Department of Numbers

New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in New Mexico was $813 in 2017 according to the Census ACS survey.1 Average gross rent was $803 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 New Mexico median and average rent data will be released in September of 2019.

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 (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
New Mexico Median Gross Rent $813 -0.37% +2.14%

New Mexico Real Gross Rent Trends

Median gross rent for New Mexico peaked in real terms in 2016 at $816 and is now $3 (0.37%) lower. At $803, real average gross rent in New Mexico was at its highest level in 2017 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
2017 $1,012 $813 $803
2016 $996 $816 $800
2015 $987 $806 $800
2014 $956 $796 $798
2013 $924 $788 $778
2012 $912 $777 $777
2011 $912 $764 $755
2010 $927 $758 $746
2009 $931 $752 $755
2008 $947 $767 $762
2007 $899 $726 $717
2006 $909 $735 $712

New Mexico Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for New Mexico was 8.29% according to Census ACS data.

Rental Vacancy Rate in New Mexico

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
New Mexico 8.29% -1.57% -0.12%

Trends in New Mexico Rental Vacancy Rate

The rental vacancy rate in New Mexico peaked in 2016 at 9.86%. Since then it has fallen by 1.57% to 8.29%. Data records for this series originated in 2005.

Rental Vacancy Rate: New Mexico, US

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for New Mexico

Date US New Mexico
2017 6.18% 8.29%
2016 5.89% 9.86%
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%

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 20.87% in 2017 according to the ACS.

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

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
New Mexico 20.87% +0.23% +0.06%

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 0.36% to 20.87%.

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
2017 20.13% 20.87%
2016 20.43% 20.64%
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%

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 2017 32.08% of households were renters according to Census ACS data.

New Mexico Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
New Mexico 32.08% -0.53% -1.01%

Trends in the New Mexico Renter Fraction

The New Mexico household renter fraction peaked in in 2014 at 33.09% and is now 1.01% 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
2017 36.13% 32.08%
2016 36.88% 32.61%
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%

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.