The Apartment Store in Albuquerque closed the portion of its business that once helped properties connect with occupants, due to the high demand/low inventory nature of the rental market.

As prices for apartments, and property in general, continue to rise in the city, many residents are forced to look for cheaper housing or face moving out of Albuquerque entirely.

“The last couple years just got really rough,” owner Bobbie Burkdoll told KOB 4. “Inventory was going down, prices were going up. We were losing property; we had no inventory. That’s why we shut down.”

Burkdoll posted a note on The Apartment Store’s website informing the public of the closing. It read, “Thank you Albuquerque for 36 years … Due to market conditions and with sadden[ed] hearts, the Apartment Store has closed the Apartment Locating side of our business, and currently, we are only working with private rentals.”

The average rent for a two-bedroom apartment in Albuquerque increased 22% over the last year to $1,486 per month, according to Rent.com. The increase has priced out many potential customers, who cannot afford that fee.

“It got extremely depressing when they would come to my office and even break down crying because they didn’t have a place to go,” Burkdoll told KOB 4. “It was always the people who your heart goes out to and when you just can’t help them anymore, it’s kind of, why bother?”

The Apartment Store, located on Montgomery Boulevard, is focused now on assisting homeowners who want to list their properties for rent, instead of finding apartments to rent out, KOB 4 reported.

“Inventory is still low; when we do have something available, it rents almost immediately,” Burkdoll said.

She hopes that more rental properties will be constructed to provide homes for families in need. Currently, most of the rental properties in Albuquerque, if not throughout the country, are being listed as luxury apartments, which eliminates renters looking for affordable housing.