The New Orleans real estate market is one that is attracting the attention of investors looking to purchase in a location that offers great opportunity for growth. While home values have seen growth of 43% over the past ten years, it’s still an area which offers extremely attractive entry prices, and, thanks to a relatively low development rate in recent years, high demand from both potential tenants, and future buyers, offering true liquidity.
New Orleans hosts a diverse economy with the most prominent sectors being energy, advanced manufacturing, healthcare and of course, tourism. Home to internationally-known universities, hospitals and a Bioinnovation Center, the city is also one of the country’s top meeting and convention destinations which brings an influx of visitors on a regular basis.
New Orleans enjoyed a job growth rate above the national average in 2018, and leading employers in the city include Ochsner Health System, Tulane University, Woodward Design + Build, Entergy Corporation, Whitney Holding Corp, Boh Bros Construction and Superior Energy Services.
A Louisiana Economic Outlook report predicts the New Orleans metropolitan area will add 6,500 jobs, or 1.1 percent, in 2019 and 9,100 jobs, or 1.6 percent, in 2020.
Named the top place to visit by the New York Times in 2018, the area attracts increasing visitors numbers. In 2017, New Orleans experienced a 6.02 percent increase in direct visitor spending contributing $8.7 billion to the economy. The city also saw a 5.70 percent increase in number of visitors compared to the previous year, reporting 17.74 million annual visitors according to D.K. Shifflet & Associates’ (DKSA) reporting.
In addition to a steady number of tourists wishing to experience the thriving nightlife, historical streets and amazing atmosphere, the city has a strong meetings and events industry, attracting businesses from all over the US.
Property Investment New Orleans
The area offers a great deal for investors who are looking to benefit from both excellent rental returns alongside scope for capital growth.
Rental demand is extremely strong in the region, as supply has been limited by a lack of development, leading to a high median rent rate of $1550. A strong economy with great job growth is brining an influx of young, bright workers in the region who have an appetite to live in well appointed homes. For those wishing to make the most of the tourist market, the increasing wish from visitors to stay in high specification lodgings also contributes to it’s appeal.
Further aiding investors are the low property taxes – the state of Louisiana has the third lowest taxes in the USA as just 0.48%.
The Mansions, New Orleans
Benoit Properties have acquired a handful of apartments offering strong rental yield for cash investors looking to buy in this stable and established property market. Benoit Management LLC are in place to take care of all day to day aspects of your investment.
Discover more about this great opportunity.