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Q3 2022 Albuquerque Multifamily market report

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Q3 Multifamily 2022_1536x1040

Demand Continues to Outpace Supply for Multifamily in New Mexico

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Key Takeaways

  • There were a moderate number of new apartment completions, with 91 units delivered as of 22Q3. The annual average new supply is 307 units. Over the past five years, annual inventory growth averaged 0.5%.
  • The 22Q3 occupancy rate – down 1.6% – settled at 95.7%, a ranking that put the market #24 within the 34 key West region markets and #95 among the top 150 national markets.
  • The rates for new leases on same-store effective asking rents went up 11% year-over-year. In the coming year, same-store effective asking rent is expected to be more constrained.

Q3 Multifamily 2022_1024x972

Q3 2022 Albuquerque Multifamily market report

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