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http://neworleanscitybusiness.com New Orleans CityBusiness
Apartment rentals soar in Historic District, sag in Algiers, Kenner
by David Muller, Staff Writer
Published: June 9th, 2011
The closer apartments in the New Orleans area are to retail centers and the jobs of people who rent them, the more likely it is they will be occupied.
That’s the gist of two reports on the metro’s multi-family housing market that show a strong overall occupancy rate of more than 90 percent. The growth of rental tenants in the Historic District of New Orleans, from Uptown to the Central Business District, is offsetting growing vacancy numbers in other areas.
“The historic center is going gangbusters,” Larry Schedler said. “The fact is when they build product there, it sells.”
According to the latest Greater New Orleans Multi-Family Report from Larry G. Schedler and Associates, the area’s occupancy rate is strong at 91 percent, an increase of 1 percent from the fall and a 3 percent rise from a year ago. Schedler’s report, released earlier this month, surveyed 126 properties with 29,921 total units.
Figures from a soon-to-be released University of New Orleans study will show a similar rate for 2010, with 91.4 percent occupancy, up from 89 percent in 2009.
The occupancy rates in strong areas are only expected to remain stable, as just six apartment projects are under construction in the metro area. Three are in St. Tammany Parish, and three in the Historic District of New Orleans — The Maritime, Saratoga Lofts and the National Rice Mill Lofts — are in various stages of development.
“There are only about 770 units total under construction,” said Tammy Esponge, executive director of the Apartment Association of Greater New Orleans..............