Sandoval County New Mexico Residential Rent and Rental Statistics
The median monthly gross residential rent in Sandoval County NM was $1,285 in 2019 according to the Census ACS survey.1 Average gross rent in Sandoval County was $1,152 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 Sandoval County median and average rent data will be released in September of 2021.
Data is also available below for Sandoval County rental vacancy rates, Sandoval County rent as a percent of median income and the fraction of renters in Sandoval County.
Real Gross Rent in Sandoval 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% |
| Sandoval County NM Median Gross Rent | $1,285 | +25.24% | +20.54% |
Sandoval County NM Real Gross Rent Trends
At $1,285, real median gross rent in Sandoval County was at its highest level in 2019 since the series began in 2005. At $1,152, real average gross rent in Sandoval County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Sandoval County NM Median, Sandoval County NM Average, New Mexico Median, US Median
Real Gross Rent History for Sandoval County
| Date | US Median |
New Mexico Median |
Sandoval County NM Median |
Sandoval County NM Average |
|---|---|---|---|---|
| 2019 | $1,097 | $847 | $1,285 | $1,152 |
| 2018 | $1,077 | $845 | $1,026 | $756 |
| 2017 | $1,043 | $838 | $1,098 | $1,063 |
| 2016 | $1,027 | $842 | $1,066 | $1,018 |
| 2015 | $1,017 | $831 | $1,244 | $1,104 |
| 2014 | $986 | $820 | $1,024 | $999 |
| 2013 | $953 | $813 | $1,051 | $1,117 |
| 2012 | $940 | $801 | $1,053 | $1,065 |
| 2011 | $941 | $787 | $988 | $906 |
| 2010 | $955 | $781 | $1,068 | $924 |
| 2009 | $960 | $775 | $1,078 | $1,000 |
| 2007 | $927 | $748 | $967 | $1,002 |
| 2005 | $910 | $734 | $1,050 | $971 |
Sandoval County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Sandoval County New Mexico was 4.27% according to Census ACS data.
Rental Vacancy Rate in Sandoval 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% |
| Sandoval County NM | — | — | — |
Trends in Sandoval County NM Rental Vacancy Rate
The rental vacancy rate in Sandoval County peaked in 2012 at 9.21%. Since then it has fallen by 4.94% to 4.27%. Data records for this series originated in 2005.
Rental Vacancy Rate: Sandoval County NM, New Mexico, US
Historical Rental Vacancy Rate data for Sandoval County
| Date | US | New Mexico | Sandoval County NM |
|---|---|---|---|
| 2019 | 5.97% | 8.05% | — |
| 2018 | 6.15% | 8.31% | — |
| 2017 | 6.18% | 8.29% | 4.27% |
| 2016 | 5.89% | 9.86% | 7.27% |
| 2015 | 5.85% | 8.75% | 6.67% |
| 2014 | 6.32% | 8.41% | 4.86% |
| 2013 | 6.49% | 9.01% | 5.18% |
| 2012 | 6.77% | 8.62% | 9.21% |
| 2011 | 7.40% | 7.42% | — |
| 2010 | 8.17% | 7.31% | 5.74% |
| 2009 | 8.43% | 9.74% | 7.59% |
| 2007 | 7.87% | 9.64% | — |
| 2005 | 7.74% | 7.47% | — |
Rent as a Fraction of Income
Using median household income data for Sandoval County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Sandoval County, median monthly gross rent as a fraction of median household income was 21.42% in 2019 according to the ACS.
Sandoval 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% |
| Sandoval County NM | 21.42% | -0.84% | +0.05% |
Trends in Sandoval County NM Rent as a Fraction of Income
The fraction of median Sandoval County household income required to pay median monthly gross rent peaked in 2017 (relative to the 2005 series origin) at 23.54%. Since then it has fallen by 2.12% to 21.42%.
Fraction of Income towards Rent: Sandoval County NM, New Mexico, US
Historical Data for Annual Rent as a Fraction of Income in Sandoval County New Mexico
| Date | US | New Mexico | Sandoval County NM |
|---|---|---|---|
| 2019 | 20.03% | 19.57% | 21.42% |
| 2018 | 20.50% | 21.12% | 22.26% |
| 2017 | 20.13% | 20.87% | 23.54% |
| 2016 | 20.43% | 20.64% | 21.37% |
| 2015 | 20.63% | 20.70% | 22.13% |
| 2014 | 20.89% | 20.81% | 21.01% |
| 2013 | 20.78% | 21.12% | 21.45% |
| 2012 | 20.65% | 21.23% | 20.57% |
| 2011 | 20.70% | 20.85% | 20.63% |
| 2010 | 20.50% | 19.93% | 22.08% |
| 2009 | 20.12% | 18.96% | 19.13% |
| 2007 | 18.66% | 18.44% | 17.93% |
| 2005 | 18.89% | 18.79% | 21.30% |
Renter Fraction in Sandoval County New Mexico
You can calculate the renter fraction in Sandoval 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 Sandoval County as a fraction of total Sandoval County households. In 2019 17.61% of households were renters according to Census ACS data.
Sandoval 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% |
| Sandoval County NM | 17.61% | -12.21% | +2.10% |
Trends in the Sandoval County NM Renter Fraction
The Sandoval County household renter fraction peaked in in 2018 at 29.82% and is now 12.21% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Sandoval County NM, New Mexico, US
History of Sandoval County Renter Fraction
| Date | US | New Mexico | Sandoval County NM |
|---|---|---|---|
| 2019 | 35.89% | 31.93% | 17.61% |
| 2018 | 36.05% | 33.84% | 29.82% |
| 2017 | 36.13% | 32.08% | 22.35% |
| 2016 | 36.88% | 32.61% | 15.51% |
| 2015 | 36.97% | 32.55% | 20.63% |
| 2014 | 36.90% | 33.09% | 18.94% |
| 2013 | 36.50% | 32.09% | 18.99% |
| 2012 | 36.09% | 32.27% | 16.70% |
| 2011 | 35.42% | 31.84% | 21.37% |
| 2010 | 34.65% | 32.06% | 19.38% |
| 2009 | 34.13% | 30.67% | 21.82% |
| 2007 | 32.80% | 29.99% | 14.19% |
| 2005 | 33.10% | 30.70% | 19.89% |
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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