Department of Numbers

Chaves County New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in Chaves County NM was $799 in 2017 according to the Census ACS survey.1 Average gross rent in Chaves County was $769 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 Chaves County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Chaves County 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%
Chaves County NM Median Gross Rent $799 +7.54% +14.63%

Chaves County NM Real Gross Rent Trends

At $799, real median gross rent in Chaves County was at its highest level in 2017 since the series began in 2010. At $769, real average gross rent in Chaves County was at its highest level in 2017 since the series began in 2010.

Real Gross Rent: Chaves County NM Median, Chaves County NM Average, New Mexico Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Chaves County

Date US
Median
New Mexico
Median
Chaves County NM
Median
Chaves County NM
Average
2017 $1,012 $813 $799 $769
2016 $996 $816 $743 $594
2015 $987 $806 $737 $707
2014 $956 $796 $697 $647
2013 $924 $788 $702 $661
2012 $912 $777 $724 $734
2011 $912 $764 $648 $555
2010 $927 $758 $590 $618
2009 $931 $752
2008 $947 $767
2007 $899 $726
2006 $909 $735

Chaves County 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 Chaves County New Mexico was 15.66% according to Census ACS data.

Rental Vacancy Rate in Chaves County New Mexico

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
New Mexico 8.29% -1.57% -0.12%
Chaves County NM 15.66%

Trends in Chaves County NM Rental Vacancy Rate

The rental vacancy rate in Chaves County peaked in 2015 at 19.54%. Since then it has fallen by 3.88% to 15.66%. Data records for this series originated in 2010.

Rental Vacancy Rate: Chaves County NM, New Mexico, US

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for Chaves County

Date US New Mexico Chaves County NM
2017 6.18% 8.29% 15.66%
2016 5.89% 9.86%
2015 5.85% 8.75% 19.54%
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%

Rent as a Fraction of Income

Using median household income data for Chaves County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Chaves County, median monthly gross rent as a fraction of median household income was 21.35% in 2017 according to the ACS.

Chaves County 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%
Chaves County NM 21.35% -0.09% +0.77%

Trends in Chaves County NM Rent as a Fraction of Income

The fraction of median Chaves County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2010 series origin) at 22.58%. Since then it has fallen by 1.23% to 21.35%.

Fraction of Income towards Rent: Chaves County NM, New Mexico, US

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

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

Date US New Mexico Chaves County NM
2017 20.13% 20.87% 21.35%
2016 20.43% 20.64% 21.45%
2015 20.63% 20.70% 22.58%
2014 20.89% 20.81% 20.59%
2013 20.78% 21.12% 18.02%
2012 20.65% 21.23% 19.88%
2011 20.70% 20.85% 20.47%
2010 20.50% 19.93% 19.02%
2009 20.12% 18.96%
2008 19.00% 18.42%
2007 18.66% 18.44%
2006 18.90% 18.22%

Renter Fraction in Chaves County New Mexico

You can calculate the renter fraction in Chaves County 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 Chaves County as a fraction of total Chaves County households. In 2017 29.58% of households were renters according to Census ACS data.

Chaves County 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%
Chaves County NM 29.58% -3.14% -7.38%

Trends in the Chaves County NM Renter Fraction

The Chaves County household renter fraction peaked in in 2014 at 36.96% and is now 7.38% below that level. The origin year for the series is 2010.

Fraction of Renting Households: Chaves County NM, New Mexico, US

Fraction of renters in Chaves County

History of Chaves County Renter Fraction

Date US New Mexico Chaves County NM
2017 36.13% 32.08% 29.58%
2016 36.88% 32.61% 32.72%
2015 36.97% 32.55% 29.66%
2014 36.90% 33.09% 36.96%
2013 36.50% 32.09% 34.76%
2012 36.09% 32.27% 36.29%
2011 35.42% 31.84% 30.14%
2010 34.65% 32.06% 32.50%
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.