Albuquerque Multifamily Report – April 2025
Despite crosswinds, most metrics remain healthy.
Albuquerque multifamily market’s mixed performance throughout 2024 continued at the tail end of the slow leasing season. Following the seasonal pattern, rent growth moderated, down 0.1 percent, on a trailing three-month basis through February, to $1,364, while year-over-year, it rose 2.9 percent, well above the 1.2 percent U.S. average. The occupancy rate in stabilized properties remained unchanged, at 94.8 percent year-over-year through February, while the rate was slightly down in the Lifestyle segment.
Employment growth in Albuquerque remained above the 1.3 percent U.S. average but decelerated 20 basis points month-over-month to 2.2 percent in December. Meanwhile, the unemployment rate stood at 3.7 percent in December, outperforming the state (4.3 percent) and the U.S. (4.1 percent), according to data from the Bureau of labor Statistics. While three sectors lost 900 jobs combined, job growth was sustained by education and health services (3,000 jobs) and leisure and hospitality (1,200 jobs). The University of New Mexico opened new facilities in 2024 and started construction on a redevelopment and expansion project in the metro.
Developers delivered 318 units in 2025 through February and had 3,406 units underway. While stock growth will likely continue in 2025, transaction activity is lagging. In 2024, only $105 million in multifamily assets traded in the metro, with the per-unit price up 7.1 percent year-over-year to $143,956 in December.
