Albuquerque Q1 Multifamily Market Insights: Tight Vacancies Fueling Rent Growth, New Development
Highlights:
- Albuquerque’s strengthening economy and elevated renter demand drove down vacancy rates and pushed rents higher in the first quarter of 2022. Improving conditions carried over to the investment market, where sales were active, prices rose, and cap rates remained low.
- After a slight uptick in the previous quarter, the local vacancy rate dipped during the first three months of 2022, falling 10 basis points to 2.9 percent. Vacancy tightened by 40 basis points year over year.
- Asking rents rose 2 percent to $1,168 per month in the first quarter. Year over year, asking rent in Albuquerque have spiked 21.9 percent, one of the fastest rates of growth in the country.
- The multifamily investment market in Albuquerque remained active during the first quarter, with sales velocity matching levels recorded during the same time last year.
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