Across the nation, rental prices and home prices have seen a dramatic change in the past several years and finding an affordable place to live has become a priority for millions of Americans. For families, couples, and individuals seeking a new home in Albuquerque, the sales and rental markets in the city have been balanced and affordable despite the dramatic increases in housing prices that have plagued pricier cities like Chicago, Los Angeles, and Seattle.
Understanding the state of the real estate market can help you decide whether you might fare best in a single-family home with a mortgage or whether a rental unit might provide you with the best financial security. Here’s what you need to know about the ever-changing landscape of the real estate market in Albuquerque.
A Summary of Economic, Rental, and Sales Conditions in the Albuquerque Real Estate Market
According to a comprehensive report from the U.S. Department of Housing and Urban Development (HUD), the economy of Albuquerque has been in a slow recovery since the economy turned a corner in 2013. For home sales, the market has remained “soft,” according to HUD, with enough housing under construction and slated to reenter the market to satisfy demand over the next few years.
For the rental market, HUD suggests that the market is “balanced,” with the vacancy rate sitting at 7 percent as of the middle of 2016 versus 7.1 percent in 2010. Over the course of several years, the market has varied somewhat with vacancy rates lowering to 5.5 percent and hitting 7.1 percent at various times. HUD expects that the 1,000 units under construction in Albuquerque will fully satisfy the demand for additional housing in the immediate future.
According to the government’s forecast for housing demand in the Albuquerque Housing Market Area (HMA), total demand for sales units will hit 2,250 with 430 units currently under construction. Although the demand would seemingly create problems with only 430 units under construction, that number doesn’t include the thousands of units expected to enter the market from existing housing.
For rental units, the expected demand will be approximately 1,075 units with 1,000 units under construction. Virtually all individuals who seek an apartment in Albuquerque should be able to find an available unit. Interestingly, the government’s numbers also include an estimated demand for 40 mobile home units, which are often seen as an affordable option for low-income residents.
Examining the Best Value Neighborhoods in Albuquerque
Choosing an apartment often means selecting a home with the right balance of price, location, and amenities. As with other metropolitan areas, there are communities and neighborhoods within the Albuquerque real estate market that vary based upon their value and cost compared to the amenities and benefits received for living in a particular area.
According to Albuquerque Business First, the east side of Albuquerque has emerged as a “best value” for rentals and home prices.
“What did Trulia, a real estate research site, have to say about Albuquerque’s best-value neighborhoods? They’re all on the Eastside. Trulia made it clear that these are not the cheapest neighborhoods but offer the best bang for a homeowners’ buck.”
For anyone interested in a more urban feel for their neighborhood with a convenient location and proximity to major traffic corridors, the Uptown district of Albuquerque is a neighborhood to consider. Anyone with a desire to live in a community where they can walk just about anywhere would benefit from a tour of an apartment community in Uptown Albuquerque.
Find a Home at The Landmark in Albuquerque
Are you looking for an excellent new home in Albuquerque, there’s no better time to check out The Landmark. We offer stylish homes in 1-bedroom, 2-bedroom, and 3-bedroom floor plans. Contact us today to arrange a tour of the best in Albuquerque real estate.