New Orleans, LA: The Big Easy
New Orleans is home to 383,997 residents, making it the most populous city in Louisiana. The city is known for its colorful annual festivals and celebrations as well as its thriving arts and culture. Every year, New Orleans holds a Mardi Gras celebration, a multi-day event that brings in over a million visitors. The historic French Quarter is an equally popular destination, with Bourbon Street boasting a vibrant nightlife scene.
For entertainment and the performing arts, New Orleans does not disappoint. Notable attractions include the New Orleans Jazz Market, Saenger Theatre, the Mahalia Jackson Theater for the Performing Arts, and the Civic Theatre. The city is also home to national protected areas such as the New Orleans Jazz National Historical Park, the Bayou Sauvage National Wildlife Refuge, the Vieux Carre Historic District, and the Jean Lafitte National Historical Park and Preserve.
In terms of higher education, there are also several colleges and universities located in the city. These include Tulane University, the University of New Orleans, Southern University at New Orleans, Dillard University, and Loyola University New Orleans. The city’s local cuisine is also a huge draw to tourists. Other points of interest include Jackson Square, City Park, the National WWII Museum, the New Orleans Museum of Art, and the Audubon Zoo.
The State of New Orleans’s Rental Market
New Orleans has an attractive rental market. For one thing, the median listing price for a home in this city is $348,000. While the city does not boast the most affordable listings, there are still many opportunities in New Orleans. There is also a sizable renter population in the Big Easy. In fact, 51.7% of the city’s residents rent their homes.
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When it comes to rental rates, landlords can charge a good price. The average rent for an apartment in New Orleans is $1,250, which is higher than the national average. This also represents a 6% increase from the previous year. To break it down even further, 26% of apartments fall between the $1,001 and $1,500 rental range, while 17% fall between the $1,501 and $2,000 range. Ten percent of apartments in New Orleans command a rate above $2,000.
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Plus, for the most part, Louisiana is considered a favorable environment for landlords. Here, landlords have a wide authority to set and increase rent and enter properties without prior notice. It is also much easier to evict tenants compared to some other states.
How a New Orleans Property Management Company Can Help
New Orleans welcomes new residents each year. Whereas some of these new residents purchase homes, others look for a space to rent. Property investors can capitalize on this demand, but managing a rental property is not the same as buying one. Most of the time, landlords end up giving up their properties because they can’t perform their duties effectively.
Whether you lack time, expertise, or interest in the job, a New Orleans rental management company can help. With professional assistance, you can pass on all of your duties to an experienced manager. They will be the person to make sure your rental property is occupied, earns money, and remains in good condition. The following are just some of the responsibilities a management company can assume:
- Rental property advertising
- Tenant screening
- Property showings
- Rent setting and collection
- Lease agreement preparation
- Routine inspections (including move-in and move-out inspections)
- Lease terms enforcement
- Maintenance and repairs management
- Tenant support
- Budget management
- Tax preparation
- Eviction assistance
Find the Best Property Management in New Orleans
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