With rent prices soaring in many states, apartment hunters are becoming more desperate to lock down a place to live without breaking the bank.
The average rent in New Orleans, Louisiana, is around $1,279 for an 893-square-foot apartment, RentCafe reported, so it seems like a bargain to find a place in the city that costs less and is available now.
Only this one-bedroom, one-bathroom, 450-square-foot residence isn’t exactly an “apartment” per se, but rather a garage attached to a home.
“There is no kitchen,” the listing on Zillow.com says. “This is a small studio without a kitchen. It has a fridge and portable AC. It’s in a superior location with access to City Park, Lafitte Greenway bike path, Delgado, Lakeview and Mid City. Close to the Endymion parade route. This place would make an okay temporary home, great office, studio space or crash pad.”
Even the least expensive rent prices are still too high since “wages haven’t risen at the same pace as rental costs,” Yahoo Finance reports.
And it’s only going to get worse.
“The economic conditions that drove rents up so rapidly last year are still present. This year is trending very similarly to 2021 and could end up being worse,” Jeff Andrews, a senior market analyst at Zumper, told Yahoo Money. “The madness is not temporary. It’s the new reality.”