New Mexico Rent Report – September 2019

• The national average rent went up by 3.2% in the past year but dipped by 0.1% month-over-month, reaching $1,471 in September according to data from Yardi Matrix.
• Santa Fe, NM renters saw the highest annual rent increase in September, with the average rate reaching $1,202 per month. 
• Santa Fe apartments are the most expensive, while apartments in Las Cruces have the cheapest rents. 

The first monthly decline in over two years brings the U.S. average rent down to $1,471

As part of a seasonal respite, the national average rent decreased for the first time since February 2017, dipping by -0.1% ($1) from last month to $1,471. The decrease might seem insignificant, but coupled with the slowest year-over-year hike in the past 13 months, 3.2% ($45), it points to a slight wind-down in rent prices in the context of a more volatile financial climate, according to Yardi Matrix.

Renting in New Mexico in September 2019

The average rent in New Mexico cities is lower than the national average rent. The fastest growing rents in September were in Santa Fe, where rental apartment prices increased by 6.1% year-over-year, or $69. Rio Rancho apartments saw the second highest annual increase, jumping by 5.7%, making them $51 more expensive than last year. In Las Cruces, prices increased by 1.6% ($13) since September last year.

Santa Fe apartments are the state’s most expensive for renters, with an average rent of $1,202, followed by apartments in Rio Rancho, where the average monthly rent is $945. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Las Cruces, with an average apartment rent of $821.

To compare the rental market in New Mexico with other cities in the U.S., you can also check our national September rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.