Albuquerque, New Mexico Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Albuquerque, New Mexico rental market.
Albuquerque, New Mexico
Average Apartment Rent
$1,366
Y-o-Y Change in Average
Apartment Rent
1.7%
As of November 2024
Compared to a year ago, Albuquerque, New Mexico apartments have recorded a 1.7% rent increase.
Albuquerque, New Mexico Average apartment rent trend
Albuquerque, New Mexico Average Apartment Rent
Albuquerque, New Mexico Apartment rent ranges
At 48.31%, apartments priced $1,000 - $1,500 represent the bulk of Albuquerque, New Mexico rentals, while condos priced $500 - $700 hold the lowest share of the market – 2.1%.
Albuquerque, New Mexico Housing tenure**
Renters take up 39% of Albuquerque, New Mexico real estate, occupying a total of 94,250 units, while homeowners live in 145,550 properties.
Median number of rooms of renter-occupied housing units**
3.9
Renter median household income**
$39,242
Average household size of renter-occupied housing units**
2.09
Rental vacancy rate**
6.1%
Albuquerque, New Mexico Renter-occupied housing units by no. of bedrooms**
There are 31,796 rentals in Albuquerque, New Mexico with 2 beds making up the highest share of the market, at 34%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 798 units. Overall, the median number of rooms in Albuquerque, New Mexico homes for rent is 3.9.
Albuquerque, New Mexico Renter-occupied units by age of householder**
Most condos for rent in Albuquerque, New Mexico are occupied by residents in the 25 - 34 years age group (26%), followed by those in the 35 - 44 years age group (18%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Albuquerque, New Mexico Renter-occupied housing units by family type**
Albuquerque, New Mexico Renter-occupied housing units by the presence of own children**
A total of 38,273 apartments for rent in Albuquerque, New Mexico, or 41% of all rentals are family households. Additionally, 24% of rental homes include children under the age of 18 – that’s 22,567 units. All in all, the median size of a renter-occupied household in Albuquerque, New Mexico is 2.09.
Albuquerque, New Mexico Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 33% of the rental market. In contrast, residents with less than a high school degree reside in 10% of the homes for rent in Albuquerque, New Mexico.
Albuquerque, New Mexico Renter-occupied units by year structure built**
The highest share of Albuquerque, New Mexico apartment rentals, namely 22% or 20,634 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (18%, 17,277 units), and the ones Built 1990 - 1999 (13%, 12,670 units).
Albuquerque, New Mexico Renter-occupied units by year householder moved in**
Median year renter moved into unit 2017
Most Albuquerque, New Mexico renters (42%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Albuquerque, New Mexico condos for rent is 2017.
Albuquerque, New Mexico Renter-occupied housing units by vehicles available**
When it comes to transportation options, 51% of Albuquerque, New Mexico renters have 1 vehicle available per household, 27% of them have 2 vehicles available, and 15% have No vehicle available.
Albuquerque, New Mexico Means of transportation to work of householders living in renter-occupied housing units**
Albuquerque, New Mexico Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Albuquerque, New Mexico apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
