Landlord Tips & Tricks

August 1, 2024

What's The Average Rent In Albuquerque, NM

Zoe Harper

Marketing

If you're thinking of moving to Albuquerque, NM, it's crucial to know the average rent. Albuquerque's rental market stands out for being both affordable and offering good quality. As of 2019, the average rent was $926, making it cheaper than many other cities¹. This info helps future renters plan their budgets wisely.

Recently, rent prices in Albuquerque have gone up. The average rent for apartments is now $1,320 per month. This is 35% more than it was in 2020¹. Even with this rise, Albuquerque is still more affordable than the national average of $1,702 per month¹. In 2019, the rental vacancy rate was 7.26%. Also, 32.27% of all homes were rented, showing a lively rental market¹.

Knowing about housing costs in Albuquerque is super helpful for anyone planning to move. For more details on rent prices and trends, check out DeptofNumbers ¹. This site offers a deep dive into rental costs. It's a great tool for renters to make smart choices.

Key Takeaways

Average rent in Albuquerque increased to $1,320 per month, up 35% from 2020¹.
Despite the increase, Albuquerque's average rent is still below the national average of $1,702¹.
The city's rental vacancy rate stood at 7.26%, and 32.27% of Albuquerque households were renters in 2019¹.
Albuquerque offers a blend of affordability and quality in its rental market, attracting many prospective renters¹.
For a detailed analysis of Albuquerque's rental market, visit the DeptofNumbers website¹.

Introduction to Albuquerque's Rental Market

The Albuquerque rental market is diverse and vibrant. It mirrors the city's varied neighborhoods and unique cultural offerings. You can find anything from affordable apartments to luxury homes, meeting various needs and budgets.

Overview of the City

Albuquerque is New Mexico's largest city, celebrated for its scenic beauty and rich cultural heritage. Neighborhoods like Downtown Albuquerque and Del Norte feature average rents of $1,097 and $1,274 per month, respectively². Such affordability makes Albuquerque a great choice for renters.

The demand for housing in Albuquerque is growing. This trend is due to the city's attractive characteristics and extensive amenities. More people want to live here each year.

Importance of Knowing Rental Prices

Knowing rental prices is key for anyone moving to Albuquerque. If you understand the rent prices, you can make better decisions and plan your budget well. For example, the median rent for houses is about $1,650, and apartments are around $1,313 per month². This is more affordable compared to the national average.

Being well-informed about these prices makes navigating the Albuquerque rental market easier. It also helps potential renters avoid unexpected financial stress. For more help, check out detailed rental guides like this complete house renting guide for Albuquerque.

Current Average Rent Prices in Albuquerque

Knowing the current average rent prices in Albuquerque is key for anyone planning to move or invest there. The city showcases a range of apartment types and sizes, all with different prices.

One-Bedroom Apartments

Currently, the median rent for a one-bedroom apartment in Albuquerque is $994. This is quite a bit cheaper than the national median of $1,239³. Albuquerque is a great choice for affordable one-bedroom homes. However, rent here has risen by 3.8% in the first half of 2024. This increase is faster than the 1.4% rise seen during the same time in 2023³.

Two-Bedroom Apartments

Need more room? Two-bedroom apartments in Albuquerque have a median rent of $1,272. This is more budget-friendly than the national median of $1,396³. It's an excellent option for families or roommates looking for two bedrooms. Even with a rent increase of 2.1% from last year, it's still below the state's 2.4% growth³.

Three-Bedroom Apartments and Larger

For those needing more space, Albuquerque's large apartments are a good choice. The median rent for all types is $1,320 a month. This is way less than the national average of $1,702¹. With 5,331 new units expected, including both market-rate and affordable housing, rent prices might stabilize or even drop slightly¹.

Factors Affecting Rent Prices in Albuquerque

When you look at renting in Albuquerque, several things decide how much you'll pay. These are the place in the city, what the apartment offers, and how seasons change demand.

Location within the City

The spot of an apartment in Albuquerque affects its rent cost. Nob Hill and Downtown areas are more expensive. They're close to fun places and services⁴. Yet, cheaper areas might have studios for about $800 a month⁴.

