Average Rent in Albuquerque, NM↑ Rents rising 8.9% YoY🔺 3rd priciest in NM

Albuquerque, NM has rental prices ranging from $913/month to $2,209/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $1,084/month — 23% below the national average of $1,400/month. With a median household income of $67,995/year, spending $1,084/month on a 1-bedroom represents 19% of gross income — within the recommended 30% threshold.

How Albuquerque Compares

With an average 2-bedroom rent of $1,331/month, Albuquerque ranks #3 most expensive of the 30 cities tracked in New Mexico — pricier than 87% of all US cities in our data.

The Albuquerque Rental Market

The Albuquerque, NM area has a population of about 918,567 and 31% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Albuquerque, NM have risen by $109/month (8.9%) over the past year, from $1,222 to $1,331. This rate of increase is significant and reflects strong rental demand and limited housing supply in the local market.

Affordability

To afford a 1-bedroom apartment in Albuquerque, NM without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $43,360. The local median household income of $67,995 exceeds that threshold by $24,635, making Albuquerque relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Albuquerque, NM is $349,190, giving a price-to-rent ratio of 21.9. With a break-even horizon of approximately 22 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Albuquerque's neighborhoods. Among the highest-value areas are San Jose ($200,248 median home value), Trumbull Village ($208,516 median home value), Guadalupe Village ($211,137 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Albuquerque, NM Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Albuquerque?

Break-even analysis and mortgage estimates based on local market data.

Living in Albuquerque

Cost of living, job market, crime rates, and moving cost estimates.