of the existing rental housing stock, starkly contrasting with the national average of 4.0%. This limited construction is evident in the trailing 12-month total of new deliveries, which amounted to a modest 82 units”
  • ethagknight 2y ago
    NOLA is a unique market for sure but I’m told it’s had a difficult run. Weak demand across the middle market could mean a lot of things. I am not sure on the proposed correlation between lower income strain, my better guess is that it comes down to desirability of school district(s). Low “workforce” demand indicating bad public school options, only the rich sending to private schools and the poor taking what they can get.