New Orleans real estate

[Brandt Bronico]

Hey Everyone!

My business partner and I have recently been talking about investing in real estate and were interested in the New Orleans market.  Can anyone give any insight on how AirBnBs work down there?  I have been there a couple times and absolutely love the city.  I know they have recently implemented stricter guidelines for short term rentals but am unsure on how exactly the rules work.  If there is anyone that has experience with this and could help us that would be great!

Thanks, 

Brandt

[Mike Wood]

@Brandt Bronico  You will find that New Orleans is not short term rental friendly.  Our city counsel and mayor are for the most part against them (they see them as a primary reason for our affordable housing issues).  As mentioned by @Stephen Keighery, in most areas you need a homestead exemption (meaning it must be your primary residence) to get a STR permit. Other area that you an get a STR permit without a homestead exemption requires commerical zoning (think apartments complexes) and even there, there is limits to how many days you can rent it. This assumes the city figures out how to enforce the rules, which they have not been very good at up to date. But I would not bet that your STR would not be shut down, as the city started to enforce things and slapping big fines and having the utility companies turn off power and water to properties that were found to be in violation of the STR rental rules.

There are currently alot of properties that were previously used as STR for sale right now in the city. This is because they are not able to get another permit. I would suggest staying away from New Orleans if your goal is STR.