Our Albuquerque office provides investment sales expertise for the acquisition and disposition of multifamily and manufactured housing properties. Call our local office to learn more.
Albuquerque Q1 Multifamily Market Report: Vacancy Ticks Lower, Rents on the Rise
- 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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Albuquerque Q4 Market Report: Strong Job Gains and Rent Increases Driving Investment
- The Albuquerque multifamily market closed 2018 on an upswing, with rents posting their strongest increase in years and sales activity elevated. An improving labor market is fueling the market.
- Asking rents rose 2.2 percent in the fourth quarter and advanced 4.9 percent for the full year. Average asking rents ended 2018 at $865 per month.
- Vacancy rose 40 basis points during the fourth quarter, reaching 4.8 percent. The vacancy rate crept higher in response to an uptick in new units delivered in the second half of the year.
- The investment market posted a particularly strong year in 2018, with sales velocity rising by approximately 50 percent. Elevated investor demand caused cap rates to compress into the low-6 percent range on average.
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Albuquerque Q3 Market Report: Vacancy Holding Steady, Rent Growth Gaining Momentum
- Vacancy has been stable in 2018, and the rate ended the third quarter at 4.4 percent. The current vacancy rate is 50 basis points higher than one year ago.
- Rent growth gained momentum in recent months, following a slow first half of the year. Asking rents gained 1.4 percent in the third quarter and, at $846 per month, are up 2.4 percent year over year.
- After a very strong first half of the year, investment conditions cooled slightly in the third quarter. While sales velocity slowed in the third quarter, year-to-date transaction volume is still ahead of the pace recorded in 2017.
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NorthMarq Multifamily featured in GlobeSt.com’s Middle Market Digest
Bill Hahn, Trevor Koskovich and Jesse Hudson of NorthMarq Multifamily in Phoenix and Cynthia Meister of NorthMarq Multifamily in Albuquerque negotiated the sale of Lincoln Heights Apartments in Albuquerque, New Mexico. The transaction was featured in GlobeSt.com’s Middle Market Digest. The 184-unit multifamily property sold for an undisclosed purchase price. The NorthMarq Multifamily team represented the buyer and seller in the transaction. Read the full transaction announcement.
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