As 2017 draws to an end we are once again seeing a rise in rent prices across the city on the rise. Zumper, a national screening tool for the real estate market, reported recently that rentals in the New Orleans Market have risen four spots in just the past month to now be the 17th priciest rental market in the nation.
According to the report by Zumber, One bedroom rentals saw a 5.3% spike in rental prices to a city average of $1380. However, from this report there is some positive news, two bedrooms have slightly decreased to an average cost of $1460 across the city.
With the current rise in rental prices it may come has a surprise that home sale prices are not corresponding to the same trends. In fact, home sale prices continue to fluctuate around the $298,000 median price since early 2016.
Considering all of the available programs that the various parishes and lenders are offering to help in acquiring a down payment for homes, this rental price surge would suggest that it a great time to make the move toward home ownership.
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