In New Orleans, where Hurricane Katrina destroyed nearly the entire city in a matter of hours in 2005, the current housing market is not doing well.
There are nearly 12,000 homeless people, with more likely, as more housing complexes come down as the city works to rebuild this area.
Due to this, rental properties are very much in demand. While there are many home owners who lost their homes, much of the city's rental property has yet to be put back in place, leaving thousands of people without homes. Property investors are being sought throughout the world to help aid in the development of the city's rental units.
Part of the problem here is the lack of funding available. Many banks are unwilling to lend to those that cannot show proof of income. Rental units can't be fixed because many are too far deteriorated after the storm to do so. Demolishing and rebuilding is far more economical, yet incredibly difficult for some to do.
The state has put in place some incentives for landlords to rebuild their properties including the Road Home program. Yet many have not taken advantage of these opportunities. They work well for property developers but not most types of rental property.
The state is reaching out to global investors in the hopes of rebuilding this city nearly three years later.
