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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.

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Albuquerque Q4 Multifamily Market Report: With Supply Growth Limited, Vacancy Remains Low

Highlights:

Albuquerque Q4 2019 market snapshot
  • 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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Albuquerque Q3 Market Report: Vacancy Holds Steady, While Rents Continue to Rise

Highlights:

Albuquerque Q3 2019 market snapshot
  • 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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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.

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Albuquerque Q1 Multifamily Market Report: Vacancy Ticks Lower, Rents on the Rise

Highlights:

Albuquerque Q1 multifamily market indicators
  • 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

Highlights:

Q4 Market Indicators - Albuquerque market
  • 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

Report highlights:

Albuquerque Market Indicators

  • 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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