2023 Rental Property Market in Albuquerque
In the past few years a lot has changed in Albuquerque Real Estate:
Home Prices are up 45% or more
Inventory of homes for sale dropped 50% (85% Drop from 10 years ago)
Average Days on Market Dropped 75%
Rents are up 35%
In the last 6 months though, Higher interest rates and the effect of high prices have increased inventory, slowed home price increases, and increased the amount of time on Market. Its time to adjust to this change
2023 Status and Response
Home Purchase affordability (Income/mortgage payment) is at an all-time low. Fewer people are qualified to buy
Rents have gone up but Albuquerque still has better than nationwide RENTAL affordability.
More people will need to rent, Fewer people can afford to own.
Single Family Rental Inventory is down by 10-15% from 2020 as people sold their homes and took them off the market
Based on this, one conclusion is we have more demand for rentals and fewer Single Family Homes for rent so rents are not likely to crash back.
Albuquerque was listed as a Top 30 market for Rental home ownership. Owning a rental home is still a nice investment in Albuquerque. BUT if you are buying ….. you need to:
- Get a good deal on purchases. The market is more competitive now and buyers need to be wise
- Choose a house that makes a good rental and will appreciate
- Select Financing wisely…. Plan to refinance if rates drop.
- Select a property manager who knows the rental laws and how to protect your investment
- Contact Real Property Management Rio Grande today to discuss purchasing a home or having us manage it. We can provide tools for looking at investment returns and the pros and cons of each rental home option. 505-292-4765 or go to our information page
Call or Contact us today!
Mark
Real Property Management Rio Grande
505-292-4765