Albuquerque Q4 Multifamily Market Report: Investment Activity Picks Up With Low Vacancy and Rents on the Rise
Highlights:
- Strong renter demand and limited supply growth fueled the Albuquerque multifamily market in 2020. Vacancy was flat during
the fourth quarter, maintaining the market’s five-year low. Rents pushed higher at a fairly steady pace throughout the year. - Vacancy fell 110 basis points in 2020, ending the year at 3.3 percent. Absorption was strong, with net move-ins in 2020 nearly doubling the total from 2019.
- Asking rents ended the fourth quarter at $937 per month, rising 3.7 percent for the year. Consistently tight conditions are supporting rent increases.
- The investment market gained momentum during the fourth quarter, with sales activity nearly doubling levels from the third quarter. The median price in 2020 was approximately $98,100 per unit, while cap rates averaged 5.2 percent.
