Albuquerque Multifamily Report – April 2026
Development powers through in New Mexico.
Albuquerque’s multifamily fundamentals remained subdued in early 2026. Average advertised asking rents fell 0.4 percent, on a trailing three-month basis through February, to $1,365, lagging the U.S. rate, which slid 0.1 percent to $1,740. Year-over-year, advertised asking rents were down 90 basis points, while the U.S. average inched up 0.1 percent. The occupancy rate in stabilized properties also softened, slipping 30 basis points year-over-year to 94.3 percent.
But the metro’s economy still has bright spots. Employment growth stood at 1.2 percent in 2025, outpacing the 0.6 percent national figure. The unemployment rate stood at 3.9 percent as of December, below both the state and national levels. Albuquerque added 1,700 net jobs in 2025, with education and health services leading growth across four sectors, while six sectors lost 5,200 jobs combined. Mantis Space and AeroVironment announced expansions that should support advanced manufacturing demand.
Supply remained elevated, with 2,581 units under construction in February after deliveries reached a decade high of 2,155 units in 2025. New construction more than doubled in 2025, though development remained concentrated in a handful of submarkets, led by Santa Fe. Investment activity remained sparse. No multifamily transactions were recorded through February, and 2025 volume totaled just $69 million, while the average price per unit rose 26.4 percent year-over-year to $181,967, still below the $202,620 U.S. figure.
