Report shows low vacancy, accelerating rental growth
ALBUQUERQUE, NEW MEXICO (DEC. 3, 2018) — NorthMarq Multifamily has published its first market research report for Albuquerque, offering in-depth research and on-the-ground expertise about multifamily market conditions and trends. The company continues to grow its multifamily investment sales platform in Phoenix, Albuquerque, Dallas, Kansas City, and Southern California and will provide ongoing quarterly reports for those markets.
“Having in-depth market research is critical to our client service, enabling our team to stay ahead of trends. Ultimately, we offer this research to help our clients make informed investment decisions,” said Cynthia Meister, vice president – Albuquerque, NorthMarq Multifamily.
“The reports released today show that renter demand for apartments is being supported by an improving employment market. Job growth averaged less than 1 percent per year since 2013, but the pace has more than doubled during the past 12 months. A diverse set of companies, led by Netflix and Intel, have announced plans to enter the market or expand existing operations in Albuquerque,” said Pete O’Neil, director of research, NorthMarq Multifamily.
Key findings for Albuquerque:
- Conditions in the Albuquerque multifamily market brightened a bit in the third quarter. Vacancy remained low, while employment growth and rental rates accelerated.
- 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.