Albuquerque Market News

[Marc C.]

Would love to see more discussion of the status of the rental and housing markets in Albuquerque, New Mexico. Here is some positive news: 

3RD QUARTER 2015 ALBUQUERQUE APARTMENT TRENDS

• EFFECTIVE RENT$754
• OCCUPANCY95.1%
• ANNUAL JOB CHANGE5,500 jobs   <<<<< YEAH, finally. 
• ANNUAL PERMITS293 units
• ANNUAL DEMAND1,671 units
• ANNUAL COMPLETIONS1,373 units

3rd Quarter Albuquerque Performance Highlights

In 3rd quarter 2015, absorption outpaced net supply, 584 units to 281 units. As a result, occupancy increased 0.6 points quarter-over-quarter, to land at a rate of 95.1%. That marked the seventh consecutive quarter for occupancy to remain above 93.5%. Annually, occupancy was up 0.8 points, as demand for 1,671 units outpaced new supply of 1,373 units. Meanwhile, apartment operators pushed rents up 0.8% quarter-over-quarter and 1.9% year-over-year.

Source: MPF Research, www.mpfresearch.com

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If we have 5500 new jobs and only 1373 new units, that's a good thing! NOTHING is more important than job growth and "completions" of new units. 

Anyone else have any new data to share?