New Orleans hosts 5,384 active STR listings with top-quartile properties averaging $7,151 per month against a median home value of $236,136.
Market Overview
New Orleans is one of the largest short-term rental markets in the South, with 5,384 active listings as of February 2026. The market draws from a base of 17.8 million annual visitors and a local population of 374,399, giving it a visitor-to-resident ratio that few U.S. cities can match.
The market has undergone a significant structural shift since 2021. Active listings peaked near 6,296 in 2023, then contracted to roughly 5,024 in 2024 before stabilizing around 5,349 to 5,527 in 2025. That contraction coincided with tightening city regulations introduced in March 2023, which capped STRs at three properties per square block and reinforced primary-residence requirements for non-commercial permits.
On the revenue side, the trend is more nuanced. Average occupancy has declined from 67.4% in 2021 to approximately 44% in 2025, while average daily rate has moved in the opposite direction, rising from $257 in 2021 to $325 in 2025 and $408 in early 2026. The net effect is that the best-positioned properties are earning more per night even as market-wide occupancy softens. Average monthly revenue across all listings was $4,334 in 2025, with early 2026 data tracking at $4,605 per month on average.
The market is heavily event-driven. Mardi Gras, Jazz Fest, the French Quarter Festival, and a dense calendar of conventions push occupancy and rates sharply higher in February, March, and April. Operators who price strategically around these windows outperform the market average by a wide margin.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue | Active Listings |
|---|---|---|---|---|
| Jan | 44% | $278 | $3,706 | 5,698 |
| Feb | 55% | $365 | $5,429 | 5,725 |
| Mar | 64% | $281 | $5,772 | 5,469 |
| Apr | 61% | $292 | $5,479 | 5,493 |
| May | 59% | $287 | $5,363 | 5,157 |
| Jun | 54% | $243 | $4,230 | 5,518 |
| Jul | 50% | $257 | $4,355 | 5,709 |
| Aug | 47% | $231 | $3,823 | 5,718 |
| Sep | 50% | $240 | $3,888 | 5,743 |
| Oct | 59% | $282 | $5,155 | 5,491 |
| Nov | 55% | $275 | $4,536 | 5,531 |
| Dec | 51% | $295 | $4,600 | 5,647 |
New Orleans STR revenue follows a pronounced seasonal pattern tied directly to the city’s event calendar. February and March are consistently the strongest months. February averages 55% occupancy at $365 ADR, generating approximately $5,429 in average monthly revenue. March is the highest-revenue month of the year at $5,772 average, with 63.8% occupancy at $281 ADR. The lower March ADR relative to February reflects the post-Mardi Gras calendar, though volume compensates.
April and May hold up reasonably well at 61.2% and 59.2% occupancy, driven by Jazz Fest (typically late April through early May) and spring convention traffic. Average revenue in those months runs $5,479 and $5,363 respectively.
Summer is the softest stretch. June occupancy drops to 53.8% and continues falling through August, which averages just 47.4% occupancy at $231 ADR and $3,823 in revenue. August is the weakest month in the data set. Heat, humidity, and hurricane season reduce leisure demand, and the convention calendar thins out.
September begins the recovery at 50.2% occupancy. October is the clearest fall inflection point, reaching 59.4% occupancy and $5,155 average revenue as Saints season, Halloween events, and Voodoo Fest draw visitors. November holds at 55.2% occupancy before December settles near 50.6% with strong ADR at $295 due to holiday travel.
Operators should build pricing strategies that capture the February-through-May premium window aggressively, use dynamic pricing to protect occupancy in June through September, and apply moderate rate increases for October and December event weekends.
Revenue Breakdown
| Metric | 25th Pctile | Median | 75th Pctile | 90th Pctile |
|---|---|---|---|---|
| Revenue/mo | $1,947 | $3,767 | $7,151 | $12,145 |
| ADR | $205 | $336 | $585 | $977 |
| Occupancy | 25% | 41% | 59% | 76% |
Revenue distribution across New Orleans STR operators is wide, reflecting differences in location, property size, permit type, and management quality.
