albuquerque houses for rent - craigslist (2024)

FAQs

Is rent expensive in Albuquerque? ›

When you rent an apartment in Albuquerque, you can expect to pay about $801 per month for a studio, $1,124 for a one-bedroom apartment, and around $1,391 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,720 or more.

The median rent in Albuquerque rose by 1.1% over the course of June, and has now increased by a total of 2.1% over the past 12 months. Albuquerque's rent growth over the past year has is similar to the state average (2.4%) and has outpaced the national average (-0.7%).

Albuquerque, NM Occupied Housing Units

94,192 or 40% of the households in Albuquerque, NM are renter-occupied while 141,999 or 60% are owner-occupied.

According to the study, the average price for rent in Albuquerque is $1,429, so they calculated that people would need to be making $57,166 to afford to live there. From 2021 to 2022, they found there was a 16.76% increase in average rent costs for Duke City.

THE city of Albuquerque, N.M., is currently undergoing a housing shortage for residents. Mayor Tim Keller recently launched an emergency initiative called Housing Forward in order to encourage the conversion, construction and more access to new housing for all segments of the housing market.

Desirability of Albuquerque: Albuquerque is highly sought after due to its strong economy and high quality of life. Limited Housing Supply: The housing supply is restricted, contributing to the increase in property prices.

Under state law, local governments do not have the authority to regulate how much landlords can charge in rent or limit rent increases. This statewide preemption means there are effectively no limits on how much landlords can raise rents each year in New Mexico.

What is the minimum wage in Albuquerque? The current minimum wage in Albuquerque, New Mexico is $12.00 per hour. This is higher than the federal minimum wage of $7.25 per hour, but lower than the current average minimum wage of $15.20 per hour across the United States.

New Mexico attracts new residents from all over the country thanks to the beautiful landscape and 310 days of sun each year. The state's rich history, plentiful outdoor recreational activities, and great quality of life are all reasons why people are choosing to move to Albuquerque, New Mexico.

How much does it cost to live in Albuquerque a month? ›

The average monthly rent in Albuquerque is $1,313, while home prices circle around $392,079.

The cost of living in Albuquerque, NM is 1% lower than the state average and 6% lower than the national average. Albuquerque, NM housing is 16% cheaper than the U.S average, while utilities are about 2% less pricey.

Compared to many other cities in the United States, Albuquerque offers relatively affordable housing options. Whether you're looking to rent an apartment or buy a home, the cost of living in Albuquerque is 6% lower than the national average.

Along with low property taxes, state income tax is 31% lower than the national average, making Albuquerque an affordable place to live. As with any city, some areas are more cost-effective than others, but fortunately, a variety of safe, affordable neighborhoods in ABQ are available to choose from.