Average Rent in Santa Fe, NM↑ Rents rising 6.0% YoY🔺 Most expensive in NM

Santa Fe, NM has rental prices ranging from $1,235/month to $2,157/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $1,368/month, near the national average. With a median household income of $74,689/year, spending $1,368/month on a 1-bedroom represents 22% of gross income — within the recommended 30% threshold.

How Santa Fe Compares

With an average 2-bedroom rent of $1,627/month, Santa Fe ranks #1 most expensive of the 30 cities tracked in New Mexico — pricier than 94% of all US cities in our data.

The Santa Fe Rental Market

The Santa Fe, NM area has a population of about 155,175 and 29% of households renting rather than owning. That renter share runs below the US average of ~34%, a more homeowner-heavy market where rental inventory can be limited.

Rent Trends

2-bedroom rents in Santa Fe, NM have risen by $92/month (6.0%) over the past year, from $1,535 to $1,627. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Santa Fe, NM without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $54,720. The local median household income of $74,689 exceeds that threshold by $19,969, making Santa Fe relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Santa Fe, NM is $587,554, giving a price-to-rent ratio of 30.1. With a break-even horizon of approximately 30 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 Santa Fe's neighborhoods. Among the highest-value areas are Las Acequias ($397,875 median home value), Bellamah ($410,613 median home value), Casas Del Cerro ($447,002 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 Santa Fe, NM Affordable?

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

Rent or Buy in Santa Fe?

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

Living in Santa Fe

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