New Orleans is a city with so many advantages for people investing in rental properties. It has a robust rental market with reliable demand for housing. Investors also have many neighborhoods to buy rental property in New Orleans.
What are the top neighborhoods for buying rental properties in New Orleans? The answer depends on your investment goals and strategy. This post will look at some of the top places to make rental property investments in New Orleans.
Investors will find a lot to like about the Fillmore neighborhood. It is an excellent place to rent affordable homes to families. You can find a nice selection of single-family homes to rent. Fillmore can also be a place for duplex investing. The average monthly rent for one bedroom is about $1,400, and three-bedroom rentals are about $2,500. The median home price is around $300,000 to $350,000.
The French Quarter can be a good place to invest because it has a high demand. It is well-known by people moving to New Orleans from other cities. It is famous for all the attractions and great for walkability and transportation. This area can be good if you are looking to rent to younger adults. As of this writing, the median sale price in the French Quarter is around $380,000. One-bedroom apartments rent for around $1,700, and three-bedroom homes rent for approximately $3,500.
Bywater is a neighborhood on the rise. You’ll find a lot of renovated homes there. It also has a unique, artistic vibe. Bywater also scores well for walkability. The area has a lot of shops and restaurants within walking distance of homes. It also has a good range of single-family homes and duplexes. The median sale price in early 2023 is around $470,000. The average rent for one bedroom is about $1,300. Three-bedroom rentals go for around $2,600 per month.
Metairie is a good option if you want to invest near the city rather than in it. While it is a suburb of New Orleans, it still offers good access to the city. Metairie is peaceful and affordable. It is also a good place if you want to provide rentals for families. As of this writing, the median sale price in Metairie is about $285,000. The price for a three-bedroom rental is also around $2,000 per month.
These are just a few top places to buy rental properties in New Orleans. You have so many options depending on your goals and budget. The advice of a local realtor can be valuable when looking for the right place to invest in New Orleans.
Are you interested in rental properties in New Orleans? Click here to contact Billy Borrouso. Billy is a local real estate expert with extensive knowledge in the rental market.
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