1201 Canal Apartments
1201 Canal St,
New Orleans, LA 70112
$1,700 - $3,250
1-3 Beds
Rental Market Trends in New Orleans, LA
What is the average rent in New Orleans, LA?
$1,271/month
Average Rent
714 Sq Ft
Average Apartment Size
-0.7%
Decrease in the Last Year
As of May 2026, the average rent in New Orleans, LA is $1,271 per month. This is 23% lower than the national average rent of $1,642/month, making renting in New Orleans more affordable than most cities in the US. When you rent an apartment in New Orleans, you can expect to pay about $1,099 per month for a studio, $1,271 for a one-bedroom apartment, and around $1,475 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,560 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in New Orleans, LA?
In the past year, rent has decreased by 0.7%, which averages out to $9 less per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated May 2026
Legend
2025
2026
Rent Ranges in New Orleans, LA
Last Updated May 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
3%
Below $700/month
28%
$700 - $1,000/month
29%
$1,001 - $1,500/month
22%
$1,501 - $2,000/month
17%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in New Orleans?
Based on current rent prices, West Lake Forest, Read Boulevard East and Little Woods are the most affordable neighborhoods in New Orleans.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in New Orleans?
Based on current rent prices, Iberville, Irish Channel and Lower Garden District are the most expensive neighborhoods in New Orleans.
Neighborhood
Average Rent
Average Sq Ft
Which New Orleans neighborhoods have the most rentals available?
The neighborhoods in New Orleans with the most apartments available are Downtown New Orleans, Warehouse District and New Orleans CBD .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in New Orleans, LA?
Because the average rent in New Orleans is $1,271, you’ll want to make about $4,236 per month or $50,832 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
Cost of Living
The cost of living in New Orleans, LA is 13.1% higher than the national average. Generally, housing in New Orleans is 49.8% more expensive than the national average, with rent falling between $1,099 - $1,560. You can expect to pay 0.7% less for groceries, 27.0% less for utilities, and 4.0% less for transportation.
How does New Orleans, LA compare to other nearby cities and neighborhoods?
Use the tool below to compare New Orleans, LA to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
-
-
One Bedroom
$798/month
$1,322/month
Two Bedroom
$862/month
$1,545/month
Three Bedroom
$1,127/month
-
Nearby City Rent Trends
Apartment communities in New Orleans we think you'll love
Property Management Companies in New Orleans, LA
Apartment Homes By Tonti
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15
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2,613
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2
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27
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4,802
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11
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13
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MMI
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20
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3,199
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14
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Key Real Estate Company
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20
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4,563
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13
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McCormack Baron Salazar
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17
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4,399
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13
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3 Communities in New Orleans
Renaissance Neighborhood Development Corporation
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10
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916
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6
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.