Department of Numbers

Valencia County New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in Valencia County NM was $735 in 2017 according to the Census ACS survey.1 Average gross rent in Valencia County was $766 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 Valencia County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Valencia 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%
Valencia County NM Median Gross Rent $735 -15.61% +5.15%

Valencia County NM Real Gross Rent Trends

Median gross rent for Valencia County peaked in real terms in 2006 at $893 and is now $158 (17.69%) lower. From a recent low of 679.0 in 2009, real median gross rent has now increased by $56 (8.25%). Average gross rent for Valencia County peaked in real terms in 2011 at $781 and is now $15 (1.92%) lower. From a recent low of 619.0 in 2013, real average gross rent has now increased by $147 (23.75%).

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Valencia County

Date US
Median
New Mexico
Median
Valencia County NM
Median
Valencia County NM
Average
2017 $1,012 $813 $735 $766
2016 $996 $816 $871 $768
2015 $987 $806 $879 $738
2014 $956 $796 $699 $695
2013 $924 $788 $771 $619
2012 $912 $777 $781 $781
2011 $912 $764 $853 $781
2010 $927 $758 $736 $646
2009 $931 $752 $679 $647
2008 $947 $767 $775 $634
2007 $899 $726 $732 $659
2006 $909 $735 $893 $709

Valencia County 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 Valencia County New Mexico was 7.76% according to Census ACS data.

Rental Vacancy Rate in Valencia 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%
Valencia County NM

Trends in Valencia County NM Rental Vacancy Rate

The rental vacancy rate in Valencia County peaked in 2013 at 13.61%. Since then it has fallen by 5.85% to 7.76%. Data records for this series originated in 2005.

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

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for Valencia County

Date US New Mexico Valencia County NM
2017 6.18% 8.29%
2016 5.89% 9.86% 7.76%
2015 5.85% 8.75%
2014 6.32% 8.41%
2013 6.49% 9.01% 13.61%
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% 3.08%

Rent as a Fraction of Income

Using median household income data for Valencia County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Valencia County, median monthly gross rent as a fraction of median household income was 18.60% in 2017 according to the ACS.

Valencia 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%
Valencia County NM 18.60% -4.96% -3.18%

Trends in Valencia County NM Rent as a Fraction of Income

The fraction of median Valencia County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 24.35%. Since then it has fallen by 5.74% to 18.60%.

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

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

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

Date US New Mexico Valencia County NM
2017 20.13% 20.87% 18.60%
2016 20.43% 20.64% 23.56%
2015 20.63% 20.70% 24.35%
2014 20.89% 20.81% 21.78%
2013 20.78% 21.12% 22.61%
2012 20.65% 21.23% 23.75%
2011 20.70% 20.85% 22.82%
2010 20.50% 19.93% 20.76%
2009 20.12% 18.96% 17.60%
2008 19.00% 18.42% 19.47%
2007 18.66% 18.44% 21.61%
2006 18.90% 18.22% 21.56%

Renter Fraction in Valencia County New Mexico

You can calculate the renter fraction in Valencia 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 Valencia County as a fraction of total Valencia County households. In 2017 16.43% of households were renters according to Census ACS data.

Valencia 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%
Valencia County NM 16.43% -6.40% -6.57%

Trends in the Valencia County NM Renter Fraction

The Valencia County household renter fraction peaked in in 2012 at 25.85% and is now 9.42% below that level. From a recent low of 15.12% in 2015, the household based renter fraction has now grown by 1.31%. The origin year for the series is 2005.

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

Fraction of renters in Valencia County

History of Valencia County Renter Fraction

Date US New Mexico Valencia County NM
2017 36.13% 32.08% 16.43%
2016 36.88% 32.61% 22.83%
2015 36.97% 32.55% 15.12%
2014 36.90% 33.09% 23.00%
2013 36.50% 32.09% 21.85%
2012 36.09% 32.27% 25.85%
2011 35.42% 31.84% 15.42%
2010 34.65% 32.06% 21.59%
2009 34.13% 30.67% 17.82%
2008 33.36% 30.83% 20.79%
2007 32.80% 29.99% 21.44%
2006 32.73% 30.32% 18.82%

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.