Improving Rents On Heels Of Delivery Wave
Albuquerque multifamily fundamentals remained mixed at the beginning of the third quarter, as short-term rent growth stayed positive on the heels of a much softer 2025. Average advertised asking rents rose 0.2%, on a trailing three-month basis, to $1,402, matching the U.S. increase to $1,771. Year-over-year, asking rents declined 0.8%, while the U.S. saw a 0.2% gain, as reported in the national multifamily market outlook. The occupancy rate in stabilized assets slid 30 basis points over 12 months, to 94.3% as of June.
Albuquerque employment fell 0.8% through May, while the U.S. figure contracted 0.1%. The metro’s unemployment rate reached 4.9% in June, slightly above New Mexico’s 4.8% and the 4.2% national figure. The metro lost 2,700 net jobs in the 12 months ending in May, as gains in four sectors—led by education and health services and trade, transportation and utilities—were outweighed by losses across several others, with the stepest drops in professional and business services and mining, logging and construction. Project advancements include a groundbreaking date for Pacific Fusion’s Mesa del Sol campus and city approval for the first phase of Mantis Space’s R&D and manufacturing facility at Copper Pointe.
Albuquerque developers added 481 units in 2026 through July, while another 2,136 units were under construction, as deliveries dropped sharply after a record 2025. Investment remained muted, with $60 million in sales through July and the average price per unit down 30% from 2025, to an average of $127,643.
Read the full Yardi Matrix Albuquerque Multifamily Market Report: September 2026
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