Reports that rent rates in Albuquerque are significantly higher over the last two years follow a national trend that rent growth is picking up steam.
Apartment List’s April report showed that rent in Albuquerque is up almost 19% from 2021 and nearly 30% higher than in 2020, KOB 4 reported.
The median price for a one-bedroom rental is $1,017 and for a two-bedroom, it is $1,270.
The national index is up by 0.9% throughout April, the May 2022 Apartment List National Rent Report showed.
“Year-over-year rent growth currently stands at a staggering 16.3%, but most of that growth took place last spring and summer,” the report said. “Over the first four months of 2022, rents have increased by a total of just 2.5%, though we’re only beginning to enter the busy season for the rental market, when the bulk of annual rent growth typically occurs.”
A major factor for rent rising significantly in Albuquerque is the lack of supply to meet the demand of people moving to the city, Damon Maddox with Maddox Management told KOB 4. Those people are coming to New Mexico from California or New York, where people paid more money for less space. Also, landlords are passing increased prices onto renters.
“We've seen a dramatic rent hike all across the city on all different types of properties,” Maddox said. “Things that were renting for $1,300 a month pre-pandemic are now renting for 18 to 22 [hundred].”
For example, a rental listing of Maddox Management showed that the rent for a 1,050 square foot, 3-bed, 2-bath townhome in Albuquerque is $1,800.