After Hurricane Katrina in 2005, the population quickly fell 30% but since has grown steadily. Some neighborhoods returned quickly, and others are just now building steam, depending on:
1. The financial ability of residents to rebuild-many residents had little savings to finance rebuild their homes.
2. Insurance payments-many homeowners inherited their property, and with no mortgage were not required to have insurance. Many homeowners that did have insurance did not receive claims payments until several months, or even years, later.
3. Nearby businesses returning-unsure of the population, many businesses did not rebuild. For 5 years, there was only one grocery store in the New Orleans’ East area.
New Orleans’ commercial real estate opportunities are evolving and one little known situation is the neighborhood called the 7th ward which lies adjacent to Treme, between the French Quarter and the University of New Orleans. It is experiencing a population growth rate triple the national average.