Rent Growth on Par With US, Supply Strong
Albuquerque’s multifamily market, which started the year with mixed results, maintained a similar trend through the beginning of the third quarter, according to the latest Yardi Matrix Albuquerque multifamily market report. Average advertised asking rents were up 0.3%, on a trailing three-month basis through July, to an average of $1,394. Year-over-year, rates were up 1.8%, which is more than double the 0.8% national figure. An influx of new supply in the past two years led to a slight drop in occupancy—the average slid 30 basis points, to 94.7%, on par with the U.S. rate, as reported in the national multifamily market outlook.
Albuquerque’s job gains remained strong, at 2.0% year-over-year through May, while the national figure stood at 0.8%. The metro’s unemployment rate was 4.5% in June, up 30 basis points from the start of the year and 40 basis points above the national figure, according to preliminary data from the Bureau of Labor Statistics. Albuquerque continues to expand as a tech and manufacturing hub. ABB Electrification opened a new, $55 million facility that more than doubled its capacity for some of its products and created 150 jobs, while SolAero Technologies aims to expand its semiconductor manufacturing plant with a $100 million project.
In the past two years, Albuquerque recorded its highest supply growth, and the trend seems to be continuing. Developers delivered 983 units year-to-date through July and had another 3,070 units under construction.
Read the full Yardi Matrix Albuquerque Multifamily Market Report: September 2025
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