Albuquerque Q1 Multifamily Market Report: Vacancy Ticks Lower, Rents on the Rise
Highlights:
- Conditions strengthened in the Albuquerque multifamily market during the first quarter. Employers continued to expand payrolls, causing vacancy to tighten and allowing rents to rise.
- The vacancy rate ended the first quarter at 4.7 percent, down 10 basis points from the previous quarter. The lowest vacancy rates are being recorded in Class B and Class C properties.
- Year over year through the first quarter, asking rents spiked 5.3 percent to $871 per month, although the strongest gains were recorded in the second half of last year.
- Apartment sales activity was limited during the first quarter, but there were clear signs of a positive investment climate. In transactions where pricing was available, the median price continued on an upward trajectory and cap rates compressed below 6 percent on average.
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