New Mexico Residential Rent and Rental Statistics
The median monthly gross residential rent in New Mexico was $847 in 2019 according to the Census ACS survey.1 Average gross rent was $829 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 New Mexico median and average rent data will be released in September of 2021.
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.
Real Gross Rent in New Mexico (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New Mexico Median Gross Rent | $847 | +0.24% | +0.59% |
New Mexico Real Gross Rent Trends
At $847, real median gross rent in New Mexico was at its highest level in 2019 since the series began in 2005. At $829, real average gross rent in New Mexico was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in New Mexico: Median, Average, US Median
Real Gross Rent History for New Mexico
| Date | US Median | New Mexico Median | New Mexico Average |
|---|---|---|---|
| 2019 | $1,097 | $847 | $829 |
| 2018 | $1,077 | $845 | $806 |
| 2017 | $1,043 | $838 | $828 |
| 2016 | $1,027 | $842 | $825 |
| 2015 | $1,017 | $831 | $825 |
| 2014 | $986 | $820 | $822 |
| 2013 | $953 | $813 | $802 |
| 2012 | $940 | $801 | $801 |
| 2011 | $941 | $787 | $779 |
| 2010 | $955 | $781 | $769 |
| 2009 | $960 | $775 | $778 |
| 2007 | $927 | $748 | $739 |
| 2005 | $910 | $734 | $720 |
New Mexico Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for New Mexico was 8.05% according to Census ACS data.
Rental Vacancy Rate in New Mexico
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Mexico | 8.05% | -0.26% | -1.81% |
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 1.81% to 8.05%. Data records for this series originated in 2005.
Rental Vacancy Rate: New Mexico, US
Historical Rental Vacancy Rate data for New Mexico
| Date | US | New Mexico |
|---|---|---|
| 2019 | 5.97% | 8.05% |
| 2018 | 6.15% | 8.31% |
| 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% |
| 2007 | 7.87% | 9.64% |
| 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 19.57% in 2019 according to the ACS.
New Mexico Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New Mexico | 19.57% | -1.55% | -1.07% |
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 1.67% to 19.57%.
Fraction of Income towards Rent: New Mexico, US
Historical Data for Annual Rent as a Fraction of Income in New Mexico
| Date | US | New Mexico |
|---|---|---|
| 2019 | 20.03% | 19.57% |
| 2018 | 20.50% | 21.12% |
| 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% |
| 2007 | 18.66% | 18.44% |
| 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 2019 31.93% of households were renters according to Census ACS data.
New Mexico Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New Mexico | 31.93% | -1.91% | -0.68% |
Trends in the New Mexico Renter Fraction
The New Mexico household renter fraction peaked in in 2018 at 33.84% and is now 1.91% below that level. The origin year for the series is 2005.
Fraction of Renting Households: New Mexico, US
History of New Mexico Renter Fraction
| Date | US | New Mexico |
|---|---|---|
| 2019 | 35.89% | 31.93% |
| 2018 | 36.05% | 33.84% |
| 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% |
| 2007 | 32.80% | 29.99% |
| 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. ↩
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