The average rent for a one-bedroom is between $1,100 and $1,300, depending on the area⁴. Rent in upscale areas can be up to 50% cheaper than Denver. This shows how Albuquerque's location plays a big role⁵.

Apartment Amenities

The features a building offers also impact rent prices. If an apartment has a gym, pool, or rooftop, it's pricier⁴. For example, a large two-bedroom with many amenities in a cool neighborhood might be over $1,500 a month⁴. These extras draw in renters, making higher costs seem worth it for the added benefits.

Seasonal Variations

Rent prices in Albuquerque also shift with the seasons. This change is due to demand and local events⁴. As a result, there are times when you can argue for lower rent. This is good news for those watching their spending.

Comparison of Albuquerque Rent Prices with National Averages

Albuquerque offers cheaper rent compared to the national average. The median rent here is $1,209, going up slightly month by month. This places Albuquerque at the #80 spot for being an expensive big city in the U.S³.

Cost of Living Differences

Living in Albuquerque costs 7% less than the national average. A big reason is lower housing costs. For a one-bedroom, the median rent is $994, and for two bedrooms, it's $1,272³.

Nationally, the rates are $1,239 and $1,396 for one and two bedrooms, respectively. This shows a significant cost difference³. For more info, check out the rent.com blog ³.

Rental Trends Over the Years

Albuquerque's rental prices have been growing steadily. From January to June 2024, rents rose by 3.8%, outpacing the national growth of 1.4% from last year³. The city's growth rate is +0.2%, close to the nation's +1.0% rate⁶.

This data is key for renters in Albuquerque to understand the local cost of living

Albuquerque's rent prices are more stable than in other U.S. cities. This stability, plus a median rent of $1,171, makes the city an appealing choice⁶. Recently, there was a 1.2% drop in rents, placing Albuquerque 76th among the biggest U.S. cities for rent changes⁶.

The rental market in Albuquerque is attractive due to its lower living costs and stable rents. Albuquerque is a great and affordable place to live, as this analysis shows⁶.

Neighborhoods with the Highest and Lowest Rent in Albuquerque

Albuquerque is filled with different neighborhoods, each special in its own way, offering various rent prices. If you're eyeing the pricier areas or searching for more affordable spots in Albuquerque, knowing about rent prices can guide your choice.

Top Expensive Neighborhoods

In Albuquerque, certain areas can really stretch your budget. For example, Hodgin's rent takes up 22.20% of household income, making it a pricy choice. Southwest Mesa is also expensive, with rents eating up 28.15% of income, showing it's among the pricier spots⁷. These neighborhoods are known for great features and locations that explain the higher rents. Plus, North Campus has a 19.94% rent to income ratio, attracting those who value premium living spaces⁷.

Affordable Neighborhoods

For those on a budget, Albuquerque has several neighborhoods with friendly rent-to-income ratios. Lee Acres, for instance, has a low 12.07% ratio, making it great for saving money⁷. Renaissance and Monkbridge Gardens offer ratios of 19.43% and 18.80% respectively⁷. These areas provide good value by balancing cost with essential amenities.

The latest figures show Albuquerque's median rent at $1,209. This indicates a slight increase recently Albuquerque Rent Report³. Despite being the 80th priciest large city in the U.S., Albuquerque still has places for all budgets³.

Benefits of Renting in Albuquerque

Renting in Albuquerque offers many advantages. The cost of living is lower and there are various local amenities. These cater to different lifestyle needs.

Lower Cost of Living

The cost of living in Albuquerque is 6% below the U.S. average. This makes it a great choice for renters⁸. With an average monthly rent of $1,283, it's more affordable than many other cities⁸. Renters can spend less on housing and save or use money for other things.

Also, Albuquerque's cost of living index is 90.8, under the national average of 100⁹. It's clear that renting here can be financially smart. This is true for those wanting to keep their spending in check.

