If you’re looking for an apartment in this market, finding an empty one may be hard to come by.
That’s because the average apartment complex in Albuquerque posted a 95 percent occupancy rate in May, which means most units are full and apartment complexes aren’t struggling to find renters.
A CBRE survey of local apartment complexes showed the average rent in May was $789.A new report by the Albuquerque office of CBRE shows occupancy rates among 189 apartment complexes in Albuquerque are improving. Of all properties in the metro area, 68 percent have a 95 to 100 percent occupancy rate, compared to 57 percent the same month last year. What’s more, apartment management companies aren’t offering as many concessions, the type of deals to get renters in the door. The concession rate was 31 percent in May, down from 45 percent last year.
In general, Albuquerque hasn’t overbuilt its apartment market compared to other U.S. cities, as occupancy rates have remained steady ever since CBRE started tracking them eight years ago.
Rental rates are also increasing, which we’ve seen year over year.
The survey said the average rent in May was $789, a jump compared to $755 the same time last year. It’s important to note that the average rent includes both market-rate and affordable units. The survey says the average market-rate apartment unit was $804 in May.
By: Stephanie Guzman (Albuquerque Business First)
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