New report shows rent prices rising in Albuquerque
ALBUQUERQUE, N.M. – A new report says rent rates have skyrocketed in the metro over the last couple of years.
Albuquerque is in the middle of a housing squeeze – high home prices and rising rents are common. According to Apartment List’s April 2022 report, rent is up nearly 19% from last year. In 2020, nearly 30% higher.
"We’ve seen a dramatic rent hike all across the city on all different types of properties. Things that were renting for $1,300 a month pre-pandemic, are now renting for 18 to 22," said Damon Maddox with Maddox Management.
Maddox says one of the biggest drivers of higher rent is a lack of supply, especially as more people move to the state.
"They’re coming from California, they’re coming from New York, these places where rents were much higher for much smaller properties," said Maddox.
The report says the median price for a one-bedroom is $1,017 and the median for a two-bedroom is $1,270.
Maddox says landlords are also experiencing higher prices, which is why that gets passed onto the renter.
"Costs of everything else has gone up, property insurance, property taxes," Maddox said.
Maddox says building is starting to happen again, so there’s hope that rents will stabilize.