Access to Amenities

Albuquerque renters have access to amazing amenities. Think of cultural spots like the Indian Pueblo Cultural Center and a vibrant food and beer scene⁹. These amenities in Albuquerque rentals add to a great lifestyle.

Even with a population of 561,008⁹, Albuquerque keeps a friendly, community feel. It's perfect for singles and families alike. Renting gives freedom to try out different areas without owning a house. So, Albuquerque has lots of renting benefits for those thinking about their housing options.

For more info on renting versus buying in Albuquerque, see this analysis ⁸.

Rent Protections and Tenancy Laws in Albuquerque

Albuquerque gives renters important protections. These laws help keep things fair and secure in renting. Issues like rights, how evictions work, and rent increase rules are covered.

Tenant Rights

In Albuquerque, renters have strong rights. Landlords have to tell tenants in writing who manages the property. They also can't discriminate based on things like race or religion¹⁰. Landlords must also respect tenants' credit information, following specific laws¹¹.

Eviction Laws

Eviction rules in Albuquerque ensure fairness for everyone. For example, landlords must give a 3-day notice for unpaid rent. A 7-day notice is needed for breaking lease terms¹⁰. These notices let tenants fix issues before eviction. New Mexico tends to favor landlords, giving them more freedom in lease matters¹².

Rental Increase Regulations

Rules about raising rent in Albuquerque are clear. Rent control isn't allowed, but late fees can't be over 10% of monthly rent¹⁰. For deposits, the max is one month's rent for short leases. Landlords must return deposits within 30 days after moving out¹¹. This practice makes rent costs more predictable for everyone.

Amenities and Services Included in Albuquerque Rentals

Albuquerque rentals offer cool perks, especially in the amenities and services included. You'll find lots of options citywide, with Albuquerque rental amenities fitting many lifestyles. This means finding the perfect home is easier.

Common Facilities

Some top Albuquerque rental perks include in-unit laundry, air conditioning, and pools to make life easier. You might even get your own outdoor space to chill in. Plus, there are fitness and business centers, and places to hang out in some apartment complexes.

Right now, 411 apartments in Albuquerque offer utilities in the rent to attract tenants ¹³. These places charge between $801 and $1,719 a month. So, there's something for nearly any budget¹³.

Utilities

It's key to know about Albuquerque's rental utilities to cut down on monthly bills. When utilities are included, landlords cover costs like water, electricity, and internet. This means less stress with fewer bills. They're often part of an all-in-one payment¹³.

The average cost for basic utilities in a 915-square-foot place in Albuquerque is about $194.63 monthly. This adds value to the rentals¹⁴. Some even offer free cable and internet, making these rentals even more appealing¹⁵.

Before signing a lease, it's smart to check what's included to avoid unexpected expenses. This ensures you get the most out of Albuquerque's rental offerings.

Market Trends and Predictions for Albuquerque Rentals

The Albuquerque rental market is thriving, with a strong growth trend. The median rent in Albuquerque is now $1,274. This is a 16.4% rise from last year¹⁶. Rental housing trends in Albuquerque show more people are looking to rent, thanks to the city’s increasing property values.

Recent Trends in the Rental Market

Property values have jumped significantly, up by 36.7% since the pandemic began¹⁶. Nearly 942,000 people live in the Albuquerque area, fueling the housing market¹⁶. Condos are also hot, with their prices up 22.6%. They’re selling much faster than single-family homes now¹⁶.

Albuquerque’s job market is stable, with a 4.4% unemployment rate¹⁶. The city’s average household makes $53,936. This steady income helps a lot of renters and buyers¹⁶.

Future Predictions

Rental prices and home values in Albuquerque are expected to keep growing. Home values might rise by 15.6% in the next year¹⁶. This is because the overall economic conditions are good, which benefits the rental market.

Expectations include a steady increase in property values, with a 0.5% rise by April 30, 2024, 1.3% by June 30, 2024, and 3.7% by March 31, 2025¹⁷.

Albuquerque stands out as an ideal spot for rental investments due to its lower median home value compared to the national average by 19%, strong value growth, and a solid economy¹⁷.

