Department of Numbers

Las Cruces New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in Las Cruces, NM (the Las Cruces metro area) was $749 in 2016 according to the Census ACS survey.1 Average gross rent in Las Cruces was $737 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Las Cruces median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Las Cruces New Mexico (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
New Mexico Median Gross Rent $804 +1.39% +3.61%
Las Cruces, NM Median Gross Rent $749 -0.27% +14.53%

Las Cruces, NM Real Gross Rent Trends

Median gross rent for Las Cruces peaked in real terms in 2015 at $751 and is now $2 (0.27%) lower. Average gross rent for Las Cruces peaked in real terms in 2014 at $774 and is now $37 (4.78%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Las Cruces

Date US
Median
New Mexico
Median
Las Cruces, NM
Median
Las Cruces, NM
Average
2016 $981 $804 $749 $737
2015 $972 $793 $751 $743
2014 $942 $783 $737 $774
2013 $910 $776 $654 $669
2012 $898 $765 $715 $713
2011 $898 $752 $673 $691
2010 $912 $746 $684 $702
2009 $916 $740 $652 $656
2008 $932 $756 $721 $769
2007 $885 $715 $664 $666
2006 $895 $724 $694 $659
2005 $869 $701 $648 $644

Las Cruces Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Las Cruces New Mexico was 6.85% according to Census ACS data.

Rental Vacancy Rate in Las Cruces New Mexico

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
New Mexico 9.86% +1.11% +0.85%
Las Cruces, NM 6.85% -1.38% +1.30%

Trends in Las Cruces, NM Rental Vacancy Rate

The rental vacancy rate in Las Cruces peaked in 2012 at 10.18%. Since then it has fallen by 3.33% to 6.85%. Data records for this series originated in 2005. From a 2013 post peak low of 5.55%, the rental vacancy rate has increased by 1.30%.

Rental Vacancy Rate: Las Cruces NM, New Mexico, US

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for Las Cruces

Date US New Mexico Las Cruces, NM
2016 5.89% 9.86% 6.85%
2015 5.85% 8.75% 8.23%
2014 6.32% 8.41% 8.35%
2013 6.49% 9.01% 5.55%
2012 6.77% 8.62% 10.18%
2011 7.40% 7.42% 6.00%
2010 8.17% 7.31% 5.56%
2009 8.43% 9.74% 7.82%
2008 7.86% 7.55% 9.21%
2007 7.87% 9.64% 9.70%
2006 7.70% 8.42% 6.38%
2005 7.74% 7.47% 7.69%

Rent as a Fraction of Income

Using median household income data for Las Cruces, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Las Cruces, median monthly gross rent as a fraction of median household income was 23.97% in 2016 according to the ACS.

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

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
New Mexico 20.64% -0.07% -0.48%
Las Cruces, NM 23.97% +1.69% +2.51%

Trends in Las Cruces, NM Rent as a Fraction of Income

Las Cruces renters paid 23.97% of median household income towards the median monthly gross rent in 2016. This is the highest fraction of median household income going to rent since the series originated in 2005.

Fraction of Income towards Rent: Las Cruces NM, New Mexico, US

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

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

Date US New Mexico Las Cruces, NM
2016 20.43% 20.64% 23.97%
2015 20.63% 20.70% 22.28%
2014 20.89% 20.81% 22.21%
2013 20.78% 21.12% 21.46%
2012 20.65% 21.23% 22.49%
2011 20.70% 20.85% 21.67%
2010 20.50% 19.93% 21.83%
2009 20.12% 18.96% 20.12%
2008 19.00% 18.42% 21.21%
2007 18.66% 18.44% 20.11%
2006 18.90% 18.22% 20.92%
2005 18.89% 18.79% 21.99%

Renter Fraction in Las Cruces New Mexico

You can calculate the renter fraction in Las Cruces 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 Las Cruces as a fraction of total Las Cruces households. In 2016 40.24% of households were renters according to Census ACS data.

Las Cruces Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
New Mexico 32.61% +0.06% +0.52%
Las Cruces, NM 40.24% +3.12% +4.51%

Trends in the Las Cruces, NM Renter Fraction

At 40.24%, the 2016 household based renter fraction in Las Cruces was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Las Cruces NM, New Mexico, US

Fraction of renters in Las Cruces

History of Las Cruces Renter Fraction

Date US New Mexico Las Cruces, NM
2016 36.88% 32.61% 40.24%
2015 36.97% 32.55% 37.12%
2014 36.90% 33.09% 38.79%
2013 36.50% 32.09% 35.73%
2012 36.09% 32.27% 34.77%
2011 35.42% 31.84% 33.41%
2010 34.65% 32.06% 37.06%
2009 34.13% 30.67% 34.48%
2008 33.36% 30.83% 33.29%
2007 32.80% 29.99% 34.18%
2006 32.73% 30.32% 36.11%
2005 33.10% 30.70% 34.73%

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.