As of February 2026, the bottom quartile of active listings (p25) generates $1,947 per month or less. These are typically smaller units in lower-demand locations or properties that are inconsistently available. The median listing (p50) earns $3,767 per month. Properties at the 75th percentile reach $7,151 per month, and the top 10% of listings (p90) generate $12,145 or more per month.
On a nightly basis, the ADR spread is equally significant. The median nightly rate is $336, the 75th percentile is $585, and the 90th percentile reaches $977. Bottom-quartile listings average $205 per night. The $472 market-wide ADR average is pulled higher by premium French Quarter and event-period listings.
Annualizing the p50 figure ($3,767 per month) yields roughly $45,204 per year. The p75 annualizes to approximately $85,812 per year. These are gross revenue figures before platform fees, taxes, management costs, and operating expenses. Investors should use the p50 as a conservative base case and the p75 as a realistic upside scenario for a well-managed, permit-eligible property.
Investment Analysis
Revenue Trend
RevPAR & ADR Trend
| Date | Revenue | RevPAR | ADR |
|---|---|---|---|
| Mar 2021 | $5,835 | $188 | $242 |
| Apr 2021 | $5,790 | $193 | $255 |
| May 2021 | $6,126 | $198 | $252 |
| Jun 2021 | $5,985 | $200 | $252 |
| Jul 2021 | $6,121 | $197 | $257 |
| Aug 2021 | $5,565 | $180 | $251 |
| Sep 2021 | $5,525 | $184 | $240 |
| Oct 2021 | $6,306 | $203 | $290 |
| Nov 2021 | $5,584 | $186 | $264 |
| Dec 2021 | $5,633 | $182 | $270 |
| Jan 2022 | $4,478 | $145 | $263 |
| Feb 2022 | $5,921 | $212 | $312 |
| Mar 2022 | $6,791 | $219 | $289 |
| Apr 2022 | $6,880 | $229 | $308 |
| May 2022 | $6,784 | $219 | $311 |
| Jun 2022 | $5,247 | $175 | $247 |
| Jul 2022 | $5,219 | $168 | $265 |
| Aug 2022 | $4,269 | $138 | $226 |
| Sep 2022 | $4,417 | $147 | $227 |
| Oct 2022 | $5,353 | $173 | $235 |
| Nov 2022 | $4,767 | $159 | $228 |
| Dec 2022 | $4,427 | $143 | $225 |
| Jan 2023 | $3,635 | $117 | $219 |
| Feb 2023 | $5,202 | $186 | $294 |
| Mar 2023 | $5,588 | $180 | $256 |
| Apr 2023 | $5,088 | $170 | $257 |
| May 2023 | $4,932 | $159 | $255 |
| Jun 2023 | $3,701 | $123 | $214 |
| Jul 2023 | $3,755 | $121 | $224 |
| Aug 2023 | $3,419 | $110 | $194 |
| Sep 2023 | $3,703 | $123 | $219 |
| Oct 2023 | $4,127 | $133 | $242 |
| Nov 2023 | $3,635 | $121 | $261 |
| Dec 2023 | $3,939 | $127 | $297 |
| Jan 2024 | $3,297 | $106 | $276 |
| Feb 2024 | $4,565 | $157 | $305 |
| Mar 2024 | $4,834 | $156 | $270 |
| Apr 2024 | $4,633 | $154 | $297 |
| May 2024 | $4,400 | $142 | $284 |
| Jun 2024 | $3,022 | $101 | $237 |
| Jul 2024 | $3,217 | $104 | $253 |
| Aug 2024 | $2,849 | $92 | $224 |
| Sep 2024 | $2,857 | $95 | $238 |
| Oct 2024 | $4,948 | $160 | $302 |
| Nov 2024 | $3,927 | $131 | $286 |
| Dec 2024 | $4,165 | $134 | $314 |
| Jan 2025 | $3,465 | $112 | $292 |
| Feb 2025 | $5,900 | $211 | $439 |
| Mar 2025 | $5,813 | $188 | $348 |
| Apr 2025 | $5,005 | $167 | $345 |
| May 2025 | $4,571 | $147 | $334 |
| Jun 2025 | $3,194 | $107 | $267 |
| Jul 2025 | $3,465 | $112 | $284 |
| Aug 2025 | $3,013 | $97 | $260 |
| Sep 2025 | $2,938 | $98 | $274 |
| Oct 2025 | $5,041 | $163 | $344 |
