Valencia County New Mexico Residential Rent and Rental Statistics
The median monthly gross residential rent in Valencia County NM was $887 in 2019 according to the Census ACS survey.1 Average gross rent in Valencia County was $782 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 Valencia County median and average rent data will be released in September of 2021.
Data is also available below for Valencia County rental vacancy rates, Valencia County rent as a percent of median income and the fraction of renters in Valencia County.
Real Gross Rent in Valencia 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% |
| Valencia County NM Median Gross Rent | $887 | +5.97% | -1.22% |
Valencia County NM Real Gross Rent Trends
Median gross rent for Valencia County peaked in real terms in 2006 at $921 and is now $34 (3.69%) lower. From a recent low of 700.0 in 2009, real median gross rent has now increased by $187 (26.71%). Average gross rent for Valencia County peaked in real terms in 2011 at $806 and is now $24 (2.98%) lower. From a recent low of 638.0 in 2013, real average gross rent has now increased by $144 (22.57%).
Real Gross Rent: Valencia County NM Median, Valencia County NM Average, New Mexico Median, US Median
Real Gross Rent History for Valencia County
| Date | US Median |
New Mexico Median |
Valencia County NM Median |
Valencia County NM Average |
|---|---|---|---|---|
| 2019 | $1,097 | $847 | $887 | $782 |
| 2018 | $1,077 | $845 | $837 | $756 |
| 2017 | $1,043 | $838 | $758 | $790 |
| 2016 | $1,027 | $842 | $898 | $792 |
| 2015 | $1,017 | $831 | $906 | $761 |
| 2014 | $986 | $820 | $721 | $717 |
| 2013 | $953 | $813 | $795 | $638 |
| 2012 | $940 | $801 | $805 | $805 |
| 2011 | $941 | $787 | $879 | $806 |
| 2010 | $955 | $781 | $759 | $666 |
| 2009 | $960 | $775 | $700 | $667 |
| 2007 | $927 | $748 | $754 | $679 |
| 2005 | $910 | $734 | $761 | $701 |
Valencia 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 Valencia County New Mexico was 11.36% according to Census ACS data.
Rental Vacancy Rate in Valencia 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% |
| Valencia County NM | 11.36% | — | +3.60% |
Trends in Valencia County NM Rental Vacancy Rate
The rental vacancy rate in Valencia County peaked in 2013 at 13.61%. Since then it has fallen by 2.25% to 11.36%. Data records for this series originated in 2005.
Rental Vacancy Rate: Valencia County NM, New Mexico, US
Historical Rental Vacancy Rate data for Valencia County
| Date | US | New Mexico | Valencia County NM |
|---|---|---|---|
| 2019 | 5.97% | 8.05% | 11.36% |
| 2018 | 6.15% | 8.31% | — |
| 2017 | 6.18% | 8.29% | — |
| 2016 | 5.89% | 9.86% | 7.76% |
| 2015 | 5.85% | 8.75% | — |
| 2014 | 6.32% | 8.41% | — |
| 2013 | 6.49% | 9.01% | 13.61% |
| 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 Valencia County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Valencia County, median monthly gross rent as a fraction of median household income was 17.56% in 2019 according to the ACS.
Valencia 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% |
| Valencia County NM | 17.56% | -3.65% | -6.00% |
Trends in Valencia County NM Rent as a Fraction of Income
The fraction of median Valencia County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 24.35%. Since then it has fallen by 6.78% to 17.56%.
Fraction of Income towards Rent: Valencia County NM, New Mexico, US
Historical Data for Annual Rent as a Fraction of Income in Valencia County New Mexico
| Date | US | New Mexico | Valencia County NM |
|---|---|---|---|
| 2019 | 20.03% | 19.57% | 17.56% |
| 2018 | 20.50% | 21.12% | 21.22% |
| 2017 | 20.13% | 20.87% | 18.60% |
| 2016 | 20.43% | 20.64% | 23.56% |
| 2015 | 20.63% | 20.70% | 24.35% |
| 2014 | 20.89% | 20.81% | 21.78% |
| 2013 | 20.78% | 21.12% | 22.61% |
| 2012 | 20.65% | 21.23% | 23.75% |
| 2011 | 20.70% | 20.85% | 22.82% |
| 2010 | 20.50% | 19.93% | 20.76% |
| 2009 | 20.12% | 18.96% | 17.60% |
| 2007 | 18.66% | 18.44% | 21.61% |
| 2005 | 18.89% | 18.79% | 18.10% |
Renter Fraction in Valencia County New Mexico
You can calculate the renter fraction in Valencia 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 Valencia County as a fraction of total Valencia County households. In 2019 23.57% of households were renters according to Census ACS data.
Valencia 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% |
| Valencia County NM | 23.57% | +3.73% | +0.74% |
Trends in the Valencia County NM Renter Fraction
The Valencia County household renter fraction peaked in in 2012 at 25.85% and is now 2.28% below that level. From a recent low of 15.12% in 2015, the household based renter fraction has now grown by 8.45%. The origin year for the series is 2005.
Fraction of Renting Households: Valencia County NM, New Mexico, US
History of Valencia County Renter Fraction
| Date | US | New Mexico | Valencia County NM |
|---|---|---|---|
| 2019 | 35.89% | 31.93% | 23.57% |
| 2018 | 36.05% | 33.84% | 19.84% |
| 2017 | 36.13% | 32.08% | 16.43% |
| 2016 | 36.88% | 32.61% | 22.83% |
| 2015 | 36.97% | 32.55% | 15.12% |
| 2014 | 36.90% | 33.09% | 23.00% |
| 2013 | 36.50% | 32.09% | 21.85% |
| 2012 | 36.09% | 32.27% | 25.85% |
| 2011 | 35.42% | 31.84% | 15.42% |
| 2010 | 34.65% | 32.06% | 21.59% |
| 2009 | 34.13% | 30.67% | 17.82% |
| 2007 | 32.80% | 29.99% | 21.44% |
| 2005 | 33.10% | 30.70% | 21.66% |
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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