Albuquerque Q3 Market Report: Vacancy Holds Steady, While Rents Continue to Rise
Highlights:
- The Albuquerque multifamily market has improved in recent quarters. The vacancy rate has tightened year over year, and rent growth has topped 5 percent. Demand is healthy, while new supply growth has been limited in 2019.
- Vacancy in Albuquerque ended the third quarter at 4.1 percent, 30 basis points lower than one year earlier.
- Asking rents have risen 5.1 percent year over year, reaching $894 per month. The pace of growth has accelerated during the past year.
- Multifamily investment activity was steady in the third quarter before slowing in the final few months of the year. The median price was approximately $70,600 per unit, while cap rates averaged 5.5 percent in the third quarter and 6 percent year to date.
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