| Nov 2025 | $4,767 | $159 | $338 |
| Dec 2025 | $4,834 | $156 | $369 |
| Jan 2026 | $3,653 | $118 | $344 |
| Feb 2026 | $5,557 | $199 | $472 |
Occupancy vs Supply
| Date | Occupancy | Active Listings |
|---|---|---|
| Mar 2021 | 65% | 4,234 |
| Jun 2021 | 71% | 4,865 |
| Sep 2021 | 69% | 5,081 |
| Dec 2021 | 66% | 5,262 |
| Mar 2022 | 73% | 5,463 |
| Jun 2022 | 62% | 6,574 |
| Sep 2022 | 55% | 6,570 |
| Dec 2022 | 58% | 6,555 |
| Mar 2023 | 68% | 6,571 |
| Jun 2023 | 54% | 6,449 |
| Sep 2023 | 50% | 6,426 |
| Dec 2023 | 44% | 5,596 |
| Mar 2024 | 59% | 5,294 |
| Jun 2024 | 42% | 3,961 |
| Sep 2024 | 41% | 5,020 |
| Dec 2024 | 43% | 5,575 |
| Mar 2025 | 54% | 5,781 |
| Jun 2025 | 40% | 5,742 |
| Sep 2025 | 36% | 5,616 |
| Dec 2025 | 42% | 5,248 |
New Orleans presents a tiered investment picture depending heavily on property location, permit status, and operator quality. The median home value is $236,136 and the median sale price is $287,250, placing entry costs below the national average for a major tourism market. However, permit eligibility and zoning constraints are the controlling variable, not purchase price.
At the median performance level, an STR in New Orleans generates roughly $3,767 per month in revenue (p50 as of February 2026). At the 75th percentile, that figure rises to $7,151 per month, and the 90th percentile reaches $12,145. Against a $287,250 purchase price, a top-quartile operator earning $7,151 monthly would gross $85,812 annually before expenses, which represents a gross yield of approximately 29.9%. Median performers at $3,767 per month gross $45,204 annually, a 15.7% gross yield on median purchase price.
Those gross figures do not account for mortgage service, property management (typically 20 to 30% of revenue in this market), maintenance, permit fees, platform fees (roughly 3%), and the combined 16.75% tax burden (4% STR tax plus 12.75% sales tax). Net operating yields for median performers after all costs typically land in the 6 to 10% range.
The key risk factors are regulatory: the city has consistently moved toward stricter limits since 2020. Non-commercial permits are restricted to primary-residence owners, which eliminates the most common investment structure. Commercial permits apply in specific zones and are subject to the 25% building cap. Any investor considering New Orleans must verify current permit availability for a specific address before purchase. The 76-day median time to pending in the local housing market suggests limited pressure on buy-side timing.
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| Date | Typical Home Value |
|---|---|
| Mar 2021 | $258,569 |
| Dec 2021 | $273,583 |
| Sep 2022 | $291,063 |
| Jun 2023 | $269,790 |
| Mar 2024 | $251,917 |
| Dec 2024 | $245,819 |
| Sep 2025 | $240,059 |
Booking Insights
New Orleans guests book further in advance than most U.S. leisure markets, reflecting the city’s heavy reliance on event-driven demand. The average booking lead time is 81 days, with a median of 60 days. This means the typical guest is booking two months out, while a meaningful share of bookings, particularly for Mardi Gras and Jazz Fest, arrive three to six months in advance.
