Department of Numbers

Albuquerque New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in Albuquerque, NM (the Albuquerque metro area) was $826 in 2015 according to the Census ACS survey.1 Average gross rent in Albuquerque was $848 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 Albuquerque median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Albuquerque 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%
Albuquerque, NM Median Gross Rent $826 +1.98% +5.49%

Albuquerque, NM Real Gross Rent Trends

At $826, real median gross rent in Albuquerque was at its highest level in 2015 since the series began in 2005. At $848, real average gross rent in Albuquerque was at its highest level in 2015 since the series began in 2005.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Albuquerque

Date US
Median
New Mexico
Median
Albuquerque, NM
Median
Albuquerque, NM
Average
2015 $959 $783 $826 $848
2014 $930 $773 $810 $837
2013 $898 $766 $812 $837
2012 $886 $755 $783 $830
2011 $887 $742 $769 $788
2010 $901 $736 $788 $810
2009 $905 $731 $780 $807
2008 $920 $746 $788 $819
2007 $874 $705 $752 $785
2006 $883 $714 $756 $785
2005 $858 $692 $747 $771

Albuquerque 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 Albuquerque New Mexico was 6.69% according to Census ACS data.

Rental Vacancy Rate in Albuquerque New Mexico

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
New Mexico 8.75% +0.34% +0.13%
Albuquerque, NM 6.69% -0.87% -0.61%

Trends in Albuquerque, NM Rental Vacancy Rate

The rental vacancy rate in Albuquerque peaked in 2013 at 9.43%. Since then it has fallen by 2.74% to 6.69%. Data records for this series originated in 2005.

Rental Vacancy Rate: Albuquerque NM, New Mexico, US

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for Albuquerque

Date US New Mexico Albuquerque, NM
2015 5.85% 8.75% 6.69%
2014 6.32% 8.41% 7.56%
2013 6.49% 9.01% 9.43%
2012 6.77% 8.62% 7.30%
2011 7.40% 7.42% 4.92%
2010 8.17% 7.31% 6.15%
2009 8.43% 9.74% 7.50%
2008 7.86% 7.55% 5.28%
2007 7.87% 9.64% 7.90%
2006 7.70% 8.42% 7.16%
2005 7.74% 7.47% 5.05%

Rent as a Fraction of Income

Using median household income data for Albuquerque, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Albuquerque, median monthly gross rent as a fraction of median household income was 20.25% in 2015 according to the ACS.

Albuquerque 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%
Albuquerque, NM 20.25% -0.27% +0.20%

Trends in Albuquerque, NM Rent as a Fraction of Income

The fraction of median Albuquerque household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 20.53%. Since then it has fallen by 0.27% to 20.25%.

Fraction of Income towards Rent: Albuquerque NM, New Mexico, US

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

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

Date US New Mexico Albuquerque, NM
2015 20.63% 20.70% 20.25%
2014 20.89% 20.81% 20.53%
2013 20.78% 21.12% 20.30%
2012 20.65% 21.23% 20.06%
2011 20.70% 20.85% 20.12%
2010 20.50% 19.93% 18.94%
2009 20.12% 18.96% 18.61%
2008 19.00% 18.42% 17.95%
2007 18.66% 18.44% 17.98%
2006 18.90% 18.22% 17.49%
2005 18.89% 18.79% 17.66%

Renter Fraction in Albuquerque New Mexico

You can calculate the renter fraction in Albuquerque 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 Albuquerque as a fraction of total Albuquerque households. In 2015 33.47% of households were renters according to Census ACS data.

Albuquerque 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%
Albuquerque, NM 33.47% -0.97% +0.29%

Trends in the Albuquerque, NM Renter Fraction

The Albuquerque household renter fraction peaked in in 2014 at 34.44% and is now 0.97% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Albuquerque NM, New Mexico, US

Fraction of renters in Albuquerque

History of Albuquerque Renter Fraction

Date US New Mexico Albuquerque, NM
2015 36.97% 32.55% 33.47%
2014 36.90% 33.09% 34.44%
2013 36.50% 32.09% 34.23%
2012 36.09% 32.27% 33.18%
2011 35.42% 31.84% 33.47%
2010 34.65% 32.06% 33.19%
2009 34.13% 30.67% 32.91%
2008 33.36% 30.83% 32.21%
2007 32.80% 29.99% 31.49%
2006 32.73% 30.32% 31.30%
2005 33.10% 30.70% 32.05%

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.