{"id":7345,"date":"2023-10-09T05:55:00","date_gmt":"2023-10-09T05:55:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7345"},"modified":"2024-05-16T07:18:15","modified_gmt":"2024-05-16T07:18:15","slug":"september-2023-albuquerque-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/september-2023-albuquerque-multifamily-market-report\/","title":{"rendered":"Albuquerque\u00a0Multifamily Market Report \u2013 September 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/albuquerque-multifamily-market-report\/\">Albuquerque\u00a0Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Rates Rise, Occupancy Endures<\/h2>\n<p>Albuquerque fundamentals fluctuated at the start of the third quarter. With no deliveries recorded through July, the average rent increased 0.7% on a trailing three-month basis, strongly outperforming the U.S. The rate also marked <a href=\"\/blog\/albuquerque-housing-market-trends-september-2022\/\" rel=\"\"><strong>a solid 5.8% year-over-year increase<\/strong><\/a>. Still, the metro remained within the affordable range, with the average rent at $1,327, trailing the $1,729 national figure. The overall occupancy rate in stabilized properties slid 50 basis points in the 12 months ending in June, to 95.5%, with the upscale Lifestyle segment at a tighter 96.0%.<\/p>\n<p><iframe id=\"datawrapper-chart-9hqVd\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Albuquerque vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/9hqVd\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The unemployment rate rose to 4.2% in June, trailing the U.S. (3.6%) and the state (3.5%), according to data from the Bureau of Labor Statistics. Employment expanded just 1.8%, or 8,600 jobs, in the 12 months ending in May, well behind the 2.8% U.S. rate. All sectors gained jobs, except for trade, transportation and utilities, which shed 700 positions. Leisure and hospitality (3,100 jobs) led gains, followed by professional and business services (2,100 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-kW45o\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Albuquerque Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/kW45o\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers had 4,075 units under construction as of July, with no deliveries of more than 50 units recorded in the first seven months of 2023. The number of units developers broke ground on through July dwindled compared to the volumes recorded in recent years. Meanwhile, just one asset traded, at $171,717 per unit. Interestingly, the price per unit at the end of 2022 marked a 25% yearly increase.<\/p>\n<p>Read the full <a href=\"\/publications\/download\/file\/4494-MatrixMultifamilyAlbuquerqueReport-September2023\" rel=\"\"><strong>Matrix Multifamily Albuquerque Report-September 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rates Rise, Occupancy Endures Albuquerque fundamentals fluctuated at the start of the third quarter. With no deliveries recorded through July, the average rent increased 0.7% on a trailing three-month basis, strongly outperforming the U.S. The rate also marked a solid 5.8% year-over-year increase. Still, the metro remained within the affordable range, with the average rent [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[59,475],"class_list":["post-7345","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-2023"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Albuquerque\u00a0Multifamily Market Report \u2013 September 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth in Albuquerque posted the highest YoY rate in July, up 5.8%, outperforming the U.S. by 420 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