This lead-time pattern has direct implications for pricing strategy. Operators who set static rates will leave significant revenue on the table during high-demand windows. Dynamic pricing tools should be calibrated to increase rates aggressively as availability tightens in the 60-to-90-day window before major events, then use last-minute discounts to fill gaps in softer periods.
The average length of stay is 4.3 nights, with a median of 3 nights. The three-night median is consistent with a weekend-getaway market, but the 4.3-night average indicates a meaningful share of stays running five or more nights, likely tied to festival attendance and convention schedules. Minimum-stay policies of two to three nights are common and generally supportable given the data, though flexible one-night minimums during soft periods in summer may help occupancy.
The combination of long lead times and short stays creates a high-turnover operation. Cleaning logistics and same-day turnover capacity are operational constraints that affect how many bookings an operator can accept in dense calendar windows.
Short-Term Rental Regulations
New Orleans has one of the most detailed short-term rental regulatory frameworks in the country. The City of New Orleans Short Term Rental Administration (STRA) oversees all permitting. Operating without a valid permit is subject to fines and license revocation.
There are two primary permit categories. The Non-Commercial Short-Term Rental (NSTR) permit is available only for a property owner’s primary residence in residential zones. Only one NSTR permit is issued per owner or operator. This effectively prohibits absentee investors from operating STRs in residential areas. The Commercial Short-Term Rental (CSTR) permit applies in non-residential zones and allows up to 5 guest bedrooms with a maximum of 10 guests. CSTR permits are subject to a building-level cap: no more than 25% of dwelling units in a building may hold active CSTR licenses.
A March 2023 regulation added a block-level density cap, limiting STRs to three properties per square block citywide. This has materially reduced the addressable permit pool in high-demand neighborhoods.
Zoning is the critical filter. STRs are permitted in the Vieux Carre (French Quarter) under CSTR rules and in specific commercial zones throughout the city. Many purely residential districts have limited or no STR access.
Tax obligations are significant. Hosts owe a 4% short-term rental tax plus the standard 12.75% Louisiana and Orleans Parish sales tax, for a combined 16.75% tax rate on gross booking revenue. Platforms such as Airbnb collect and remit these taxes automatically, but operators should verify compliance and retain documentation.
Safety requirements include smoke and carbon monoxide detectors, compliance with applicable zoning ordinances, and installation of noise monitoring devices. For current permit availability and applications, contact the STRA directly at [email protected] or visit nola.gov/short-term-rental-administration.
Market Comparison
New Orleans compares favorably on ADR against most comparable U.S. leisure markets but trails on occupancy. The February 2026 market-wide ADR of $472 is well above typical U.S. STR market averages, which generally run in the $175 to $250 range for mid-tier leisure destinations. This reflects the premium pricing power tied to Mardi Gras and the concentrated event calendar in the early-year period.
However, the 43% February occupancy rate, while typical for New Orleans in that specific month given the Mardi Gras effect on ADR (higher rates compress available booking windows), sits below the 50 to 60% occupancy levels seen in beach and mountain markets during their peak seasons. Annualized, the 2025 occupancy average of approximately 44% is notably lower than major resort markets such as the Florida Gulf Coast or the Smoky Mountains, which routinely average 55 to 65% market-wide occupancy.
The revenue spread is the distinguishing factor. The gap between p25 ($1,947/month) and p90 ($12,145/month) is extremely wide, indicating high dispersion and operator-dependent outcomes. Markets with narrower spreads suggest more uniform demand. New Orleans’ wide distribution reflects the outsized role of event positioning, neighborhood desirability, and active revenue management in determining individual property outcomes.
Frequently Asked Questions About New Orleans, Louisiana
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