Department of Numbers

Otero County New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in Otero County NM was $722 in 2017 according to the Census ACS survey.1 Average gross rent in Otero County was $731 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 Otero County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Otero 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%
Otero County NM Median Gross Rent $722 -14.45% -16.53%

Otero County NM Real Gross Rent Trends

Median gross rent for Otero County peaked in real terms in 2013 at $948 and is now $226 (23.84%) lower. Average gross rent for Otero County peaked in real terms in 2016 at $819 and is now $88 (10.74%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Otero County

Date US
Median
New Mexico
Median
Otero County NM
Median
Otero County NM
Average
2017 $1,012 $813 $722 $731
2016 $996 $816 $844 $819
2015 $987 $806 $740 $730
2014 $956 $796 $865 $767
2013 $924 $788 $948 $800
2012 $912 $777 $778 $757
2011 $912 $764 $685 $762
2010 $927 $758
2009 $931 $752
2008 $947 $767
2007 $899 $726
2006 $909 $735

Otero 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 Otero County New Mexico was 8.31% according to Census ACS data.

Rental Vacancy Rate in Otero 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%
Otero County NM 8.31% +1.51%

Trends in Otero County NM Rental Vacancy Rate

At 8.31%, Otero County residential rental vacancy rate in 2017 is at the highest point since 2011, the beginning of our reporting for this series.

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

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for Otero County

Date US New Mexico Otero County NM
2017 6.18% 8.29% 8.31%
2016 5.89% 9.86%
2015 5.85% 8.75% 6.55%
2014 6.32% 8.41% 6.80%
2013 6.49% 9.01% 2.02%
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 Otero County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Otero County, median monthly gross rent as a fraction of median household income was 19.74% in 2017 according to the ACS.

Otero 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%
Otero County NM 19.74% -3.11% -4.06%

Trends in Otero County NM Rent as a Fraction of Income

The fraction of median Otero County household income required to pay median monthly gross rent peaked in 2013 (relative to the 2011 series origin) at 25.25%. Since then it has fallen by 5.51% to 19.74%.

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

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

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

Date US New Mexico Otero County NM
2017 20.13% 20.87% 19.74%
2016 20.43% 20.64% 22.85%
2015 20.63% 20.70% 23.87%
2014 20.89% 20.81% 23.80%
2013 20.78% 21.12% 25.25%
2012 20.65% 21.23% 22.30%
2011 20.70% 20.85% 22.23%
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 Otero County New Mexico

You can calculate the renter fraction in Otero 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 Otero County as a fraction of total Otero County households. In 2017 38.90% of households were renters according to Census ACS data.

Otero 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%
Otero County NM 38.90% +6.59% +2.62%

Trends in the Otero County NM Renter Fraction

At 38.90%, the 2017 household based renter fraction in Otero County was at its highest level. The origin year for the series is 2011.

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

Fraction of renters in Otero County

History of Otero County Renter Fraction

Date US New Mexico Otero County NM
2017 36.13% 32.08% 38.90%
2016 36.88% 32.61% 32.31%
2015 36.97% 32.55% 35.20%
2014 36.90% 33.09% 36.28%
2013 36.50% 32.09% 34.22%
2012 36.09% 32.27% 35.84%
2011 35.42% 31.84% 36.70%
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.