Albuquerque Q3 Multifamily Market Report: Vacancy Retreats to Lowest Level Since 2015
Highlights:
- The Albuquerque multifamily market continued to post strong performance during the third quarter, with vacancies declining to a five-year low and rents continuing to trend higher.
- Apartment vacancy in Albuquerque has tightened in each of the first three quarters of 2020. The rate fell 20 basis points during the third quarter, dipping to 3.3 percent.
- With vacancy improving, asking rents have increased 4.3 percent year over year. Rents ended the third quarter at $932 per month.
- Investment activity slowed during the third quarter, and sales velocity is down approximately 30 percent when compared to one year earlier. In transactions where pricing information is available, the median price has been approximately $97,700 per unit and cap rates have averaged 5.5 percent.
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