Department of Numbers

Santa Fe New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in Santa Fe, NM (the Santa Fe metro area) was $971 in 2016 according to the Census ACS survey.1 Average gross rent in Santa Fe was $926 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Santa Fe median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Santa Fe New Mexico (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
New Mexico Median Gross Rent $804 +1.39% +3.61%
Santa Fe, NM Median Gross Rent $971 +0.83% +4.86%

Santa Fe, NM Real Gross Rent Trends

Median gross rent for Santa Fe peaked in real terms in 2006 at $1,004 and is now $33 (3.29%) lower. From a recent low of 885.0 in 2010, real median gross rent has now increased by $86 (9.72%). Average gross rent for Santa Fe peaked in real terms in 2006 at $1,016 and is now $90 (8.86%) lower. From a recent low of 895.0 in 2010, real average gross rent has now increased by $31 (3.46%).

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Santa Fe

Date US
Median
New Mexico
Median
Santa Fe, NM
Median
Santa Fe, NM
Average
2016 $981 $804 $971 $926
2015 $972 $793 $963 $991
2014 $942 $783 $953 $980
2013 $910 $776 $926 $907
2012 $898 $765 $895 $902
2011 $898 $752 $938 $908
2010 $912 $746 $885 $895
2009 $916 $740 $927 $971
2008 $932 $756 $972 $968
2007 $885 $715 $973 $991
2006 $895 $724 $1,004 $1,016
2005 $869 $701 $979 $937

Santa Fe Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Santa Fe New Mexico was 9.14% according to Census ACS data.

Rental Vacancy Rate in Santa Fe New Mexico

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
New Mexico 9.86% +1.11% +0.85%
Santa Fe, NM 9.14% -0.52% +2.93%

Trends in Santa Fe, NM Rental Vacancy Rate

The rental vacancy rate in Santa Fe peaked in 2005 at 12.69%. Since then it has fallen by 3.55% to 9.14%. Data records for this series originated in 2005. From a 2012 post peak low of 4.33%, the rental vacancy rate has increased by 4.81%.

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

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for Santa Fe

Date US New Mexico Santa Fe, NM
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%
2005 7.74% 7.47% 12.69%

Rent as a Fraction of Income

Using median household income data for Santa Fe, 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, median monthly gross rent as a fraction of median household income was 20.14% in 2016 according to the ACS.

Santa Fe New Mexico Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
New Mexico 20.64% -0.07% -0.48%
Santa Fe, NM 20.14% -0.36% -1.19%

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

The fraction of median Santa Fe 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 1.70% to 20.14%.

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

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

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

Date US New Mexico Santa Fe, NM
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%
2005 18.89% 18.79% 21.72%

Renter Fraction in Santa Fe New Mexico

You can calculate the renter fraction in Santa Fe 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 as a fraction of total Santa Fe households. In 2016 30.14% of households were renters according to Census ACS data.

Santa Fe Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
New Mexico 32.61% +0.06% +0.52%
Santa Fe, NM 30.14% +0.27% +1.03%

Trends in the Santa Fe, NM Renter Fraction

The Santa Fe household renter fraction peaked in in 2011 at 34.31% and is now 4.17% below that level. The origin year for the series is 2005.

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

Fraction of renters in Santa Fe

History of Santa Fe Renter Fraction

Date US New Mexico Santa Fe, NM
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%
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.