Rents in New Mexico’s largest city appear to be rising

New Mexico

ALBUQUERQUE, N.M. (AP) — Two studies show rents in New Mexico’s largest city appear to be rising.

The Albuquerque Journal reports the Texas-based company RealPage recently found rents around Albuquerque rose 5% in the past year. That’s the 12th-largest jump among small metros during that same period.

In addition, a study from Apartment List showed that more than half of Albuquerque renters spend at least 30% of their salary on rent. And that’s a higher percentage than in famously expensive West Coast metros like Portland, San Francisco and Seattle.

Other New Mexico areas also are seeing jumps in rent. Rental search engine Rent Jungle found that as of April 2019, average rent for an apartment in Hobbs is $1,188. The amount is a 16.5% increase from last year in the oil boom town.

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