Rents in Bywater are higher than Austin, Texas.
If you pull up an Airbnb map of the neighborhood it’s not hard to figure out why. Landlords have converted hundreds of long-term rental units into short-term rentals generating thousands of dollars in revenue per month.
The barons that are not using short-term rental schemes are charging above market value as the available rental properties have shrunk to historic lows.
At the new complex that’s sprouting up on the site of the former L.A Frey sausage factory, the developers have set aside 15 future units for people who wish to live in Bywater but can’t afford market prices.
90 units will go to sugar plantation owners, oil tycoons, member of the Landrieu administration or other well-heeled locals.
Crescent City Community Land Trust is providing financing for the project.
Rents are all over the place.
If you’re a good earner, a three bedroom apartment in the 105 unit building will cost you $3000 per month.
A studio flat will set you back $1300.
The apartments earmarked for low wage workers will range from $300 to $1000. I’d love to see what that $300 unit will look like.