Rent Increases Moderately
Apartment List has released results for Albuquerque from the second annual Apartment List Renter Satisfaction Survey. The survey, which drew on responses from over 30,000 renters, provides insight into what states and cities must do to meet the needs of the 105 million American renters nationwide.
“Albuquerque renters expressed general satisfaction with the city overall,” says Andrew Woo, Director of Data Science at Apartment List. “Most categories received average or near-average scores.”
Overall, Albuquerque renters gave their city a B+ overall for satisfaction. Renters are satisfied with state and local taxes (B+) and somewhat satisfied with local jobs and career opportunities (C) and safety (C).
The highest-rated category for Albuquerque was affordability/cost of living (A). The biggest source of dissatisfaction for Albuquerque renters is access to public transit (C-).
Albuquerque renter satisfaction compares relatively well with other similarly sized cities such as Portland, OR (B), Las Vegas, NV (B-), and Milwaukee, WI (C+). The top rated cities nationwide for renter satisfaction included Arlington, VA; Lincoln, NE; Pasadena, CA; Boston, MA; and Madison, WI. The lowest rated cities included Newark, NJ; Bronx, NY; Bridgeport, CT; Baltimore, MD; and Salinas, CA.
Albuquerque rents have increased 0.4 percent over the past month, and are up moderately by 2.6 percent in comparison to the same time last year. Currently, median rents in Albuquerque stand at $700 for a one-bedroom apartment and $850 for a two-bedroom.
This is the ninth straight month that the city has seen rent increases after a decline in August of last year. Albuquerque’s year-over-year rent growth leads the state average of 2.2 percent, but posts a similar trend to the national average of 2.6 percent.
Rent growth in Albuquerque has been relatively stable over the past year — some other large cities have seen more substantial increases, while in a few cases, rents have actually declined. Albuquerque is still more affordable than most comparable cities across the country.
Albuquerque’s median two-bedroom rent of $850 is below the national average of $1,150. Nationwide, rents have grown by 2.6 percent over the past year. While rents in Albuquerque remained moderately stable this year, similar cities saw increases, including Seattle (+5.2 percent), Phoenix (+4.9 percent), Dallas (+3.2 percent); note that median two bedroom rents in these cities go for $1,660, $1,020, and $1,090 respectively.