Otero County New Mexico Residential Rent and Rental Statistics
The median monthly gross residential rent in Otero County NM was $745 in 2019 according to the Census ACS survey.1 Average gross rent in Otero County was $769 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 Otero County median and average rent data will be released in September of 2021.
Data is also available below for Otero County rental vacancy rates, Otero County rent as a percent of median income and the fraction of renters in Otero County.
Real Gross Rent in Otero County 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% |
| Otero County NM Median Gross Rent | $745 | -15.53% | -14.37% |
Otero County NM Real Gross Rent Trends
Median gross rent for Otero County peaked in real terms in 2013 at $977 and is now $232 (23.75%) lower. Average gross rent for Otero County peaked in real terms in 2016 at $844 and is now $75 (8.89%) lower.
Real Gross Rent: Otero County NM Median, Otero County NM Average, New Mexico Median, US Median
Real Gross Rent History for Otero County
| Date | US Median |
New Mexico Median |
Otero County NM Median |
Otero County NM Average |
|---|---|---|---|---|
| 2019 | $1,097 | $847 | $745 | $769 |
| 2018 | $1,077 | $845 | $882 | $830 |
| 2017 | $1,043 | $838 | $744 | $754 |
| 2016 | $1,027 | $842 | $870 | $844 |
| 2015 | $1,017 | $831 | $763 | $753 |
| 2014 | $986 | $820 | $892 | $791 |
| 2013 | $953 | $813 | $977 | $825 |
| 2012 | $940 | $801 | $802 | $781 |
| 2011 | $941 | $787 | $706 | $785 |
| 2010 | $955 | $781 | — | — |
| 2009 | $960 | $775 | — | — |
| 2007 | $927 | $748 | — | — |
| 2005 | $910 | $734 | — | — |
Otero County 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 Otero County New Mexico was 9.27% according to Census ACS data.
Rental Vacancy Rate in Otero County New Mexico
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Mexico | 8.05% | -0.26% | -1.81% |
| Otero County NM | 9.27% | +5.58% | — |
Trends in Otero County NM Rental Vacancy Rate
At 9.27%, Otero County residential rental vacancy rate in 2019 is at the highest point since 2011, the beginning of our reporting for this series.
Rental Vacancy Rate: Otero County NM, New Mexico, US
Historical Rental Vacancy Rate data for Otero County
| Date | US | New Mexico | Otero County NM |
|---|---|---|---|
| 2019 | 5.97% | 8.05% | 9.27% |
| 2018 | 6.15% | 8.31% | 3.69% |
| 2017 | 6.18% | 8.29% | 8.31% |
| 2016 | 5.89% | 9.86% | — |
| 2015 | 5.85% | 8.75% | 6.55% |
| 2014 | 6.32% | 8.41% | 6.80% |
| 2013 | 6.49% | 9.01% | 2.02% |
| 2012 | 6.77% | 8.62% | — |
| 2011 | 7.40% | 7.42% | — |
| 2010 | 8.17% | 7.31% | — |
| 2009 | 8.43% | 9.74% | — |
| 2007 | 7.87% | 9.64% | — |
| 2005 | 7.74% | 7.47% | — |
Rent as a Fraction of Income
Using median household income data for Otero County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Otero County, median monthly gross rent as a fraction of median household income was 22.71% in 2019 according to the ACS.
Otero County 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% |
| Otero County NM | 22.71% | -1.69% | -0.14% |
Trends in Otero County NM Rent as a Fraction of Income
The fraction of median Otero County household income required to pay median monthly gross rent peaked in 2013 (relative to the 2011 series origin) at 25.25%. Since then it has fallen by 2.54% to 22.71%. From a 2017 low of 19.74%, the fraction of income going to rent has increased by 2.97%.
Fraction of Income towards Rent: Otero County NM, New Mexico, US
Historical Data for Annual Rent as a Fraction of Income in Otero County New Mexico
| Date | US | New Mexico | Otero County NM |
|---|---|---|---|
| 2019 | 20.03% | 19.57% | 22.71% |
| 2018 | 20.50% | 21.12% | 24.40% |
| 2017 | 20.13% | 20.87% | 19.74% |
| 2016 | 20.43% | 20.64% | 22.85% |
| 2015 | 20.63% | 20.70% | 23.87% |
| 2014 | 20.89% | 20.81% | 23.80% |
| 2013 | 20.78% | 21.12% | 25.25% |
| 2012 | 20.65% | 21.23% | 22.30% |
| 2011 | 20.70% | 20.85% | 22.23% |
| 2010 | 20.50% | 19.93% | — |
| 2009 | 20.12% | 18.96% | — |
| 2007 | 18.66% | 18.44% | — |
| 2005 | 18.89% | 18.79% | — |
Renter Fraction in Otero County New Mexico
You can calculate the renter fraction in Otero County 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 Otero County as a fraction of total Otero County households. In 2019 36.66% of households were renters according to Census ACS data.
Otero County 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% |
| Otero County NM | 36.66% | +3.11% | +4.35% |
Trends in the Otero County NM Renter Fraction
The Otero County household renter fraction peaked in in 2017 at 38.90% and is now 2.24% below that level. The origin year for the series is 2011.
Fraction of Renting Households: Otero County NM, New Mexico, US
History of Otero County Renter Fraction
| Date | US | New Mexico | Otero County NM |
|---|---|---|---|
| 2019 | 35.89% | 31.93% | 36.66% |
| 2018 | 36.05% | 33.84% | 33.55% |
| 2017 | 36.13% | 32.08% | 38.90% |
| 2016 | 36.88% | 32.61% | 32.31% |
| 2015 | 36.97% | 32.55% | 35.20% |
| 2014 | 36.90% | 33.09% | 36.28% |
| 2013 | 36.50% | 32.09% | 34.22% |
| 2012 | 36.09% | 32.27% | 35.84% |
| 2011 | 35.42% | 31.84% | 36.70% |
| 2010 | 34.65% | 32.06% | — |
| 2009 | 34.13% | 30.67% | — |
| 2007 | 32.80% | 29.99% | — |
| 2005 | 33.10% | 30.70% | — |
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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