{"id":1891,"date":"2021-10-15T13:34:29","date_gmt":"2021-10-15T13:34:29","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1891"},"modified":"2024-02-06T11:00:48","modified_gmt":"2024-02-06T11:00:48","slug":"albuquerque-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/albuquerque-multifamily-market-report-summer-2021\/","title":{"rendered":"Albuquerque Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"

Limited Inventory Boosts Rent Evolution in Albuquerque\u00a0<\/strong><\/h2>\n

Albuquerque\u2019s multifamily market performed strongly during 2021\u2019s first seven months<\/strong>, with sustained activity on both the development and investment sides. Thanks to a tight rental market\u2014the average occupancy rate in stabilized properties was up 100 basis points year-over-year as of June, to 96.8%\u2014the average rent increased 1.9% on a trailing three-month basis, to $1,079. On a year-over-year basis, the metro ranked 11th among all major U.S. metros. The scarcity of upscale units boosted the Lifestyle segment especially.<\/p>\n

Unemployment rose again to 8.1% in June<\/strong> from 7.0% the month prior, trailing the 5.9% national average. The employment market posted a 3.2% contraction, lagging the -1.9% U.S. rate. Albuquerque added 31,400 jobs in the 12 months ending in May, with contractions in the financial activities, government and information sectors. Trade, transportation and utilities, Albuquerque\u2019s third largest sector, added 6,700 jobs, and Amazon\u2019s announced expansion will create another 1,500 jobs. Netflix and Intel will create some 1,700 jobs combined in expansion and upgrade strategies.<\/p>\n

Development and transaction activities picked up speed<\/strong> in Albuquerque, with developers delivering 415 units in 2021 through July and another 1,461 underway. Meanwhile, multifamily deals totaled $234 million, for a per-unit price that slid to $116,192.<\/p>\n

Read the full Matrix Multifamily Albuquerque Report-Summer 2021<\/strong><\/a><\/p>\n

\u00a0<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Limited Inventory Boosts Rent Evolution in Albuquerque\u00a0 Albuquerque\u2019s multifamily market performed strongly during 2021\u2019s first seven months, with sustained activity on both the development and investment sides. Thanks to a tight rental market\u2014the average occupancy rate in stabilized properties was up 100 basis points year-over-year as of June, to 96.8%\u2014the average rent increased 1.9% on […]<\/p>\n","protected":false},"author":650,"featured_media":1892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[59,221],"class_list":["post-1891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-albuquerque","tag-multifamily-outlook-2021"],"yoast_head":"\nAlbuquerque Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Albuquerque\u2019s multifamily market performed strongly during 2021\u2019s first seven months, with sustained activity on both the development and 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