Nov/Dec 2023 Albuquerque Rental Market Update
Real Property Management Rio Grande is a leading Property Manager of single
family homes in the Albuquerque New Mexico area. We have experience with
investors as well as people with just one home and we manage all the aspects of your rental home. You keep the return on investment and avoid the drama, late night calls, and legal issues surrounding rental properties.
The market has changed for the first time in about 3 years. We can go over all the
details in a phone call but the summary is:
1) Due to higher interest rates and higher prices, people cannot afford to buy as much home as previously. This drives the rental market higher. More people are going to rent houses.
2) The sales market has slowed down. It is significantly slower than it was in past 3
years. However it is still more active than any in the past 15 years. Slower than 2022, hotter than other times.
3) Rents are leveling off and we are seeing seasonal slowdowns. This after a 25%
increase in rents over the past 3 years. Returns are still great, but people are not as
desperate to rent as in past 2-3 years. The key is to know where the pricing stands
compared to the competition and we monitor this weekly to keep you up to speed. We can set up timing to adjust rents higher in the hotter season (April-June).
4) There are opportunities to buy rental houses. But as the sales market cools, we need to just be patient and offer reasonable prices for houses. Since buyers are no longer desperate, we are not seeing investors bid out of the market like in 2021/2022 Market is slowing but it is still hotter than anytime before 2020. Call or text us to see how we can help you manager your rental home, or help you buy a rental home. We also can provide details on investment returns for any potential purchase you have.
Mark Webb
Real Property Management Rio Grande
www.rpmriogrande.com