Zip codes with the fastest growing rent in Albuquerque
Zip codes with the fastest growing rent in Albuquerque
Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.
While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.
The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a "seesaw effect" on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.
Stacker compiled a list of zip codes with the fastest growing rent in Albuquerque using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.
#9. 87124 (Rio Rancho)
- 5 year rent change: +22.9% - Typical rent: $1,129
--- 9.5% less than typical rent in Albuquerque, NM metro
- Pictured (for rent): 4201 Meadowlark Ln SE, Rio Rancho 87124 ($925)
#8. 87031 (Los Lunas)
- 5 year rent change: +22.5% - Typical rent: $1,299
--- 4.2% above typical rent in Albuquerque, NM metro
- Pictured (for rent): 524 Gerald Chavez Ln NE, Los Lunas 87031 ($580)
#7. 87109 (Albuquerque)
- 5 year rent change: +23.4% - Typical rent: $1,359
--- 9.0% above typical rent in Albuquerque, NM metro
- Pictured (for rent): 3958 Montgomery Blvd NE, Albuquerque 87109 ($899)
#6. 87123 (Albuquerque)
- 5 year rent change: +20.1% - Typical rent: $1,334
--- 7.0% above typical rent in Albuquerque, NM metro
- Pictured (for rent): 301 Western Skies Dr SE, Albuquerque 87123 ($899)
#5. 87112 (Albuquerque)
- 5 year rent change: +21.6% - Typical rent: $1,049
--- 15.9% less than typical rent in Albuquerque, NM metro
- Pictured (for rent): 12700 Indian School Rd NE, Albuquerque 87112 ($1,000)
#4. 87106 (Albuquerque)
- 5 year rent change: +20.2% - Typical rent: $1,117
--- 10.4% less than typical rent in Albuquerque, NM metro
- Pictured (for rent): 3003 Transport St SE, Albuquerque 87106 ($769)
#3. 87120 (Albuquerque)
- 5 year rent change: +25.7% - Typical rent: $1,239
--- 0.6% less than typical rent in Albuquerque, NM metro
- Pictured (for rent): 6200 Montano Plaza Dr NW, Albuquerque 87120 ($1,605)
#2. 87110 (Albuquerque)
- 5 year rent change: +16.6% - Typical rent: $1,173
--- 5.9% less than typical rent in Albuquerque, NM metro
- Pictured (for rent): 7000 Phoenix Ave NE, Albuquerque 87110 ($1,130)
#1. 87144 (Rio Rancho)
- 5 year rent change: +23.8% - Typical rent: $1,442
--- 15.6% above typical rent in Albuquerque, NM metro
- Pictured (for rent): 4501 Safelite Blvd NE, Rio Rancho 87144 ($1,110)
