Department of Numbers

New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in New Mexico was $783 in 2015 according to the Census ACS survey.1 Average gross rent was $778 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 New Mexico median and average rent data will be released in September of 2017.

Data is also available below for New Mexico rental vacancy rates, New Mexico rent as a percent of median income and the fraction of renters in New Mexico.

Show dollars as: Nominal Real

Real Gross Rent in New Mexico (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
New Mexico Median Gross Rent $783 +1.29% +3.71%

New Mexico Real Gross Rent Trends

At $783, real median gross rent in New Mexico was at its highest level in 2015 since the series began in 2005. At $778, real average gross rent in New Mexico was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in New Mexico: Median, Average, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for New Mexico

Date US Median New Mexico Median New Mexico Average
2015 $959 $783 $778
2014 $930 $773 $775
2013 $898 $766 $756
2012 $886 $755 $755
2011 $887 $742 $734
2010 $901 $736 $725
2009 $905 $731 $734
2008 $920 $746 $740
2007 $874 $705 $697
2006 $883 $714 $692
2005 $858 $692 $679

New Mexico Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for New Mexico was 8.75% according to Census ACS data.

Rental Vacancy Rate in New Mexico

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
New Mexico 8.75% +0.34% +0.13%

Trends in New Mexico Rental Vacancy Rate

The rental vacancy rate in New Mexico peaked in 2009 at 9.74%. Since then it has fallen by 0.99% to 8.75%. Data records for this series originated in 2005. From a 2010 post peak low of 7.31%, the rental vacancy rate has increased by 1.44%.

Rental Vacancy Rate: New Mexico, US

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for New Mexico

Date US New Mexico
2015 5.85% 8.75%
2014 6.32% 8.41%
2013 6.49% 9.01%
2012 6.77% 8.62%
2011 7.40% 7.42%
2010 8.17% 7.31%
2009 8.43% 9.74%
2008 7.86% 7.55%
2007 7.87% 9.64%
2006 7.70% 8.42%
2005 7.74% 7.47%

New Mexico Rent as a Fraction of Income

Using median household income data for New Mexico, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For New Mexico, median monthly gross rent as a fraction of median household income was 20.70% in 2015 according to the ACS.

New Mexico Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
New Mexico 20.70% -0.11% -0.53%

Trends in New Mexico Rent as a Fraction of Income

The fraction of median New Mexico household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 21.23%. Since then it has fallen by 0.53% to 20.70%.

Fraction of Income towards Rent: New Mexico, US

Percent of median household income going towards median monthly gross rent in New Mexico

Historical Data for Annual Rent as a Fraction of Income in New Mexico

Date US New Mexico
2015 20.63% 20.70%
2014 20.89% 20.81%
2013 20.78% 21.12%
2012 20.65% 21.23%
2011 20.70% 20.85%
2010 20.50% 19.93%
2009 20.12% 18.96%
2008 19.00% 18.42%
2007 18.66% 18.44%
2006 18.90% 18.22%
2005 18.89% 18.79%

Renter Fraction in New Mexico

You can calculate the renter fraction in New Mexico in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in New Mexico as a fraction of total New Mexico households. In 2015 32.55% of households were renters according to Census ACS data.

New Mexico Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
New Mexico 32.55% -0.54% +0.28%

Trends in the New Mexico Renter Fraction

The New Mexico household renter fraction peaked in in 2014 at 33.09% and is now 0.54% below that level. The origin year for the series is 2005.

Fraction of Renting Households: New Mexico, US

Fraction of renters in New Mexico

History of New Mexico Renter Fraction

Date US New Mexico
2015 36.97% 32.55%
2014 36.90% 33.09%
2013 36.50% 32.09%
2012 36.09% 32.27%
2011 35.42% 31.84%
2010 34.65% 32.06%
2009 34.13% 30.67%
2008 33.36% 30.83%
2007 32.80% 29.99%
2006 32.73% 30.32%
2005 33.10% 30.70%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.