New Orleans is one of the top 10 fastest growing metro economies in the nation. Tourism is starting to rebound from the lows it experienced during COVID-19, helping grow the local job market. New Orleans is easily one of the biggest economic hubs of the state of Louisiana, a state that has seen some population decline. According to a study from John Burns Research & Consulting based on the US Census data Louisiana has seen a net international and Domestic migration into the state of -39K YoY from July 2021- July 2022 (not including deaths and births).
In 2020 the total supply of the New Orleans-Metairie, LA CBSA increased by 6.5%
In 2021 total supply increased by 5.7%, in 2022 it increased by 5.1% but so far into 2023 the total supply has increased by .9% in a bit over three fourths of the year. The notable increases in supply seen from 2020 to 2022 seems to be tapering off now that supply has caught up with demand in the market.
The average price per square foot for self storage in New Orleans from year to date 2023 is $1.46. This figure is a 15.3% decrease YoY when compared to the $1.73 the average price per square foot was in 2022. However, given that following the same set of dates, the average price per square foot was $1.31 in 2019, it is good to see that the New Orleans self storage market is still pushing rates forward with a 11.7% increase from 2019 to 2023.