Albuquerque 3Q23 Multifamily Market Insights Report: A few more properties trade in the third quarter

Highlights:

• The Albuquerque multifamily recorded mixed conditions during the third quarter. Rents pushed higher, even with vacancy levels lingering around 6%. Year to date, deliveries have been minimal, but construction activity is expected to ramp up in the coming quarters.
• Vacancy remained in a tight range in the middle part of the year, after spiking in the first few months of 2023. The rate ended the third quarter at 6.3%.
• Asking rents advanced 1.3% in the last three months to $1,291 per month. Rents are up 3.5% from one year ago.
• Multiple properties changed hands in the local multifamily investment market during the third quarter, after minimal sales volume in the first half of the year. In transactions where pricing was available, the median price to this point in 2023 is $182,900 per unit, up 37% from last year’s figure.

Read the report, or engage with our Albuquerque office to learn more.