Santa Fe County New Mexico Residential Rent and Rental Statistics
The median monthly gross residential rent in Santa Fe County NM was $1,030 in 2019 according to the Census ACS survey.1 Average gross rent in Santa Fe County was $1,081 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 Santa Fe County median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Santa Fe County 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% |
| Santa Fe County NM Median Gross Rent | $1,030 | -5.94% | +1.28% |
Santa Fe County NM Real Gross Rent Trends
Median gross rent for Santa Fe County peaked in real terms in 2018 at $1,095 and is now $65 (5.94%) lower. Average gross rent for Santa Fe County peaked in real terms in 2018 at $1,086 and is now $5 (0.46%) lower.
Real Gross Rent: Santa Fe County NM Median, Santa Fe County NM Average, New Mexico Median, US Median
Real Gross Rent History for Santa Fe County
| Date | US Median |
New Mexico Median |
Santa Fe County NM Median |
Santa Fe County NM Average |
|---|---|---|---|---|
| 2019 | $1,097 | $847 | $1,030 | $1,081 |
| 2018 | $1,077 | $845 | $1,095 | $1,086 |
| 2017 | $1,043 | $838 | $1,006 | $1,014 |
| 2016 | $1,027 | $842 | $1,017 | $970 |
| 2015 | $1,017 | $831 | $1,009 | $1,037 |
| 2014 | $986 | $820 | $998 | $1,026 |
| 2013 | $953 | $813 | $970 | $950 |
| 2012 | $940 | $801 | $937 | $945 |
| 2011 | $941 | $787 | $982 | $950 |
| 2010 | $955 | $781 | $926 | $938 |
| 2009 | $960 | $775 | $971 | $1,017 |
| 2007 | $927 | $748 | $1,019 | $1,037 |
| 2005 | $910 | $734 | $1,025 | $981 |
Santa Fe County 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 Santa Fe County New Mexico was 8.07% according to Census ACS data.
Rental Vacancy Rate in Santa Fe County New Mexico
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Mexico | 8.05% | -0.26% | -1.81% |
| Santa Fe County NM | 8.07% | +2.15% | -1.07% |
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 4.62% to 8.07%. Data records for this series originated in 2005. From a 2012 post peak low of 4.33%, the rental vacancy rate has increased by 3.74%.
Rental Vacancy Rate: Santa Fe County NM, New Mexico, US
Historical Rental Vacancy Rate data for Santa Fe County
| Date | US | New Mexico | Santa Fe County NM |
|---|---|---|---|
| 2019 | 5.97% | 8.05% | 8.07% |
| 2018 | 6.15% | 8.31% | 5.92% |
| 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% |
| 2007 | 7.87% | 9.64% | 11.15% |
| 2005 | 7.74% | 7.47% | 12.69% |
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 20.16% in 2019 according to the ACS.
Santa Fe County 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% |
| Santa Fe County NM | 20.16% | -1.29% | +0.03% |
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 1.67% to 20.16%.
Fraction of Income towards Rent: Santa Fe County NM, New Mexico, US
Historical Data for Annual Rent as a Fraction of Income in Santa Fe County New Mexico
| Date | US | New Mexico | Santa Fe County NM |
|---|---|---|---|
| 2019 | 20.03% | 19.57% | 20.16% |
| 2018 | 20.50% | 21.12% | 21.45% |
| 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% |
| 2007 | 18.66% | 18.44% | 20.24% |
| 2005 | 18.89% | 18.79% | 21.72% |
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 2019 28.62% of households were renters according to Census ACS data.
Santa Fe County 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% |
| Santa Fe County NM | 28.62% | -0.20% | -1.52% |
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 5.69% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Santa Fe County NM, New Mexico, US
History of Santa Fe County Renter Fraction
| Date | US | New Mexico | Santa Fe County NM |
|---|---|---|---|
| 2019 | 35.89% | 31.93% | 28.62% |
| 2018 | 36.05% | 33.84% | 28.82% |
| 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% |
| 2007 | 32.80% | 29.99% | 29.05% |
| 2005 | 33.10% | 30.70% | 29.62% |
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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