Department of Numbers

Sandoval County New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in Sandoval County NM was $1,065 in 2017 according to the Census ACS survey.1 Average gross rent in Sandoval County was $1,031 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 Sandoval County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Sandoval 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%
Sandoval County NM Median Gross Rent $1,065 +3.00% +7.25%

Sandoval County NM Real Gross Rent Trends

Median gross rent for Sandoval County peaked in real terms in 2015 at $1,207 and is now $142 (11.76%) lower. Average gross rent for Sandoval County peaked in real terms in 2013 at $1,084 and is now $53 (4.89%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Sandoval County

Date US
Median
New Mexico
Median
Sandoval County NM
Median
Sandoval County NM
Average
2017 $1,012 $813 $1,065 $1,031
2016 $996 $816 $1,034 $987
2015 $987 $806 $1,207 $1,071
2014 $956 $796 $993 $969
2013 $924 $788 $1,019 $1,084
2012 $912 $777 $1,021 $1,033
2011 $912 $764 $958 $879
2010 $927 $758 $1,036 $896
2009 $931 $752 $1,046 $969
2008 $947 $767 $1,050 $1,004
2007 $899 $726 $938 $972
2006 $909 $735 $1,040 $948

Sandoval 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 Sandoval County New Mexico was 4.27% according to Census ACS data.

Rental Vacancy Rate in Sandoval 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%
Sandoval County NM 4.27% -3.00% -0.59%

Trends in Sandoval County NM Rental Vacancy Rate

The rental vacancy rate in Sandoval County peaked in 2012 at 9.21%. Since then it has fallen by 4.94% to 4.27%. Data records for this series originated in 2005.

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

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for Sandoval County

Date US New Mexico Sandoval County NM
2017 6.18% 8.29% 4.27%
2016 5.89% 9.86% 7.27%
2015 5.85% 8.75% 6.67%
2014 6.32% 8.41% 4.86%
2013 6.49% 9.01% 5.18%
2012 6.77% 8.62% 9.21%
2011 7.40% 7.42%
2010 8.17% 7.31% 5.74%
2009 8.43% 9.74% 7.59%
2008 7.86% 7.55% 7.53%
2007 7.87% 9.64%
2006 7.70% 8.42%

Rent as a Fraction of Income

Using median household income data for Sandoval County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Sandoval County, median monthly gross rent as a fraction of median household income was 23.54% in 2017 according to the ACS.

Sandoval 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%
Sandoval County NM 23.54% +2.17% +2.53%

Trends in Sandoval County NM Rent as a Fraction of Income

Sandoval County renters paid 23.54% of median household income towards the median monthly gross rent in 2017. This is the highest fraction of median household income going to rent since the series originated in 2005.

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

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

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

Date US New Mexico Sandoval County NM
2017 20.13% 20.87% 23.54%
2016 20.43% 20.64% 21.37%
2015 20.63% 20.70% 22.13%
2014 20.89% 20.81% 21.01%
2013 20.78% 21.12% 21.45%
2012 20.65% 21.23% 20.57%
2011 20.70% 20.85% 20.63%
2010 20.50% 19.93% 22.08%
2009 20.12% 18.96% 19.13%
2008 19.00% 18.42% 19.44%
2007 18.66% 18.44% 17.93%
2006 18.90% 18.22% 19.14%

Renter Fraction in Sandoval County New Mexico

You can calculate the renter fraction in Sandoval 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 Sandoval County as a fraction of total Sandoval County households. In 2017 22.35% of households were renters according to Census ACS data.

Sandoval 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%
Sandoval County NM 22.35% +6.84% +3.41%

Trends in the Sandoval County NM Renter Fraction

At 22.35%, the 2017 household based renter fraction in Sandoval County was at its highest level. The origin year for the series is 2005.

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

Fraction of renters in Sandoval County

History of Sandoval County Renter Fraction

Date US New Mexico Sandoval County NM
2017 36.13% 32.08% 22.35%
2016 36.88% 32.61% 15.51%
2015 36.97% 32.55% 20.63%
2014 36.90% 33.09% 18.94%
2013 36.50% 32.09% 18.99%
2012 36.09% 32.27% 16.70%
2011 35.42% 31.84% 21.37%
2010 34.65% 32.06% 19.38%
2009 34.13% 30.67% 21.82%
2008 33.36% 30.83% 21.94%
2007 32.80% 29.99% 14.19%
2006 32.73% 30.32% 17.48%

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.