New Mexico Rental Market Trends
Last updated: October 31, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Highlights
The average rent for an apartment in New Mexico is $1,444, a 1.38% increase compared to the previous year, when the average rent was $1,424.
Studio Apartments at $921 offer the most budget-friendly option with 429 square feet, ideal for single renters prioritizing location over space.
One-bedroom apartments provide 686 square feet for $1,292, balancing privacy and affordability.
Two-bedroom units at $1,562 offer 976 square feet, perfect for roommates or small families.
Three-bedroom apartments deliver maximum space (1,249 sq ft) for $1,948, suitable for larger households.
Average rent in New Mexico
Last updated: October 31, 2026
| Average Rent | Average Apartment Size | |
|---|---|---|
| All Rentals | $1,444 | 840 sq. ft. |
| Studio | $921 | 429 sq. ft. |
| 1 Bed | $1,292 | 686 sq. ft. |
| 2 Beds | $1,562 | 976 sq. ft. |
| 3 Beds | $1,948 | 1,249 sq. ft. |
New Mexico rent trends
What's the typical rent budget in New Mexico?
The largest share of rentals in New Mexico (44%) fall between $1,001-$1,500 per month. This suggests that most people succesfully find suitable apartments within this price.
Do most people rent or own in New Mexico?
251,477 or 30% of the households in New Mexico are renter-occupied while 585,937 or 70% are owner-occupied.
How New Mexico Compares to Other States
| State | Average Rent | Average Apartment Size |
|---|---|---|
| Alabama | $1,337 | 993 sq. ft. |
| Arizona | $1,571 | 867 sq. ft. |
| Arkansas | $1,155 | 896 sq. ft. |
| California | $2,706 | 854 sq. ft. |
| Colorado | $1,850 | 880 sq. ft. |
| Connecticut | $2,220 | 899 sq. ft. |
| Delaware | $1,739 | 928 sq. ft. |
| District of Columbia | $2,450 | 746 sq. ft. |
| Florida | $1,995 | 987 sq. ft. |
| Georgia | $1,664 | 1,030 sq. ft. |
| Idaho | $1,720 | 933 sq. ft. |
| Illinois | $2,079 | 842 sq. ft. |
| Indiana | $1,355 | 912 sq. ft. |
| Iowa | $1,259 | 901 sq. ft. |
| Kansas | $1,352 | 910 sq. ft. |
| Kentucky | $1,346 | 937 sq. ft. |
| Louisiana | $1,264 | 915 sq. ft. |
| Maine | $2,104 | 833 sq. ft. |
| Maryland | $1,906 | 908 sq. ft. |
| Massachusetts | $2,852 | 881 sq. ft. |
| Michigan | $1,437 | 920 sq. ft. |
| Minnesota | $1,674 | 896 sq. ft. |
| Mississippi | $1,347 | 1,012 sq. ft. |
| Missouri | $1,392 | 904 sq. ft. |
| Montana | $1,812 | 904 sq. ft. |
| Nebraska | $1,375 | 932 sq. ft. |
| Nevada | $1,568 | 912 sq. ft. |
| New Hampshire | $2,214 | 888 sq. ft. |
| New Jersey | $2,471 | 873 sq. ft. |
| New Mexico | $1,444 | 840 sq. ft. |
| New York | $2,721 | 878 sq. ft. |
| North Carolina | $1,576 | 981 sq. ft. |
| North Dakota | $1,237 | 975 sq. ft. |
| Ohio | $1,364 | 903 sq. ft. |
| Oklahoma | $1,090 | 859 sq. ft. |
| Oregon | $1,751 | 844 sq. ft. |
| Pennsylvania | $1,834 | 891 sq. ft. |
| Rhode Island | $2,243 | 918 sq. ft. |
| South Carolina | $1,658 | 1,019 sq. ft. |
| South Dakota | $1,220 | 913 sq. ft. |
| Tennessee | $1,556 | 955 sq. ft. |
| Texas | $1,453 | 894 sq. ft. |
| Utah | $1,678 | 937 sq. ft. |
| Virginia | $2,016 | 925 sq. ft. |
| Washington | $2,055 | 831 sq. ft. |
| Wisconsin | $1,665 | 927 sq. ft. |
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Where this data comes from
The rental statistics on this page were compiled by RentCafe.com, a nationwide apartment search website trusted by millions of renters to find apartments and houses for rent throughout the U.S.
Rent prices, trends, and apartment sizes were calculated based on data from our sister company, Yardi Matrix, an apartment market intelligence solution that covers approximately 90% of the U.S. metro area population. The data includes comprehensive information on all New Mexico apartment buildings with 50 or more units, totaling 23.5 million apartments across 181 U.S. markets.
Housing composition data was sourced from the U.S. Census Bureau, using the most recently available information by tenure.