Research 10/ 14/ 2019

Albuquerque Q2 Multifamily Market Report: Vacancy Rate Records Steep Decline

Highlights:

Albuquerque Q2 market snapshot
  • Apartment property performance in Albuquerque strengthened during the second quarter. With competition from new supply limited, vacancy dropped and rents rose.
  • The vacancy rate fell 60 basis points from the first quarter to the second quarter, dipping to 4.1 percent. Year over year, the rate is down 30 basis points.
  • The pace of rent growth accelerated during the second quarter. Asking rents rose to $889 per month, up 6.3 percent year over year.
  • Multifamily investment activity surged during the second quarter. Prices have trended higher—the median price in sales in the first half of the year was approximately $97,700 per unit—while cap rates have averaged 6.3 percent.

Read the report