Renting Your New Orleans Condo
You cannot rent your condo on a short term basis. The minimum time periods for rentals are going to be found in the condo docs. The reason is that associations do not want a lot of short terms renters wandering around the complex. Most complexes have a minium of 60-90 days for short term rentals.
Rental Competition has Dramiticaly Increased
Over the last 10 years the number of new buildings and rental conversions has been great. This increase has made owners trying to rent their units much harder to do. Competition is new and generally upscale. Many renters want places where all their neighbors are renters.
Renting a Furnished Condo
Renting a furnished condo can be more competitive as companies renting new units generally do not have furnished units. So furnished units can get rented quicker as there are fewer of them. People renting these units do like to have parking and other amenties such as gyms, security, courtyards and pools.
I have rented a number of these furnished units over the years. People want these for a number of reasons.
1. Many people new to New Olreans want to leave their furniture in storage until they figure out where they want to live.
2. Many people in the movie business are here for a period of 3 to 6 months and want a furnished place.
3. Many business people are sent to town and given per diem. They work long hours and want a condo. Many stay several months and invite their familis down while they are here. Many work for refineries and oil companies.
4. I have rented to several people who have fires that destroyed their homes and need a place. I have rented to several people who are remodeling their homes and need a place for months.
5. Several times we have rented to doctors and nurses that have temporary jobs in New Olreans. Medical students and interns are also loking for furnished places.
6. Recently rented to a retired couple that wanted a place for a year so they could decide what they were going to do in the future.
How to Handle Pets
Over 70% of rental units will not allow pets. I think it is best to interview the pet and figure out if the dog or cat is a negative issue. Hard to be negative with a 10 pound 6 year old dog. As long as you stay within the condo rules for pets you are OK. You can collect a non refundable pet deposit from most renters.
Rental as Investments
Many times people buy and will want to rent as an investment as well as having a second home. I tell them to figure out that they can rent the condo 50% of the time. Being consertative is the way to go. Renting for a period can help pay your taxes and condo fees.
Years ago I rented a clients condo 90% of the time over a two year period but those days are gone. I could see the 50% time coming and told her to sell which she did. Buying at 175k and selling a furnished unit at 289k was a nice plus. That is what happened over a 10 year period.
Recent Rental at 700 South Peters #207 Click to View