Albuquerque New Mexico Residential Rent and Rental Statistics
The median monthly gross residential rent in Albuquerque, NM (the Albuquerque metro area) was $916 in 2019 according to the Census ACS survey.1 Average gross rent in Albuquerque was $926 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Albuquerque median and average rent data will be released in September of 2021.
Data is also available below for Albuquerque rental vacancy rates, Albuquerque rent as a percent of median income and the fraction of renters in Albuquerque.
Real Gross Rent in Albuquerque New Mexico (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New Mexico Median Gross Rent | $847 | +0.24% | +0.59% |
| Albuquerque, NM Median Gross Rent | $916 | +1.55% | +4.69% |
Albuquerque, NM Real Gross Rent Trends
At $916, real median gross rent in Albuquerque was at its highest level in 2019 since the series began in 2005. At $926, real average gross rent in Albuquerque was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Albuquerque: Albuquerque NM Median, Albuquerque NM Average, New Mexico Median, US Median
Real Gross Rent History for Albuquerque
| Date | US Median |
New Mexico Median |
Albuquerque, NM Median |
Albuquerque, NM Average |
|---|---|---|---|---|
| 2019 | $1,097 | $847 | $916 | $926 |
| 2018 | $1,077 | $845 | $902 | $875 |
| 2017 | $1,043 | $838 | $887 | $924 |
| 2016 | $1,027 | $842 | $875 | $903 |
| 2015 | $1,017 | $831 | $876 | $900 |
| 2014 | $986 | $820 | $859 | $888 |
| 2013 | $953 | $813 | $861 | $888 |
| 2012 | $940 | $801 | $831 | $881 |
| 2011 | $941 | $787 | $815 | $836 |
| 2010 | $955 | $781 | $836 | $859 |
| 2009 | $960 | $775 | $827 | $856 |
| 2007 | $927 | $748 | $798 | $833 |
| 2005 | $910 | $734 | $793 | $818 |
Albuquerque Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Albuquerque New Mexico was 7.26% according to Census ACS data.
Rental Vacancy Rate in Albuquerque New Mexico
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Mexico | 8.05% | -0.26% | -1.81% |
| Albuquerque, NM | 7.26% | -2.04% | -0.44% |
Trends in Albuquerque, NM Rental Vacancy Rate
The rental vacancy rate in Albuquerque peaked in 2013 at 9.43%. Since then it has fallen by 2.17% to 7.26%. Data records for this series originated in 2005.
Rental Vacancy Rate: Albuquerque NM, New Mexico, US
Historical Rental Vacancy Rate data for Albuquerque
| Date | US | New Mexico | Albuquerque, NM |
|---|---|---|---|
| 2019 | 5.97% | 8.05% | 7.26% |
| 2018 | 6.15% | 8.31% | 9.30% |
| 2017 | 6.18% | 8.29% | 7.14% |
| 2016 | 5.89% | 9.86% | 7.70% |
| 2015 | 5.85% | 8.75% | 6.69% |
| 2014 | 6.32% | 8.41% | 7.56% |
| 2013 | 6.49% | 9.01% | 9.43% |
| 2012 | 6.77% | 8.62% | 7.30% |
| 2011 | 7.40% | 7.42% | 4.92% |
| 2010 | 8.17% | 7.31% | 6.15% |
| 2009 | 8.43% | 9.74% | 7.50% |
| 2007 | 7.87% | 9.64% | 7.90% |
| 2005 | 7.74% | 7.47% | 5.05% |
Rent as a Fraction of Income
Using median household income data for Albuquerque, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Albuquerque, median monthly gross rent as a fraction of median household income was 18.79% in 2019 according to the ACS.
Albuquerque New Mexico Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New Mexico | 19.57% | -1.55% | -1.07% |
| Albuquerque, NM | 18.79% | -2.01% | -0.90% |
Trends in Albuquerque, NM Rent as a Fraction of Income
The fraction of median Albuquerque household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 20.79%. Since then it has fallen by 2.01% to 18.79%.
Fraction of Income towards Rent: Albuquerque NM, New Mexico, US
Historical Data for Annual Rent as a Fraction of Income in Albuquerque New Mexico
| Date | US | New Mexico | Albuquerque, NM |
|---|---|---|---|
| 2019 | 20.03% | 19.57% | 18.79% |
| 2018 | 20.50% | 21.12% | 20.79% |
| 2017 | 20.13% | 20.87% | 20.27% |
| 2016 | 20.43% | 20.64% | 19.69% |
| 2015 | 20.63% | 20.70% | 20.25% |
| 2014 | 20.89% | 20.81% | 20.53% |
| 2013 | 20.78% | 21.12% | 20.30% |
| 2012 | 20.65% | 21.23% | 20.06% |
| 2011 | 20.70% | 20.85% | 20.12% |
| 2010 | 20.50% | 19.93% | 18.94% |
| 2009 | 20.12% | 18.96% | 18.61% |
| 2007 | 18.66% | 18.44% | 17.98% |
| 2005 | 18.89% | 18.79% | 17.66% |
Renter Fraction in Albuquerque New Mexico
You can calculate the renter fraction in Albuquerque in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Albuquerque as a fraction of total Albuquerque households. In 2019 32.27% of households were renters according to Census ACS data.
Albuquerque Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New Mexico | 31.93% | -1.91% | -0.68% |
| Albuquerque, NM | 32.27% | -3.25% | +0.41% |
Trends in the Albuquerque, NM Renter Fraction
The Albuquerque household renter fraction peaked in in 2018 at 35.52% and is now 3.25% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Albuquerque NM, New Mexico, US
History of Albuquerque Renter Fraction
| Date | US | New Mexico | Albuquerque, NM |
|---|---|---|---|
| 2019 | 35.89% | 31.93% | 32.27% |
| 2018 | 36.05% | 33.84% | 35.52% |
| 2017 | 36.13% | 32.08% | 32.78% |
| 2016 | 36.88% | 32.61% | 31.86% |
| 2015 | 36.97% | 32.55% | 33.47% |
| 2014 | 36.90% | 33.09% | 34.44% |
| 2013 | 36.50% | 32.09% | 34.23% |
| 2012 | 36.09% | 32.27% | 33.18% |
| 2011 | 35.42% | 31.84% | 33.47% |
| 2010 | 34.65% | 32.06% | 33.19% |
| 2009 | 34.13% | 30.67% | 32.91% |
| 2007 | 32.80% | 29.99% | 31.49% |
| 2005 | 33.10% | 30.70% | 32.05% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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