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 $752 in 2019 according to the Census ACS survey.1 Average gross rent in Las Cruces was $692 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 Las Cruces median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Las Cruces 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% |
| Las Cruces, NM Median Gross Rent | $752 | +8.99% | -4.08% |
Las Cruces, NM Real Gross Rent Trends
Median gross rent for Las Cruces peaked in real terms in 2015 at $786 and is now $34 (4.33%) lower. Average gross rent for Las Cruces peaked in real terms in 2014 at $811 and is now $119 (14.67%) lower.
Real Gross Rent in Las Cruces: Las Cruces NM Median, Las Cruces NM Average, New Mexico Median, US Median
Real Gross Rent History for Las Cruces
| Date | US Median |
New Mexico Median |
Las Cruces, NM Median |
Las Cruces, NM Average |
|---|---|---|---|---|
| 2019 | $1,097 | $847 | $752 | $692 |
| 2018 | $1,077 | $845 | $690 | $713 |
| 2017 | $1,043 | $838 | $738 | $721 |
| 2016 | $1,027 | $842 | $784 | $772 |
| 2015 | $1,017 | $831 | $786 | $778 |
| 2014 | $986 | $820 | $772 | $811 |
| 2013 | $953 | $813 | $684 | $700 |
| 2012 | $940 | $801 | $749 | $747 |
| 2011 | $941 | $787 | $704 | $724 |
| 2010 | $955 | $781 | $716 | $735 |
| 2009 | $960 | $775 | $683 | $687 |
| 2007 | $927 | $748 | $696 | $698 |
| 2005 | $910 | $734 | $679 | $674 |
Las Cruces 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 Las Cruces New Mexico was 10.61% according to Census ACS data.
Rental Vacancy Rate in Las Cruces New Mexico
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Mexico | 8.05% | -0.26% | -1.81% |
| Las Cruces, NM | 10.61% | +4.61% | +3.76% |
Trends in Las Cruces, NM Rental Vacancy Rate
The rental vacancy rate in Las Cruces peaked in 2017 at 11.49%. Since then it has fallen by 0.88% to 10.61%. Data records for this series originated in 2005.
Rental Vacancy Rate: Las Cruces NM, New Mexico, US
Historical Rental Vacancy Rate data for Las Cruces
| Date | US | New Mexico | Las Cruces, NM |
|---|---|---|---|
| 2019 | 5.97% | 8.05% | 10.61% |
| 2018 | 6.15% | 8.31% | 6.00% |
| 2017 | 6.18% | 8.29% | 11.49% |
| 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% |
| 2007 | 7.87% | 9.64% | 9.70% |
| 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 20.97% in 2019 according to the ACS.
Las Cruces 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% |
| Las Cruces, NM | 20.97% | -2.11% | -3.00% |
Trends in Las Cruces, NM Rent as a Fraction of Income
The fraction of median Las Cruces household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 23.97%. Since then it has fallen by 3.00% to 20.97%.
Fraction of Income towards Rent: Las Cruces NM, New Mexico, US
Historical Data for Annual Rent as a Fraction of Income in Las Cruces New Mexico
| Date | US | New Mexico | Las Cruces, NM |
|---|---|---|---|
| 2019 | 20.03% | 19.57% | 20.97% |
| 2018 | 20.50% | 21.12% | 23.07% |
| 2017 | 20.13% | 20.87% | 23.13% |
| 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% |
| 2007 | 18.66% | 18.44% | 20.11% |
| 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 2019 35.43% of households were renters according to Census ACS data.
Las Cruces 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% |
| Las Cruces, NM | 35.43% | -4.07% | -4.81% |
Trends in the Las Cruces, NM Renter Fraction
The Las Cruces household renter fraction peaked in in 2016 at 40.24% and is now 4.81% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Las Cruces NM, New Mexico, US
History of Las Cruces Renter Fraction
| Date | US | New Mexico | Las Cruces, NM |
|---|---|---|---|
| 2019 | 35.89% | 31.93% | 35.43% |
| 2018 | 36.05% | 33.84% | 39.50% |
| 2017 | 36.13% | 32.08% | 35.66% |
| 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% |
| 2007 | 32.80% | 29.99% | 34.18% |
| 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. ↩
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