Albuquerque Q4 Multifamily Market Report: With Supply Growth Limited, Vacancy Remains Low
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 rose 30 basis points from the third quarter to the fourth quarter. Despite the uptick in the fourth quarter, the rate ended the year at 4.4 percent, 40 basis points lower than at the end of 2018.
- Asking rents rose 4.5 percent in 2019, reaching $904 per month, building on a 4.8 percent gain in 2018.
- After a spike in 2018, investment activity returned closer to historical levels in 2019. The median price was approximately $67,900 per unit, while cap rates averaged 5.5 percent in the second half of the year and 6 percent for the full year.
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