Were you aware that New Orleans, famed for its vibrant culture and yearly celebration, is a prime choice for real estate investing? Its unique nature presents great opportunities but comes with its own set of challenges. Do you know what to expect if you invest in real estate in this area and how to ensure it pays off?
From delving into student housing to learning about rental law, the following article offers advice on how to best invest in this space. By the end, you should understand how you can turn the distinctive flavor of New Orleans into a high-ROI paradise.
Consider Investment Near Universities
With universities such as Tulane and Loyola in the area, you can expect there to be consistent demand for student housing. New Orleans real estate investments such as these offer a stable source of rental income due to the regular cycle of new students. A property manager can even help you handle some of the unique challenges that younger, inexperienced renters bring.
Increasing numbers of students are choosing to live off-campus. This means you can expect rental prices to stay competitive and even increase over time. If you install modern amenities, such as high-speed Internet, you should always bring in new tenants without difficulty.
Invest in Real Estate With a History
New Orleans has a very rich history and so offers unique investment property opportunities in older buildings. These locations are more likely to have high appreciation rates due to the demand for properties with high cultural value.
While you may need to pay for restoration and maintenance more often to ensure the upkeep of unique features, many tax benefits also exist. This can ensure your ROI does not falter and can often ensure you get the most out of the location. Working with local preservation societies may also help you get any work done with a minimum amount of outgoings.
Make sure that when you find a potential investment you consult with local historians or architects. They may be able to offer insights that can help you rent the location out or inform you of history you can use to your advantage.
Leverage Tourism and Vacation Rentals
The tourism industry in New Orleans is very strong. This can help you develop lucrative properties, especially in high-traffic locations.
Rentals that offer local culture or unique experiences are a great opportunity for you to appeal to tourists. You should be aware, though, that there are real estate investment rules related to the number of such properties you can accrue.
As the Mardi Gras season comes in, you are also likely to see a huge spike in demand. This allows you to boost your rental prices, so research how much others adjust their seasonal leases so you can stay competitive.
Working With Real Estate Investing Experts
Whether you want to dip your toe into New Orleans real estate investing or expand an existing portfolio, it pays to have someone on your side.
Here at PMI New Orleans, we have decades of experience helping people like you handle their properties. So, get in touch and book an appointment today to find out how we can help you make the most of this vibrant area.
