{"id":806,"date":"2021-04-29T05:55:31","date_gmt":"2021-04-29T05:55:31","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=806"},"modified":"2023-03-10T08:12:43","modified_gmt":"2023-03-10T08:12:43","slug":"albuquerque-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/albuquerque-multifamily-market-report-spring-2021\/","title":{"rendered":"Albuquerque Multifamily Market Report – Spring 2021"},"content":{"rendered":"\n

Rent Growth Softens, Still Above Nation<\/h2>\n\n\n\n

Albuquerque multifamily rebounded in the second part of 2020<\/strong>, aided by steady demand and limited supply growth. A softening trend marked the beginning of 2021, with rents rising 0.3% on a trailing three-month basis through February to $994, still 20 basis points above the national level. Meanwhile, the occupancy rate in stabilized properties underpinned steady demand, rising 150 basis points to 96.3% in the 12 months ending in January.<\/p>\n\n\n\n

Unemployment slid to 6.4% in November<\/strong>, following two spikes in job losses. Still, January preliminary data pointed to a further hike to 8.6%. Employment contracted 4.8% in 2020, outperforming the U.S. rate by 200 basis points. Three sectors saw gains last year, led by the metro\u2019s largest\u2014the public sector\u2014which added 4,500 positions. The metro\u2019s economic development department made $10 million in grants available to small businesses in late October. On the heels of more recent federal aid, another promising sign came from Netflix, which announced a proposed expansion estimated to generate some 1,000 jobs over the next decade.<\/p>\n\n\n\n

Following 509 units completed in 2020, the metro had 188 units delivered in the first two months of the year<\/strong> and an additional 1,412 units underway. Investment activity nearly halved in 2020\u2014amounting to $254 million\u2014for a price per unit that rose 11.2% to $128,840.<\/p>\n\n\n\n

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

\u00a0<\/div>\n","protected":false},"excerpt":{"rendered":"

Rent Growth Softens, Still Above Nation Albuquerque multifamily rebounded in the second part of 2020, aided by steady demand and limited supply growth. A softening trend marked the beginning of 2021, with rents rising 0.3% on a trailing three-month basis through February to $994, still 20 basis points above the national level. Meanwhile, the occupancy […]<\/p>\n","protected":false},"author":650,"featured_media":807,"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-806","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 - Spring 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Albuquerque multifamily rebounded in the second part of 2020, aided by steady demand and limited supply growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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