The affordability factor has become a major concern among many Americans. In one city — New Orleans — rents are cheaper than they’ve been in a while and continue to decrease.
A study from Rent.com shows that the Crescent City is among the big cities where rents have decreased.
Why Are Rents Decreasing Across The U.S.?
One major reason why rents are falling is because the construction industry is finally sufficiently rebounding from the COVID-19 pandemic.
New rental units being built continue to make a difference as well as the fact that Louisiana happens to be one of the most affordable states in America.
Where In The U.S. Are Rents Falling?
According to Rent.com, these metro areas have experienced the greatest decreases in rent prices over the past year.
- New Orleans-Metairie, LA (-14.95 percent)
- Austin-Round Rock-Georgetown, TX (-14.33 percent)
- Phoenix-Mesa-Chandler, AZ (-9.63 percent)
- Las Vegas-Henderson-Paradise, NV (-7.13 percent)
- Oklahoma City, OK (-6.43 percent)
- Chicago-Naperville-Elgin, IL-IN-WI (-5.96 percent)
- Birmingham-Hoover, AL (-4.54 percent)
- Sacramento-Roseville-Folsom, CA (-4.02 percent)
- Memphis, TN-MS-AR (-3.57 percent)
- Seattle-Tacoma-Bellevue, WA (-3.19 percent)
Final Word
Read where the cheapest apartments are in New Orleans.
While New Orleans is not one of the most expensive rental markets, you still need some strategy to score some cheap rent. Look for ways to reduce expenses and save more of the money you make.
Tired of renting? Here’s how to save for a home.