Resources for Finding Rentals in Albuquerque

Looking for a rental in Albuquerque can be simplified using different resources. This makes it easier for people to find a home that meets their needs. By using online platforms and local real estate agents, people searching for rentals can get help.

Online Platforms

Online platforms provide a wide range of rental options in Albuquerque. Users can search based on price, location, and type of property. They offer detailed info and pictures, allowing for virtual tours. This helps save time and focuses the search.

Local Real Estate Agents

Real estate agents in Albuquerque, NM are a great resource for finding rentals. They know the area well and can offer tailored help. These agents have special listings and know about different neighborhoods and what's trending. They make finding the right place easier, whether it's an apartment or a big house.

In Albuquerque, the average rent for houses is $1,925. The general average rent is $1,182. This ranges from the lowest at $0 to the highest at $2,600¹⁸.

Conclusion

Albuquerque has a wide range of rental options for everyone. The city's average rent is $1,581.99. This is slightly higher, by 3.55%, than the expected average. Prices vary greatly depending on where you are in the city. For instance, Downtown Albuquerque's rent is about $1,050, while Nob Hill is around $1,200¹⁹. To get the best deal, it's vital to look closely at each neighborhood's rent prices.

Rents in Albuquerque have increased by roughly 3.68% from last year²⁰. The city is known for its reasonable cost of living and strong protections for renters. Whether you're looking for something budget-friendly in South Valley at $900 or more upscale in Ventana Ranch at $1,150, Albuquerque has it all¹⁹.

If you're thinking of moving to Albuquerque, check out this helpful Albuquerque rental guide. It covers the city's active rental market and beneficial living conditions, whether in the heart of the city or the suburbs. By examining Albuquerque's rent rates, cost of living, and tenant rights, you can make a well-informed choice. This can lead to a great rental experience in this lively city. For more detailed stats, you should look at our in-depth market analysis²⁰ ¹⁹.

FAQ

What's The Average Rent In Albuquerque, NM?

The average rent in Albuquerque depends on property size and location. Five-bedroom homes can cost between $1,200 and $2,000 monthly. There are efficient tools for renting that help in listing, searching, and screening tenants.

How important is understanding rental prices in Albuquerque?

Knowing Albuquerque's rent prices is key for wise housing choices. It aids in budgeting and finding homes within your budget.

What are the current average rent prices for one-bedroom apartments in Albuquerque?

Albuquerque's one-bedroom apartments tend to be more affordable. Starting prices give an idea of the initial cost.

How do prices vary for two-bedroom units in Albuquerque?

Two-bedroom apartments in Albuquerque offer more space. They are priced higher than one-bedroom apartments, showing the value of extra space and amenities.

What influences rental prices in Albuquerque?

Rental prices in Albuquerque are shaped by factors such as location, apartment features, and seasonal demand changes.

How do Albuquerque's rental prices compare to national averages?

Rental prices in Albuquerque are usually lower than the U.S. average. The city's cost of living and housing costs are below national levels by 7% and 14%, respectively.

Which neighborhoods in Albuquerque have the highest rent prices?

Some neighborhoods in Albuquerque have higher rents. This is because of their prime locations, amenities, and high demand.

Are there affordable neighborhoods in Albuquerque?

Albuquerque has budget-friendly neighborhoods. These areas are great for renters wanting more affordable homes within a lively community.

What benefits does renting in Albuquerque offer?

Renting in Albuquerque has benefits like a lower cost of living and access to local amenities. This makes it appealing for renters.

What tenant rights and protections exist in Albuquerque?

Albuquerque renters have protections under local laws. These laws cover eviction procedures and rent increase controls, offering renters stability and predictability.

What amenities and services are often included in Albuquerque rentals?

Albuquerque rentals often include amenities like gyms, pools, and utilities. It's key for renters to check what's included in their lease.

What are the recent trends and future predictions for Albuquerque's rental market?

Albuquerque's rental market changes with the economy and housing demand. Current trends and expert predictions give a glimpse into the future for renters and investors.