Department of Numbers

Santa Fe County New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in Santa Fe County NM was $976 in 2017 according to the Census ACS survey.1 Average gross rent in Santa Fe County was $983 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 Santa Fe County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Santa Fe 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%
Santa Fe County NM Median Gross Rent $976 -1.01% +0.83%

Santa Fe County NM Real Gross Rent Trends

Median gross rent for Santa Fe County peaked in real terms in 2006 at $1,019 and is now $43 (4.22%) lower. From a recent low of 898.0 in 2010, real median gross rent has now increased by $78 (8.69%). Average gross rent for Santa Fe County peaked in real terms in 2006 at $1,031 and is now $48 (4.66%) lower. From a recent low of 909.0 in 2010, real average gross rent has now increased by $74 (8.14%).

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Santa Fe County

Date US
Median
New Mexico
Median
Santa Fe County NM
Median
Santa Fe County NM
Average
2017 $1,012 $813 $976 $983
2016 $996 $816 $986 $940
2015 $987 $806 $978 $1,006
2014 $956 $796 $968 $995
2013 $924 $788 $941 $921
2012 $912 $777 $909 $916
2011 $912 $764 $952 $922
2010 $927 $758 $898 $909
2009 $931 $752 $942 $986
2008 $947 $767 $987 $983
2007 $899 $726 $988 $1,006
2006 $909 $735 $1,019 $1,031

Santa Fe 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 Santa Fe County New Mexico was 5.01% according to Census ACS data.

Rental Vacancy Rate in Santa Fe 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%
Santa Fe County NM 5.01% -4.13% -2.67%

Trends in Santa Fe County NM Rental Vacancy Rate

The rental vacancy rate in Santa Fe County peaked in 2005 at 12.69%. Since then it has fallen by 7.68% to 5.01%. Data records for this series originated in 2005. From a 2012 post peak low of 4.33%, the rental vacancy rate has increased by 0.68%.

Rental Vacancy Rate: Santa Fe County NM, New Mexico, US

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for Santa Fe County

Date US New Mexico Santa Fe County NM
2017 6.18% 8.29% 5.01%
2016 5.89% 9.86% 9.14%
2015 5.85% 8.75% 9.66%
2014 6.32% 8.41% 7.68%
2013 6.49% 9.01% 6.21%
2012 6.77% 8.62% 4.33%
2011 7.40% 7.42% 6.10%
2010 8.17% 7.31% 7.52%
2009 8.43% 9.74% 9.45%
2008 7.86% 7.55% 10.90%
2007 7.87% 9.64% 11.15%
2006 7.70% 8.42% 8.81%

Rent as a Fraction of Income

Using median household income data for Santa Fe County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Santa Fe County, median monthly gross rent as a fraction of median household income was 19.91% in 2017 according to the ACS.

Santa Fe 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%
Santa Fe County NM 19.91% -0.23% -1.56%

Trends in Santa Fe County NM Rent as a Fraction of Income

The fraction of median Santa Fe County household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 21.83%. Since then it has fallen by 1.92% to 19.91%.

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

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

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

Date US New Mexico Santa Fe County NM
2017 20.13% 20.87% 19.91%
2016 20.43% 20.64% 20.14%
2015 20.63% 20.70% 20.50%
2014 20.89% 20.81% 21.47%
2013 20.78% 21.12% 21.32%
2012 20.65% 21.23% 20.84%
2011 20.70% 20.85% 21.83%
2010 20.50% 19.93% 21.13%
2009 20.12% 18.96% 19.41%
2008 19.00% 18.42% 18.59%
2007 18.66% 18.44% 20.24%
2006 18.90% 18.22% 20.37%

Renter Fraction in Santa Fe County New Mexico

You can calculate the renter fraction in Santa Fe 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 Santa Fe County as a fraction of total Santa Fe County households. In 2017 29.01% of households were renters according to Census ACS data.

Santa Fe 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%
Santa Fe County NM 29.01% -1.13% -2.84%

Trends in the Santa Fe County NM Renter Fraction

The Santa Fe County household renter fraction peaked in in 2011 at 34.31% and is now 5.30% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Santa Fe County NM, New Mexico, US

Fraction of renters in Santa Fe County

History of Santa Fe County Renter Fraction

Date US New Mexico Santa Fe County NM
2017 36.13% 32.08% 29.01%
2016 36.88% 32.61% 30.14%
2015 36.97% 32.55% 29.87%
2014 36.90% 33.09% 31.85%
2013 36.50% 32.09% 29.11%
2012 36.09% 32.27% 32.54%
2011 35.42% 31.84% 34.31%
2010 34.65% 32.06% 31.25%
2009 34.13% 30.67% 30.14%
2008 33.36% 30.83% 27.56%
2007 32.80% 29.99% 29.05%
2006 32.73% 30.32% 27.47%

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.