Rental rates: What the numbers say about renting in Albuquerque

Rental rates: What the numbers say about renting in Albuquerque

(Transcript Snippet): “Tego:

Tracy. Uh, I wanted to segue into this, uh, data I saw regarding, uh, rent in Albuquerque and actually it’s national national data comes from apartment list and they track, um, uh, what, what properties rent for, and just, you know, every market in the country. And one of the things that jumped out at me as Albuquerque is actually one of the, had the highest increase in rental prices in the last year. Wow.

Tracy:

We’ve heard a lot of people talking

Tego:

About that. We have, I mean, I’ve talked

Tracy:

To people with rents rising $200 a month, so

Tego:

Yeah. I’ve talked to people that are, you know, renters and they’re just going, I can’t, I can’t like pay rent. I mean, I can’t, I just can’t, you know, I work, I work full time and I just, you know, so it’s, it’s tough. And unfortunately I don’t, I don’t think it’s getting any better. It doesn’t appear to be, um, just give you some of the numbers here in year over year, we’ve seen a 23% increase according to apartment list, uh, in, um, rent in Albuquerque, you know, rental rates, you compare that to home prices. We’ve been talking about home prices going up so much in the last year, which is probably closer to 14, 15, 16%, which is huge, but rents going up 23%. That’s a big one.

Tracy:

It is, you know, I’ve got to hope that some of that is just catching up because we know as property managers, ourselves, we’re pretty bad about raising rents. Okay.

Tego:

Absolutely. And I, I, and I’m sorry to interrupt you, but I hear that from other property owners, people that are, you know, small landlords like us or people that, you know, do property management, they’re, they’re satisfied if they’ve got a solid tenant that pays on time, they’re always there. They’re not going to bump them up to quote, market rent. They’re going to, you know, maybe bump it up a little bit, but if they’re a solid tenant, they don’t, they don’t, they’d rather keep them than try to push, push out rent too much. 1, 1, 1, just one last piece on this hold that thought is the rent growth has actually slowed down in the last few months is what they’re tracking. So that’s, I have felt that it it’s good to see. And you know, the thing that’s interesting with that, that tracks exactly with what home prices have done now, is it, you know, home prices got to a certain point and they’ve kind of, uh, flattened out a little bit and, you know, maybe gone up slightly, but we didn’t, you know, we always have this Bing run up from March until, uh, July, basically.

Tego:

And then it kind of flattens out and that’s, what’s happened again. Um, um, this year, uh, rent, it looks like it kind of does the same thing. You have that big run up through the summer and then it kind of flattens out, but you know, rents are still going up.

Tracy:

Yeah. A lot of, a lot of people move in the summer. Right. So see opportunity where people who have rentals have had the opportunity for somebody to leave and raise the rent for the next person in. So what I was going to say is we have friends that are in an apartment and they had a, a notice this summer that their rent was going up by $200 a month. And while it’s a big jump. Yeah. So they did a search and they couldn’t find any other apartments available or available for anything similar to what they were at. So they felt sort of fortunate to be able to stay where they were. And they’re in a situation where they weren’t ready to buy a home because they’re actually paying more monthly than what it would cost for them to own a home. Yeah.