ALBUQUERQUE, N.M. (KRQE) – People looking to rent an apartment have been saying the prices are going up fast. Now, new numbers back them up. New data from the website Apartment List shows 2021 brought some of the fastest rent growth for apartments across the country, including in Albuquerque.
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“Definitely very surprised to see how high they have gotten,” said Audrina Sweet, a real estate agent with Venturi Realtor Group with Keller Williams.
In Albuquerque, the price of new apartment listings went up 23% in a year, among one of the biggest gains in the country. Sweet said a lot of people are moving to the area for job-based opportunities as companies like Amazon and Netflix expand their operations. She also said it reflects what the housing market is seeing.
“Lots of people looking to buy, but with the shortage of homes coming up, and so many people going after one home, a lot of people are having to look into renting,” said Sweet.
While prices may start to level off soon like they usually do this time of year, the higher prices could be here to stay.
“Everyone’s expecting to see a little bit of a slow because right now with the holidays coming up with the winter season moving in, things do slow down just a little bit. I don’t think we’re going to go back to normal, what we’re used to, I think we’re still going to see a little bit of increases especially in those larger floor plans,” said Sweet.
Since March 2020, prices on apartments for rent have gone up about 31% in the city. That puts Albuquerque just outside the top ten cities that saw the most rent growth, which included Tampa, Phoenix, and Las Vegas areas.
Right now, the median price to rent a one-bedroom apartment is $1,000 and $1,260 for a two-bedroom. Those prices are still a couple of hundred dollars less than the Phoenix area but a couple of hundred more than El Paso.
The home prices have also soared over the past year in the Albuquerque area. They’re up 11% with the median price now $292,000. Demand is hot with homes selling almost twice as fast as they did last year.