The top rental markets in New Mexico are Albuquerque, Las Cruces, and Santa Fe.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
New Mexico Rental Trends:
New Mexico is located in the Southwest and is one of the Four Corners. Its economy thrives off of U.S. national security agencies as well as tourism and art. Property investors won’t have a problem finding great new and old rentals. Here are some highlights from the top rental markets in the Land of Enchantment.
Days on Market:
The city with the lowest days on market is Las Cruces at 11 – four days fewer than the national average which sits at 15 days; Santa Fe has the highest number of days on market at 26, almost double the national average.
The top two towns for the largest amount of leads per listing are above or around the national average sitting at 38. Here they are:
- Albuquerque – 56 leads per listing
- Las Cruces – 35 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Las Cruces comes below that with the lowest average rent of $899 for a two-bedroom compared to the highest rent in New Mexico at $1,703 in Santa Fe, well above the national average.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. New Mexico’s highest median sale price comes above that at $400,000 in Santa Fe with its lowest median sale price at $123,000 in Albuquerque.
New Mexico’s median income rings in at $44,840 – below the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in New Mexico’s cities between 2018 and 2019. With the largest being an increase of 6.67% in Las Cruces at $800, and the largest decrease at -28.33% in Santa Fe with the current average at around $1,075 – still under the national average for security deposits which is $1,200.
All of New Mexico’s cities have a livability score of 58 or higher with the highest being Santa Fe at 63!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.